Lagos Tech Fest is an event that annually provides an unrivaled platform to identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the country’s tech ecosystem.
Driving Investment has been at the core of the event strategy, Lagos Tech Fest provides an opportunity to develop strategies based on the latest regulatory developments.
To elaborate on this, the moderator introduced a session themed “Building a collaborative firewall against fraud in Nigeria’s Fintech Ecosystem”. This is to address the issue of fraud affecting both the tech and fintech industry.
The session focuses on addressing key developments in the African tech ecosystem.
Managing Director, DPO Pay, Judy Waruiru, who joins the speaker line gave key insights on this. According to her, using identity management to control who can access your platform and the extent or limit to which they can interact with the platform is one of the ways to prevent.
Causes Of Fraud In Banks
Young people are open with their data and they post on social media, giving a chance to scammers to get hold of them. Some even click on insecure sites, which in the process gives unauthorized access to their system.
Waruiru answering on how the youth can be educated to prevent or avoid fraud said, with the young one using more digital banks than traditional banks, they did not be alert and cautious so as not to be defrauded.
When asked how digital banks can fight against fraud and protect data, one of the panelists said technology automates anti-fraud systems, enabling it to identify potential fraud cases as they occur.
There is also another method where financial institutions use two-factor authentication. It has been encouraged to ensure the person logging in can verify their identity using a code sent via text, phone call or email. Traditionally it was not so, they make use of passwords and PINs.
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