The technology uses dynamic liveness challenges, like random facial movements, to verify identities and prevent advanced spoofing. Fraud is skyrocketing across Africa’s financial sectors. In Nigeria, fraud losses reached N42.6 billion between April and June 2024, surpassing total losses for 2023. South Africa’s digital banking sector saw a 45% rise in fraud cases in 2023, leading to a 47% increase in financial losses. Kenya reported a $2.1 million debit card fraud incident at one of its leading banks.
Source: techlabari.com