In the fast-growing world of fintech, effectively managing fraud poses a critical challenge for startups. In fact, according to a report by the World Economic Forum, the global cost of cybercrime is expected to reach $10.5 trillion by 2025. In Africa, the financial sector is the most targeted by cybercriminals, accounting for 60% of all attacks and resulting in losses estimated at $4 billion every year, per a report by IDC.
Per 2023 Africa Financial Industry Barometer, developed in partnership with the Africa Financial Industry Summit and Deloitte, 97% of surveyed executives at top financial institutions in Africa consider cybercrime a significant threat. While maintaining a seamless user experience is essential for growth, many fintech startups struggle to implement fraud control measures without hindering their customers’ satisfaction. Fintechs are particularly vulnerable to fraud, as they are often new and have not yet developed the…
