Myriad Connect to Assist in Tackling Financial Fraud in Kenya Financial Fraud to Receive Counter Attack

Myriad Connect is a French firm based in Paris that specializes in mobile security. The firm is operational in 14 other African markets. Most recently penetrating the Kenyan market to curb financial fraud in the country. Online and mobile money scams have hit the Kenyan economy hard, as the country has lost billions in the past from fraudulent transactions and attacks.

The mobile security firm has launched an out of hand authentication and SIM swap detection service to combat fraud in mobile financial services. They have gained both in experience and reputation from working with multiple financial service companies in their various locations across the continent.

“When a customer lets their operator know that their SIM card is damaged, lost or stolen, the current SIM is deactivated and a new one is issued. With SIM swap fraud criminal groups gather personal data and then pose as contract owners to secure a new SIM. Once activated by the fraudster, they are able to get access to bank accounts and other sensitive data authenticated through the SIM,” reads a quote in the firm’s product piece., as reported on Techweez.

Myriad has indicated that up to 70% of Kenyans have been victims of SIM card crimes, advanced cybercrime or scam phone calls. “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.” The authentication process is independent and will work with both smartphones and dumb handsets (no internet connectivity).

The way the detection tool will work is that it will use USSD to provide out of band channel authentication with all interactions submitted over the mobile network. Which is separate to the browser or an online platform being accessed by a user to initiate transactions. A pop-up service with security questions is then sent to a user’s phone. The pop up will appear even when the user is using a computer to perform a transaction.
Fabien Delanaud is confident that their USSD based tool will stop financial fraud, and become a success as it has in the UK. Assisting to stop 67% of fraud attempts.

Article sourced from: Techweez.com