Interswitch to launch advanced fraud control systems for Kenyan banks

Interswitch East Africa, CEO Bernard Matthewman

Nairobi Kenya: Interswitch has announced plans to introduce two advanced fraud control systems in Kenya known as Card Control and Scorebridge intended to further enhance fraud security for cardholders and financial institutions. 

The card based fraud prevention systems will add a new layer of protection for consumers and financial institutions, over and above the new EMV (Chip and PIN) cards introduced in Kenya over the last two years. On Scorebridge, Interswitch said financial institutions will have access to a “real- time rules engine” and artificial intelligence technologies-enabling a real time analysis of financial transactions to determine whether they should be authorized or declined.

Interswitch East Africa, CEO Bernard Matthewman, said customers and banks using the systems will achieve measurable fraud savings and will be able to put a figure on how much they save from potentially fraudulent transactions. “We continue to work with a large number of financial institutions seeking to strengthen card security in areas of vulnerability.”

 “Because of their intelligent nature, these new advanced solutions will result to even lesser incidences of card present and card not present fraud even in cases where customer’s card identity and PIN are exposed or stolen,” said Mr. Matthewman.  The CEO was speaking at a banker’s breakfast event organized by the company at a Nairobi Hotel. 

Interswitch serves more than 40 per cent of East Africa’s financial institutions who have outsourced debit or credit card issuance, (gateway) switching as well as electronic processing for card and mobile money.