Mobile Banking Fraud
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”.
Fraud Solutions
Current situation | Solution Offered
Organization's Situation
Current challenges & vulnerabilities
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
How we address each challenge
Device foot prints check
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.