International Fintech Business的动态

bceao (compte officiel) IB bank Togo Ecobank Cameroon Munya Chiura Flutterwave Africa Private Equity News Team Minerva RegTech Jean-Claude Rochat LEI Africa Central Bank of Nigeria Central Bank of Egypt Damian Crowe ?? Global Financial Scams: An Alarming Overview for 2023 ?? According to Nasdaq's 2024 Global Financial Crime Report, the total monetary loss from financial scams worldwide in 2023 reached a staggering $485.6 billion. This figure underscores the growing threat of financial fraud and its devastating impact on businesses and individuals alike. Key Highlights: - Payments Fraud dominated the losses, accounting for an astonishing $386.8 billion—over 80% of the total losses. Real-time payment systems are particularly vulnerable as fraudsters exploit these platforms to reroute funds. - Business Email Compromise has surged, causing $6.7 billion in losses. Fraudsters increasingly use sophisticated methods to impersonate legitimate businesses, tricking customers into sending payments to fraudulent accounts. #Breakdown of Losses by Scam Type - Payments Fraud:$386.8 billion - Credit Card Fraud: $28.6 billion - Check Fraud: $26.6 billion - Advance Fee Scams:$19.1 billion - Cyber-enabled Scams $10.0 billion - Impersonation Scams:$6.8 billion - Employment Scams:$3.9 billion - Confidence Scams: $3.8 billion In Africa, the financial landscape also faces significant challenges, with over $11 billion accounted for in scams. To combat this, LEI Africa is leading the way by providing comprehensive solutions to banks and fintechs through seamless API integration. Stay vigilant and informed. For more insights and solutions, visit [https://lnkd.in/gHYciK9R). #P2P Payments Gateways #APisLEI #FinancialScams #FraudPrevention #CyberSecurity #LEIAfrica #Fintech #GlobalFinance

Moving forward to speak about Africa Digital Identity - Let's start with Nigeria ???? ?? National Identification Number (NIN) Integration The Nigerian government is pushing for the integration of the National Identification Number (NIN) across various sectors. This initiative aims to streamline identification processes and enhance the efficiency of public services. ?? eNaira and Digital Banking As the eNaira, Nigeria's Central Bank Digital Currency (CBDC), expands, there is increased emphasis on robust KYC procedures. Banks and fintech companies are required to ensure stringent KYC processes to facilitate secure digital transactions and prevent fraud. ?? Partnerships with Private Sector There has been a surge in collaborations between government agencies and private entities to improve digital identity verification processes. These partnerships leverage technology to provide seamless and secure identification services to Nigerians. ?? Biometric Verification The use of biometric data for identity verification is on the rise. Banks, telecom companies, and fintech platforms are increasingly utilizing biometric methods to enhance security and comply with KYC regulations. ??? Regulatory Developments The Nigerian government is updating its regulatory framework to better accommodate the evolving digital landscape. New regulations address issues related to data privacy, cybersecurity, and the interoperability of digital identity systems. Do you wanna know more or how to provide seamless experience in that particular market? Please let me know and we can grab a coffee to chat =D #DigitalIdentity #KYC #Nigeria #FinTech #eNaira #DigitalBanking #BiometricVerification #PublicPrivatePartnerships #fartechconsulting #RegulatoryDevelopments #InclusiveEconomy

Fintech Association Of Kenya Thank you for an insightful newsletter. #Fraud happening on platforms owned and operated by #Mpesa and partners, #Sendwave, especially targeting the diaspora, is a real threat. Left unchecked, it undermines the flow of billions of dollars ploughed back home annually to help families and build the Nation. #Safaricom & other #Fintech players should be held accountable for losses incurred by customers trusting #Safaricom with their hard earned money. It is certainly not enough to say report to police when fraud happens. Reports of staff colluding with thieves to steal from customers should be investigated throughly and so should the lack of rigor to investigate, stop and reverse monies lost in transit. #Safaricom owes it to its loyal customer base to secure their systems.

?? Exciting Announcement! ?? I’m thrilled to be participating in a fireside chat titled "Mitigating Digital Fraud in Africa: A Holistic Approach to Combatting Emerging Threats" on October 30th at 15:00 WAT. ?? As digital transformation accelerates across Africa, so do the challenges of digital fraud. Join me and industry experts as we discuss how innovative strategies, regulatory frameworks, and consumer awareness can help address threats like identity theft, synthetic fraud, and social engineering attacks. I’ll be covering key points on regulatory measures and the importance of consumer education in combatting fraud. We’ll explore the need for globally adopted fraud typologies and the potential of AI agents to empower consumers in this fight. ?? Don’t miss this insightful conversation—register now! https://lnkd.in/eCchp-Mi #DigitalFraud #Africa #FinTech #FraudPrevention #RegTech #FinancialInclusion #AI #Cybersecurity #Leadership #Innovation

