Moniepoint, Fidelity Bank collaborate to combat fraud in financial services

Together, Moniepoint and Fidelity Bank have worked to create a strong system that will reduce the risk of fraudulent transactions and help the nation overcome its payment difficulties.

The purpose of this partnership is to strengthen the Central Bank of Nigeria's (CBN) duty to ensure that customers receive sufficient and convenient financial services while also assuring their protection.

The decision was made during a courtesy visit between Nneka Onyeali-Ikpe, the CEO of Fidelity Bank in Lagos, and Tosin Eniolorunda, the CEO of Moniepoint Inc.

In the course of the visit, Onyeali-Ikpe expressed her bank's gratitude for the tolerance and patience shown during the banking channel integration optimization process, which produced service interruptions and prevented Moniepoint customers from receiving financial inflow.

Eniolorunda, for his part, stated that the increase in the value of electronic payment transactions in the first quarter of 2023 has brought increased attention to Nigeria's financial system.

In addition, he noted, bad faith actors that take advantage of holes in the payment system provide difficulties, with the nation's financial institutions reporting N159 billion in fraud losses since 2020.

In discussions regarding the expansion of the digital payments industry and the benefits of financial services to the socio-economic development of Nigeria, Eniolorunda emphasized that Moniepoint takes client KYC extremely seriously as a responsible and compliant organization.

According to him, establishing confidence, guaranteeing security, and adhering to legal requirements all depend on KYC.

According to him, the fintech platform verifies the BVN of every account created on it and checks for liveliness at the onboarding stage.

This compares the account holder's live photo with the BVN image, according to Eniolorunda, in an effort to lessen imitation.

“We have zero tolerance for fraud and go all out to ensure that we track fraudsters and fraudulent transactions on our platforms. We have deployed and utilised robust fraud detection systems and technologies that can analyse patterns, identify anomalies, and detect suspicious activities in the system.

“As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions,” he said.

To address these issues, he said, all parties involved in the financial services industry must work together.