NAIROBI, June 25 (Xinhua) -- Kenya's telecom operator Safaricom on Tuesday launched a fraud intelligence solution for financial institutions in the country in order to curb cybercrime.
Sitoyo Lopokoiyit, Chief Financial Services Officer of Safaricom, told journalists in Nairobi that the anti-fraud tool will help banks and insurance firms better authenticate mobile and internet banking customers.
"In addition to authentication, the solution will also provide financial firms with capabilities to better design their lending propositions, enhance the registration and on boarding of new customers, and also in managing phone numbers linked to a customer's accounts but which may no longer be in use," Lopokoiyit said.
Safaricom controls approximately 65 percent of Kenya's telecom market which has an estimated 50 million mobile subscribers.
"Through the years, we have developed in-house capabilities that have helped us cut down on attempted fraud incidences targeting our customers by more than 75 percent," he added.
He revealed that the solution works across the three channels including USSD, internet banking and smartphone apps.
"Such banking channels have been on the rise in the country corresponding with increasing internet and smartphone usage," he added.
Lopokoiyit added that the adoption of the anti-fraud tool is expected to benefit the country through increased usage of mobile and internet banking due to increased confidence both from the financial sector and customers.
According to the telecom operator, there are currently more than 3.5 million Kenyans who use mobile and internet banking services in the country every month.
