Interswitch’s card fraud detection app to protect East Africa cardholders 

Bernard Matthewman, CEO, Interswitch East Africa.
Bernard Matthewman, CEO, Interswitch East Africa.

Interswitch East Africa has announced plans to introduce two advanced fraud management systems in Kenya known as Card Control and Scorebridge intended to further enhance fraud prevention for cardholders and financial institutions.

The card based fraud prevention systems will add a new layer of protection for consumers and financial institutions, over and above the new EMV (Chip and PIN) cards introduced in Kenya over the last two years. Interswitch said Scorebridge will use a real- time rules engine and innovative approach to Artificial Intelligence (Scores) that will allow for active decisioning of transactions.

Interswitch East Africa, CEO Bernard Matthewman, said customers and banks using the tool will achieve substantial and measurable fraud savings. “We continue to work with a large number of financial institutions seeking to strengthen card security in areas of vulnerability. The Card Control App for cardholders and Scorebridge for financial institutions are highly convenient solutions with almost no impact on transaction processing time and which will reduce the time spent by bank staff investigating fraud.”

Interswitch serves more than 40 per cent of East Africa’s financial institutions who have outsourced debit /credit card issuance, electronic financial transaction switching, ATM management and other financial services.

Commenting on Scorebridge at the same event, Interswitch Kenya Head of Products Justin Larby said the fully customizable solution comes with predefined card payment permission rules and allows for an unlimited addition of further rules to be set and activated in accordance with the wishes of the card issuer. It works in conjunction with all the major card platforms present in Kenya.

On Card Control Mr. Larby said he expected it to improve the confidence of cardholders, as they can now participate in the process of deciding when and where their cards can transact. “We understand the need to create solutions that are relevant and specific to the business environment we all operate in, and so it was important for us to create a way to enable Kenyan cardholders take control of their own transaction security. We are committed to offering our partners the full experience of intuitive exchange.”

An estimated 70 per cent of Kenya card payments market moved to the new Europay, Mastercard Visa (EMV) card technology platform, through the Great Migration to EMV Chip campaign initiated by Interswitch’s predecessor the Paynet Group.

Since being founded in 2002, Interswitch has grown rapidly and consistently, resulting in a current transaction volume of 350 million transactions per month and more than US$ 32 billion a year across its platforms.  Interswitch runs one of Africa’s leading payment card brand ‘Verve’ and Nigeria’s largest online payment portal ‘Quickteller’. It is the first company in West Africa to attain CMMI level 3 ratings. The e-commerce industry market leader recorded revenue growth of 1,226 per cent in the last five years and is ranked the fastest growing tech company in Africa according to Deloitte.

Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis. The company started operations in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.

Interswitch provides technology integration, advisory services, and payment infrastructure to government, banks and corporate organizations. We process transactions from various channels namely: ATMs, mobile, PoS, online (web) and IVR.

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