Identity Fraud Challenges: US Fintech Faces Similar Trends to Africa, Posing Cross-Border Obstacles

Identity Fraud Challenges: US Fintech Faces Similar Trends to Africa, Posing Cross-Border Obstacles

#banking
#fintech
#privacy
#banking
#cyber security
#digital economy
Identity fraud issues, comprising 42% of US Bank Secrecy Act filings in 2021, echo trends seen in Africa, especially in Nigeria and Kenya. For cross-border payment startups like Klasha, navigating the surge in identity fraud on both continents becomes a critical challenge, impacting financial security and remittances.

Identity fraud challenges in US fintech, constituting 42% of Bank Secrecy Act filings, align with rising trends in Africa, notably in Nigeria and Kenya. A FinCEN report reveals that robust customer identity processes are crucial for financial system security. For startups like Klasha engaged in cross-border payments, combating identity fraud on two fronts poses a dual challenge, impacting financial security and remittance processes. Wiza Jalakasi, Director of Ebanx Africa market development, emphasizes the importance of building fraud mitigations into fintech products from the outset.


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