Kenya: Collaboration Is Key to Battling Fraud in Banking Sector

Owing to the technological advancements the Kenya has made, the rise of fraud levels has escalated, leading to diverse initiatives being deployed to combat this recurring menace, says Mr. Lanre Bamisebi, Group CIO at Equity Bank limited.

According to Bamisebi, one of the largest drawbacks towards the fourth industrial revolution is fraud. As the industry attempts to lights up a trail to progress on, fraudulent acts and behaviors have been on the rise. Especially now, since more and more individuals are seeking fraudulent means of earning a living.

This notion was reinstated by Bamisebi, who went on to say. "Fraud rate has increased generally; people's real professions are cybercrime." This leads to the understanding that, the higher the penetration of technology, the higher the risk of fraud occurring.

Though, this should not be the case, as Bamisebi went on to mention, that with the right inflow of digitization, the threat of fraud can be significantly cut down. "Digitization is the answer, there is no other alternative. However, we need to start doing a lot of collaboration, because for you to stop fraud, you need a lot of data. We need to share data with each other. There needs to be collaboration between the telco's and the banks, so they can shut down suspicious lines."

With Bamisebi emphasizing on the importance of collaboration, the spurring of growth would be triggered by the linking together of banks and telco's, enabling them to pool their resources together and consciously come up with a regime that is particularly suited to combat fraud. Mr. Bamisebi further outlined, "the cartels that are doing these acts are joined, but the people they are attacking are disjointed." Alluding to the irony behind the victims not being a single unit.

Equity, on a path to change and disrupt old paradigms regarding banking security, are heavily reliant on the benefits of digitization, and the way in which it would allow for a seamless transformation of the consumption of banking data. Especially with regards to data privacy and ease of use.

rns to a more digitally adept chapter, the evolving of the very notion of digitization is taking the battle straight to the fraudsters and rendering them useless. The growth of the sector will not go unnoticed as old patterns are broken out of, and new identities are formed with a digital touch.

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