Nairobi News

General

New software to curb banking fraud


A new software has been launched to secure local banks and other institutions from financial fraud.

The software dubbed ‘e-verification’ will see the banking industry transact using biometrics, hence ensuring account holders are securely and accurately identified.

The technology will play a major role in ending electronic fraud in local banks, said Fred Matiang’i, the Cabinet Secretary for Information and Communication Technology.

 “This innovation assures account holders of security at a time when fraudsters have taken advantage of certain loopholes and stolen customers’ identity to commit fraud,” he said.

“This is a big step in achieving greater financial inclusion for the large un-banked population,” said Sailesh Savani, CEO Compulynx, the firm that developed the software.

Mr Matiang’i said financial institutions, especially banks had been operating in a complex and competitive environment, hence the need to adopt technology guarantees customers’ safety.

The innovation places Kenya in the first lane of e-banking in Africa and the minister said that was a clear indication the ICT sector had come of age. Thesoftware is easily integrated with core banking software.