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Guinea’s Financial Institutions Face Growing Threats from Fraud

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Banks and financial institutions (FIs) in Guinea are grappling with the increasing threat of fraud, which can lead to significant financial losses and reputational damage. According to recent reports, FIs have been targeted by sophisticated cyber attacks, making it challenging for them to detect and prevent fraudulent activities.

The Challenge of Balancing Security and User Experience

As more consumers turn to digital banking, FIs in Guinea are facing a delicate balance between providing a seamless user experience and ensuring the security of their systems. Fraudsters and hackers are continually evolving their tactics, making it essential for FIs to stay ahead of the curve with robust fraud detection and prevention tools.

Four Steps to Prevent Fraud in Banking

Gemalto IdCloud’s risk management services offer a comprehensive approach to preventing fraud in banking. The solution harnesses four layers of intelligence to identify high-risk transactions and suspicious activities. These layers include:

1. Device Intelligence

Identifies recurring devices, detects high-risk networks and locations, and spots device anomalies that indicate fraudulent activity.

2. Behavioral Biometrics

Analyzes inherent user behavior, such as typing patterns, mouse movements, and device holding habits, to create an individual profile for future sessions.

3. Behavioral Analytics

Examines user habits at the individual and population levels to detect unusual behavior, including out-of-the-ordinary transactions.

4. Trust Consortium

Evaluates billions of events to help FIs know who to trust, even if they are new to them.

Enhanced Onboarding with Risk Management

Gemalto IdCloud’s risk management services can strengthen identity proofing processes by analyzing user and environment activities. This approach helps prevent ID fraud during digital onboarding and lowers the total cost of ownership by avoiding additional checks and abandoning high-risk enrolments at an early stage.

Complying with Latest Security Regulations

The solution is designed to comply with the latest security regulations, including PSD2 and FFIEC. It offers real-time monitoring of authentication and transaction process risk and helps FIs meet the requirement for stronger fraud prevention.

Case Studies: Digital Onboarding in Banking

For more information on how Gemalto IdCloud’s risk management services can help Guinea’s financial institutions prevent fraud and comply with security regulations, please see our case studies on digital onboarding in banking.