Nigeria’s rapid shift towards digital payments is increasing the need for stronger safeguards against fraud and financial crime, prompting fintech companies to deepen investments in compliance, risk management and governance.
OPay, one of Nigeria’s largest digital payments companies, says it has strengthened its anti-money laundering and counter-terrorist financing (AML/CFT) infrastructure with artificial intelligence (AI), big data, and real-time transaction monitoring to detect and stop suspicious activity.
The company said its internally developed risk-control system, built over the past three years, now operates more than 5,000 real-time monitoring and blocking rules alongside more than 10,000 risk-feature profiles.
According to OPay, the system has helped keep its transaction fraud rate below 0.001 percent, as the company seeks to shift from investigating suspicious transactions after they occur to identifying and stopping risks in real time.
The company said its compliance infrastructure has also identified and blocked more than one million fake identities, while its facial live-detection technology blocks tens of thousands of attacks daily.
Identity fraud remains a major risk for digital financial services, as stolen or fabricated identities can be used to open accounts, commit fraud, or move illicit funds.
OPay said its digital identity verification and facial recognition systems are designed to detect impersonation and other attempts to circumvent customer identification controls during account registration and…
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Read Full Article by Wasiu Alli at businessday.ng
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