MOBILE/SIM SWAP FRAUD

Kenya is the mother of mobile money in the world. The adoption of mobile banking by financial institutions has transformed the entire nation economically. We have all experienced the convenience of mobile money transfers and banking. This phenomenon quickly become global and all banks offer mobile banking services. Our beloved innovation brought a new dilemma, “Mobile Banking Fraud”.

ORGANIZATIONS SITUATION

  • Mobile banking Apps security:- inability to keep up
  • SIM swap porting then PIN change request:- banks have little control over SIM cards.
  • Know your customer and ongoing due diligence:- is the the account holder the person you claim to be?

THE SOLUTION OFFERS

  • Device foot prints check:- of each customer i.e geo-location, time, IMEI etc.
  • Profiling and scoring of device:-  User behavior check, multiple authentication (SMS to alternative number, Email, Voice call).
  • HOLD/BLOCK/RELEASE mechanism
  • Good case management system:- with compete audit trail of device and account activities.