This archive report was first published on 10 October 2019.
Published on October 10, 2019, Mr. Lanre Bamisebi, Group CIO at Equity Bank, emphasized the need for collaboration in combating banking fraud in Kenya.
According to Bamisebi, the rise of fraud is a significant drawback to the country's progress in the fourth industrial revolution. As more individuals seek fraudulent means of earning a living, the industry is grappling with the challenge.
"Fraud rate has increased generally; people's real professions are cybercrime," Bamisebi noted, highlighting the correlation between technology penetration and the risk of fraud.
However, Bamisebi believes that with the right approach to digitization, the threat of fraud can be significantly reduced. He emphasized the need for collaboration between banks and telcos to share data and shut down suspicious lines.
"We need to start doing a lot of collaboration, because for you to stop fraud, you need a lot of data. We need to share data with each other," Bamisebi said.
Equity Bank is at the forefront of this effort, leveraging digitization to enhance banking security and data privacy. By pooling resources and working together, banks and telcos can create a regime that effectively combats fraud.
