QUICK LINKS

×
  • Tech - News - Startups
  • Updated: June 11, 2021

2021 Digital Pay Expo: OFP, TWFA Possible Real-Time Solutions To Online Fraud

Latest News

Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

Network International Payment Solution has offered real-time Online fraud Prevention (OFP) and TranzWare Fraud Analyser (TWFA) as prevention solutions at the just concluded 21st Digital Pay Expo Conference and Exhibition held virtually due to the COVID-19 pandemic on Wednesday.

Regional Director West & Central Africa, Network International, Chinwe Uzoho disclosed on day one of the events that OFP and TWFA can help win the fight against fraud by offering a real-time decision on transactions based on a pre-defined set of rules.

The technology-enabled payments solutions company said the OFP, and TWFA offers multiple layers of protection, detection and prevention to substantially reduce the risk of card fraud based on a pre-defined set of rules at the event which brought together over 2000 registered attendees, 50 expert speakers, 100 fintech exhibition booths, 200 financial institutions and companies represented.

Uzoho during the presentation stated that most of the fraud committed in the banking sector are by the internal bank staffs motivated by financial distress and the desire to maintain their lifestyle. She disclosed that there has been a notable upsurge in internal fraud committed by employees in the last 4 years.

A screenshot of the rising trends of insider fraud and Fraud Triangle in the banking sector

“There has been a notable upsurge in internal fraud committed by employees in the last 4 years. When internal fraud prevention and detection policies and processes are inadequate, they may be overridden and manipulated, often by senior staff. This results in huge losses with a less than 15% chance of recovery.”

Uzoho explained that fraud committed by internal bank staffs are well organized and one way to prevent bank fraud is by adopting the best practice.

"Online Fraud Prevention (OFP), offers multiple layers of protection, detection and prevention to substantially reduce the risk of card fraud. Online Fraud Prevention is a real-time fraud prevention solution that can help you win the fight against fraud by making real-time decisions on transactions based on a pre-defined set of rules, " Uzoho stated.

"TranzWare Fraud Analyzer is capable of substantially reducing the risk and losses associated with a wide range of fraudulent activities. TranzWare Fraud Analyser is a near real-time fraud detection solution that analyses and filters the authorisation flow against a pre-defined set of rules to raise post-factor alerts on card transactions."

Click here to read the full presentation

Tags

Join our Telegram platform to get news update Join Now
Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

0 Comment(s)

SPONSORED

Jun 08, 2022

Countdown To 2023 Presidential Election: Who Are You Voting For?

Countdown To 2023 Presidential Election: Who Are You Voting

Atiku Abubakar (PDP) 8.33 %

Bola Ahmed Tinubu (APC) 19.17 %

Peter Obi (LP) 72.50 %

117 days 1 hours remain

See this post in...