Ever at the forefront of technology, NetGuardians is leading the way in fraud mitigation for mobile banking.
Banking through mobile network operators is an area that is developing particularly fast in Africa. Yet the complexities of these services and the number of players involved raise risk factors including data manipulation and internal and external fraud. To face this challenge, NetGuardians NG|Screener solutions offer robust software that evolves with advancing technology environments.
NetGuardians recently shared their expertise on how to combat mobile banking technological challenges in Technology Banker, an African magazine dedicated these issues. According to the article, mobile finance operators “need to think and act more like financial institutions”. In addition to internal and external fraud risk mitigation, they must also establish conformity with international compliance bodies such as the Financial Action Task Force (FAFT).
NetGuardians CEO Joël Winteregg explains that neglecting anti-fraud obligations has, for some mobile operators, led to “considerable revenue leakage through both malicious fraud and a failure to close process loopholes. Investigating customer complaints takes a lot of time and can involve considerable internal effort. Better – and cheaper – to detect potential problems before they arise than clean up afterwards.”