As Africa rapidly embraces digital transformation, it opens up new opportunities for financial inclusion. Yet, this progress also comes with heightened risks—most notably, a surge in application fraud. Traditional fraud prevention methods are no longer enough to keep up with the increasingly sophisticated tactics used by modern fraudsters. So, how can businesses and financial institutions stay ahead of these challenges? On 30 October, join industry experts (Jason Abbott, Director of Fraud Solutions, Provenir and Mariama Jalloh-Heyward, Programme Director, AIR - Alliance for Innovative Regulation) as we dive deep into this critical issue and explore how adopting a holistic fraud prevention approach can safeguard against rising threats. Gain practical insights and strategies to help redefine your approach to fraud prevention in Africa’s digital age. ?? Key Takeaways: - Current fraud trends in Africa's digital landscape - The limitations of traditional prevention methods - How a holistic approach can improve your fraud detection and prevention efforts Secure your spot now: https://shorturl.at/8k5vC Segun Aina, Chilekwa Banda, Ali Hussein Kassim, Jameelah Sharrieff-Ayedun, Ph.D., Patrick Saidu Conteh PhD, FCCA(UK), MBA, BSc(Hons)., Alex SEA, Kagisho Dichabe, Reuben Mwatosya, Cathy Starr, Josephine Olok, Noha Shaker, Digital Finance Practitioners Association of Zimbabwe, DRC Fintech Association, Association Fintech Madagascar, Fintech Association Of Nigeria Association For Digital Finance Practitioners - ADFP Zambia, Association of Fintechs in Kenya, Ghana Fintech and Payments Association, Fintech Association of South Africa (FINASA), Mauritius Africa FinTech Hub, Egyptian FinTech Association, Tanzania Fintech Association (TAFINA), FITSPA Uganda, Fintech Association of Botswana, FINTECH.MZ - Mozambique Fintech Association, Alliance of Digital Finance and Fintech Associations Wave Mobile Money, Making Finance Work for Africa (MFW4A), Ripple, Cedar-IBSi Capital & FinTech Lab, AFRICA FINTECH FORUM, Ecobank Transnational Incorporated, Cenfri, Africa Digital Financial Inclusion Facility (ADFI)), Digital Pilipinas, International Digital Economies Association iDEA

#Ethiopia #Economy The increasing frequency and magnitude of financial fraud in the country shows that the national framework of financial accountability and integrity needs a huge boost. The progress in uptake of digital financial instruments and inclusion of more people to the net means that the risk of fraud is increasing. The progress in terms of enhancing institutional and systemic readiness for preventing and managing financial fraud is very low. Enhancing financial sector integrity is not ticking the boxes of a given AML/CFT standard. It is rather having a system that effectively identifies, mitigates and manages frauds. It is a combination of technological, human and procedural arrangements of scrutinizing transactions. It is also about creating an ecosystem of capabilities that works together to avoid systemic level frauds. From banks to fintechs, from the national switch to mobile banking providers, and from payment service providers to saving and credit associations, there is a lot that needs to be done to create an effective system of financial integrity and accountability. A lot can be learned from our African peers - such as Ghana, Algeria, Botswana and Egypt. Losing 3 billion ETB to local frauds, and leaking 3.1 billion in crossborder IFFs cannot be taken as an easy matter. Much as the Financial Intelligence Center needs a revamp to match the rising risks, ensuring integrity is not about one institution. It rather is about creating the right institutional and systemic elements to protect financial consumers from frauds. It is now the right time to effectively streamline financial integrity and accountability in Ethiopia’s financial sector.

Perseus Mlambo As we continue to advance digital financial services in Nigeria, platforms like [LEI Africa](https://lnkd.in/gyMZaWJN) and [Minerva Regtech](https://lnkd.in/gb8WpuNE) are leading the way with robust API solutions for implementing Confirmation of Payee, KYC, and AML solutions, enhancing security and trust in transactions. However, the journey is not without its hurdles. In 2022, several Nigerian fintech startups had to temporarily pause their virtual card services due to issues at Union54, a YC-backed card issuing service provider. Founder and CEO Perseus Mlambo revealed that Union54 faced significant challenges with chargeback fraud, incurring up to $500,000 in fees and ultimately deciding to shut down the product to prevent losses exceeding $1 billion. Fraud remains a significant threat to both new and established fintechs. Interswitch, for instance, reportedly lost ?30 billion to chargeback fraud, although they managed to recover part of the sum. Despite these challenges, the past decade has seen remarkable growth in Nigeria's digital financial services. As we navigate these complexities, the commitment to innovation and robust security measures will be crucial in maintaining this momentum and fostering a secure financial ecosystem. Learn more about how our platform can help your business thrive: [LEI Africa](https://lnkd.in/gyMZaWJN) | [Minerva Regtech](https://lnkd.in/gb8WpuNE) ?? [Book a call with us](https://lnkd.in/gyMZaWJN) today! #Fintech # #DigitalFinance #Innovation #FraudPrevention #APISolutions #KYC #MachineLearning #ChargebackFraud #FinancialSecurity #LEIAfrica #MinervaRegtech #Union54 #Interswitch #TechInAfrica

