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The Vice President of Technology at Kuda, Oladipo Aina, has advocated for adhering to global standards like ISO 27001 to establish robust security controls and prevent unauthorized access.
He also underscored the critical role of collaboration, innovation, and empathetic customer engagement in combating fraud within the financial services sector.
Speaking at a recent TechConnect 4.0, organized by Interswitch Group, Aina joined a panel discussion on strategies for integrating compliance, technology, and collaboration to combat fraud and foster growth.
Emphasizing the importance of developing fraud prevention tools informed by insights from past fraud cases, Aina advocated for fintechs to adhere to global standards like ISO 27001 to establish robust security controls.
According to him, tackling fraud collectively offers a greater impact than isolated efforts.
Aina encouraged financial institutions to share insights and adopt unified strategies, stating, “Tackling fraud as a collective has a much bigger advantage and impact”.
Recognizing the emotional toll of financial crimes, Aina stressed the need for empathetic customer support. By helping victims recover funds and sharing success stories, institutions can restore trust and build a community of “fraud champions.”
Aina called for communication campaigns tailored to resonate with diverse demographics. “We need to communicate in the language of the customer and help them understand how to protect themselves,” he said.
Looking ahead, Aina highlighted the need for a collective mindset shift within the industry. “Whether it’s being bold to adopt new technologies or having the mindset that we are only as strong as our weakest link, tackling fraud as individual institutions will not suffice,” he concluded.
