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Kuda Calls For Unified Approach To Combat Financial Fraud

7 months ago 2 min read
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Vice President of Technology at Kuda, Oladipo Aina has emphasised the importance of collaboration, innovative technology, and empathetic customer engagement in the fight against fraud within the financial services sector.

Speaking at TechConnect 4.0, a conference organised by Interswitch Group, Aina joined a panel to discuss strategies for navigating the future of financial services under the theme: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth.

Aina highlighted the need for financial institutions to adopt solutions designed with insights from past fraud cases, ensuring they address both internal and external vulnerabilities.

“You want to build solutions that don’t enable known fraud behaviours,” he said. He also stressed the importance of adhering to global standards like ISO 27001 to establish robust controls that prevent unauthorised transactions on customer accounts.

Collaboration across the industry, Aina noted, is a powerful tool against increasingly sophisticated fraud.

“Tackling fraud as an individual entity might be sufficient for the organisation, but tackling fraud as a collective has a much bigger advantage and impact,” he explained.

He advocated for financial institutions to operationalise fraud responses collectively, leveraging shared insights to develop unified strategies.

Speaking about the impact of fraud on public trust, Aina acknowledged the emotional toll financial crimes take on victims.

He emphasised the role of empathy in restoring trust, urging institutions to guide customers through fund recovery processes.

“As people have these cases resolved, they begin to share testimonials, and then we start building a community of fraud champions,” Aina said.

Aina also called for relatable and effective communication campaigns that resonate with diverse customer demographics, noting that many fraud awareness campaigns fail to resonate with customers.

“We need to communicate in the language of the customer and help them understand how to protect themselves,” he said.

Looking ahead, Aina highlighted the need for a collective mindset shift within the industry.

“Whether it’s being bold to adopt new technologies or having the mindset that we are only as strong as our weakest link, tackling fraud as individual institutions will not suffice,” he concluded.

Kuda Calls For Unified Approach To Combat Financial Fraud is first published on The Whistler Newspaper

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