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Podcast

Home ยป Money Transfer: 9mobile CEO Highlights Key Solutions to Identity Theft

Money Transfer: 9mobile CEO Highlights Key Solutions to Identity Theft

โ€ฆand Securing Electronic Money Transfers in Africa

Staff Writer by Staff Writer
November 25, 2024
in Security
2
Obafemi Banigbe, CEO of 9mobile | 50% tariff adjustment
Obafemi Banigbe, CEO of 9mobile [PHOTO Credit: LinkedIn]

Obafemi Banigbe, CEO of 9mobile [PHOTO Credit: LinkedIn]

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Obafemi Banigbe, CEO of 9mobile, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.

His insightful perspectives offered valuable insights into combating identity theft, a major threat to African electronic money transfer security.

Speaking as a panelist in a session moderated by Nick Cook, the chief innovation officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.

โ€œFraud is fundamentally a human challenge, not just a technological one,โ€ he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.

He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem.

He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas. Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.

He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition), and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.

Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws. This, in turn, facilitates the detection of suspicious activities while maintaining privacy.

He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.

While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture.

โ€œNo single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,โ€ he asserted.

The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.

They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.

Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.

โ€œRegulating access will help prevent fraudulent activities within organisations,โ€ he said, pointing to the need for stronger internal controls to safeguard sensitive processes.

He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud. โ€œIt is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,โ€ he concluded, calling for unified action among telcos, financial institutions, and regulators.

With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident.

Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.

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