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Swiss firm woos local partners in push to stop financial fraud

myriad

Myriad Connect head of marketing Kimberly Macsymon briefs the media during launch of the authentication and SIM swap detection service in Nairobi last week. PHOTO | DIANA NGILA

Mobile technology company Myriad Connect is seeking to partner with Kenyan companies to combat fraud in mobile financial services.

The technology will require users making digital payments to authenticate their identity through two steps. This will involve push notifications when a transaction is about to be effected as well as security questions.

“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,” says Fabien Delanaud, the general manager of Myriad Connect.

Its research shows more than 70 per cent of Kenyans have been the victims of financial fraud or know someone who has.

Many security processes for digital financial transactions simply require SMS authentication.

Myriad said that this exposes users to criminals who gather personal data and pose as owners to secure a new SIM, intercept codes and use them for transactions.

SIM swap fraud is one of the most prolific forms of financial service fraud. More than 90 per cent of Kenyan banking leaders identify SIM swap as an issue for their organisations.

The Swiss company based in Paris will roll out the technology in other African countries.