TandaaBiashara features story on Kenyans vulnerability to digital financial transaction fraud
TandaaBiashara features story on 70% of Kenyans vulnerable to digital financial transaction fraud
“Myriad Connect has concluded recent research that found that over 70% of Kenyans have been the victims of digital financial transaction fraud, or know someone who has. Other figures indicate 57% sms, 73% phone calls, 17% social media and 19% email were the channels through which Kenyan consumers were targeted to become victims of financial service transaction fraud.
“Financial service transaction fraud in Kenya is costing banks billions and customers their life savings,” says Fabien Delanaud, GM of Myriad Connect. “While financial service transaction fraud is a global issue; Kenya has been a leader in the adoption of mobile and digital payments, which unfortunately brings with it a growing risk of fraud.”
One of the most prolific forms of financial service fraud is SIM swap fraud, which over 90% of Kenyan banking leaders identify as an issue for their organisations. Myriad Connect’s solution uses Unstructured Supplementary Service Data (USSD) providing an entirely out of band channel for authentication on any mobile device real time.”
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