New solution to ward off cyberattacks
SEE ALSO :Public relations firm Gina Din sold“Today, we are launching a solution that will provide these capabilities to our enterprise customers in the financial sector, empowering them to make more informed decisions when interacting with their customers in the digital space.” The solution works across USSD, internet banking and smartphone apps whose uptake is on the rise. Once a customer attempts to log in through any of the channels, the institution will then run the customer’s phone number through the service to check against such parameters such as if a customer’s number has been recently swapped. Institutions can then factor in the result of the check to complement internal fraud rules and to make a decision whether to approve the transaction or conduct secondary verification. Recent industry trends indicate that cyberattacks on both financial service providers and consumers are at an all-time high as more people increasingly adopt mobile transactions. Data from the 2019 Serianu Cybersecurity report indicates Kenya’s economy lost Sh29.5 billion to cybercrime and related activities in 2018, with banks, Saccos and government agencies topping the list of key targets.
Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.