??Navigating Argentina's New UIF Guidelines: How the New Resolution Impacts Remittance Companies Argentina's Financial Information Unit (UIF) has issued Resolution No. 1/2023, outlining guidelines for detecting, assessing, monitoring, managing, and mitigating money laundering and terrorist financing risks for individuals and legal entities performing remittances within and outside Argentina. Effective March 1, 2024, Argentinian remittance companies have a short window to ensure compliance with the new minimum requirements. ?? ?? One of the key obligations in the resolution is the implementation of a comprehensive system aimed at preventing money laundering and terrorist financing. This initiative represents a shift for Argentinian remittance companies, moving from a purely regulatory compliance stance to a more adaptive, risk-based approach. If you're an affected business, you need a system that can be tailored to your specific requirements and empowers your compliance team's current processes, not limits them. ComplyCube has helped remittance companies streamline and scale their KYC for fast remittance while preventing identity fraud. Get in touch to find out how we can help you comply with the new regulations.?? #Argentina #finance #compliance #moneylaundering #remittance

??????, ???????? ?????????????? ???? ?????? ???????????????? ???????????????????????? (????) ?????? ???????????? ?????????? ???? ???????????????? ?????????? ???? ?? ????????-????????! The recent surge in fraudulent activities within Nigeria's banking sector is alarming.?This article from TA Insight HUB offers a powerful solution: leveraging BI for real-time transaction monitoring, data analysis, and even predictive analytics. Here's what I found most interesting: 1. ????????-???????? ?????? ??????????: BI can identify suspicious transactions instantly, allowing banks to act before losses occur. Imagine catching fraudulent activity as it happens! 2. ?????????????????? ???????????? ????????????????: BI analyzes massive datasets to uncover subtle anomalies that manual methods might miss. This is like having a detective with a superpower for spotting fraud. 3. ???????????????????? ???????????? ??????????????:?BI with predictive analytics can assess the risk of fraud based on historical data. It's like having a crystal ball for fraud prevention! The article also goes deeper into the key BI tools and their implementation for fraud detection.?It even explores the benefits of outsourcing BI services, which can be especially valuable for smaller banks. ???? ??????'???? ?????????????? ???? ?????? ???????????????? ?????????????? ????????????, ???? ???????????????????? ???? ?????????????????? ????????????????, ?? ???????????? ?????????????????? ???????????????? ?????? ???????? ??????????????! #Nigeria #Banking #FraudPrevention #BusinessIntelligence #FinancialSecurity #DataAnalysis #MachineLearning ??.??. Let's discuss in the comments below - what are your thoughts on the role of BI in tackling fraud?

#KnowYourCustomerNotYourCountry Do you really feel safe with Wise. The convenience of dropping a pin anywhere in the world to verify your address might seem appealing initially while signing up, but it opens the door to potential issues. Wise's lax verification process can lead to complications down the line, as they may later request additional documents to prove your address, creating uncertainty and potential disruptions to your financial activities. Elevate (YC W22)) is not just another fintech that provides USD accounts like Wise; it's a game-changer for emerging markets specifically. Get your FREE FDIC insured USD account now, along with virtual Mastercards, and pricing that's crystal clear. Born out of frustration with the big fintech players and with team members from Sudan, Algeria, Yemen, Egypt, and Pakistan Elevate is completely rewriting the rules. Their KYC process is straightforward and user-focused. They ask for a source of funds to validate employment, a bank statement or utility bill for local address verification, and a valid ID like a passport or national ID. It might seem like a bit upfront, but here's the kicker – the more you provide initially, the smoother your entire experience becomes. They care about creating a hassle-free environment and building trust from the start. Offering these details upfront was a small effort for a big payoff in a headache-free journey. Opt for Elevate (YC W22)) , where their dedication to #KnowYourCustomerNotYourCountry is more than a principle – it's a pledge to embrace you not just as a user, but as a cherished member of their family. ???????? ??????????: https://www.elevatepay.co/ #KYCNotCountry #ElevateYourFinance #TransparentBanking #SafeBankingChoices #UserFirstBanking #FintechEthics #GlobalAddressSafety #ClearFinance #HassleFreeBanking #TrustworthyFintech