CRBA participates in the 2nd Financial Fraud Forum 2024
We had the privilege of participating in the 2nd Financial Fraud Forum 2024, focusing on collaboration against fraud within the banking and payment services ecosystem. The event emphasized building resilience for today, tomorrow, and beyond.
In an era marked by machine intelligence, workforce dynamics, and the rapid expansion of fintech and digital solutions, fraud in sectors like banking, fintechs and telecom is escalating. Recent statistics reveal a significant increase in fraud, for example loan-related fraud, soared from 23.3% in March 2024 to 46.5% by June 2024, underscoring challenges in verification, data asymmetry and other issues.
Insights from esteemed panelists, including a representative from MTN MOMO, highlighted the pivotal role of Credit Reference Bureaus (CRBs) in mitigating loan-related fraud through robust credit referencing services.
The credit referencing services that can assist curb fraud include, subscriber identity verification, credit scoring and pattern analysis, activity monitoring, risk assessment etc.
By leveraging credit referencing services, banks, fintechs and telecom operators can reduce fraud risks, prevent revenue losses, and protect their customers from fraudulent activities.
Special thanks to the organizers of the event, Uganda Bankers’ Association supported by Visa, Bank of Uganda, Uganda Communications Commission and other partner members for convening this crucial dialogue.