The Rising Threat of Financial Crime in Africa: How Businesses Can Stay Ahead and Detect It in Real Time
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By the time fraud is detected, the damage is already done. That’s why it’s crucial to put processes in place to detect threats before they escalate into a full-blown crisis, leaving people stranded and businesses in ruins. Meet Kunle: A Fintech Founder’s Nightmare Let’s paint a picture—imagine a fintech founder, Kunle. He had spent years building his startup in Lagos. Everything was going well—users were signing up daily, transactions were flowing, and investors were taking notice. Then, one morning, he woke up to chaos. His company’s system had been used to launder millions overnight. Regulators were knocking. Customers were withdrawing funds in panic. His business was on the brink of collapse. What went wrong? Kunle had fraud detection in place, but it was reactive, not real-time. By the time the fraudulent transactions were noticed, the damage was already done. Building a business without proactive fraud detection is like leaving your front door open and hoping thieves respect ...