In a bid to strengthen identity management & curb e-Fraud, the Nigeria e-Fraud Forum (NeFF – Multi-Industry Anti-Fraud Initiative) in association with Keystone bank, Unified Payment and Ecobank held a 2nd general meeting to discuss strategies. The event themed ‘Enhancing Identity Verification: A Panacea for Fraud Mitigation?‘ had in attendance stakeholders from diverse sectors of the society including Security.
Seamfix Ltd, as a top identity management company actively fighting the war against e-fraud with her cutting-edge solutions, fully participated in the event, proffering key solutions during our presentation.
The chairman of NeFF in his opening speech, highlighted the organization’s achievements in combating e-Fraud and the necessity of the 2nd general meeting.
The big question…
How can Verification mitigate against e-Fraud and Identity Fraud?
The following solutions were proffered;
- The first presenter, CEO of environ, Mr Chike Ive-Meme, postulate the use of biometric technology to combat e-Fraud. In his presentation titled ‘Finger Vein Fraud Prevention: Reduction in brach operations’, Mr Chike admitted that the use of passwords is coming to a near-death and biometrics is the future. He talked about the adoption of a verification system using finger veins. He further explained that this verification process will ensure that even people with missing fingers can be verified. A concern was raised about the speed of this verification process as it would affect onboarding time, and Mr. Chike assured the audience that the finger vein verification process will neither be lengthy nor daunting.
- The second presenter was one of our own, Mr Frank Atube, the Head of the Growth team at Seamfix Limited. In his presentation titled ‘Identity Verification & Management: A Strategic Approach to Fraud Mitigation’ Mr Frank sited some forms of fraud and NeFF’s statistics on the current fraud rate. He explains how verifying identities at the point of data acquisition (especially during the process of sim registration) is key to keeping fraudsters and fraudulent activities at bay. He went further to postulate Seamfix’s AI-powered identity verification and authentication solutions to strike the balance between all forms of fraud detection, organizational productivity and revenue. During the Q&A session, someone from the audience asked Mr. Frank if it is possible to achieve a unified data storage so that their details are only collected and verified once and can be pulled up during any registration process. Mr Frank answered saying it is possible now with the standard compliance checks in place for data collection.
- The third and final presenter, Mr Sanusi Turacy of 3nitix, explained the benefit of tying identities to the IMEI numbers of the phone they own. In his opinion, this will curb e-Fraud, ensuring that no unauthorized transaction can be carried out on a stolen phone. According to him, the victim of a stolen phone can immediately block the sim, disabling all transactions using the unique IMEI number of their phone.
Next steps for NeFF…
The chairman in his closing speech assured everyone that NeFF will take active measures to ensure that all proffered ideas and solutions are harmonized to continue the war against e-Fraud.
“Do not sacrifice Security for Convenience.”