Firm launches software to fight bank fraud

p { margin-bottom: 0.1in; line-height: 120%; } ICT solutions firm, CompuLynx, yesterday unveiled an anti-fraud software targeting financial institutions that fall prey to multi-billion shilling syndicate, much of which is not reported.The Cross Fraud Suite technology will help banks, insurers, Saccos and other financial institution detect and manage suspicious transactions at an early stage.

by STAR REPORTER

Counties20 January 2019 - 03:35

switch : Customers queue inside a KCB branch in Nairobi. The banks ATM ‘s are facing problems

ICT solutions firm, CompuLynx, yesterday unveiled an anti-fraud software targeting financial institutions that fall prey to multi-billion shilling syndicate, much of which is not reported.

The Cross Fraud Suite technology will help banks, insurers, Saccos and other financial institution detect and manage suspicious transactions at an early stage.

“From identifying authentic customers to providing real time analytics on transactions patterns, the solution bouquet is designed to provide a security layer in banking operations and identity management,” head of business in Africa Kumar Nair said.

Data from Central Bank's Banking Fraud Investigations Department last November showed that commercial banks lost $9.4 million (Sh868.46 million) through 525 fraud cases detected in the first six months of 2014.

Kumar said the fraud-detection software has been successful in India, Middle East and Thailand but is yet to be deployed in Africa.

The company, he said, was closing in on a long term anti-fraud contracts with two "leading banks" in the country, which he did not disclose pending the conclusion of ongoing negotiations.