Helping AFB to implement a fully managed lending solution, increase security and reduce financial loss resulting from fraudulent claims against their credit cards.
AFB is a consumer finance company providing retail credit cards to over 15,000 customers across Africa. Liquid Telecom Payments implemented an end-to-end Managed Service Solution and helped significantly reduce fraud with the use of Biometrics.
AFB provides own-brand and co-branded closed loop credit cards. After the successful integration of our Managed Service Solution into their lending system, we were able to detect two types of fraud; application fraud, where end-users applied for multiple accounts using fake identities; and transaction fraud, where customers repudiate transactions on their cards. Both were resulting in significant financial loss for AFB.
Our end-to-end managed solution includes high-speed international connectivity, transaction processing, routing, switching and professional services – as well as customised terminal applications and management software. A biometric solution was then implemented using biometric readers and server to enrol, store, match and verify data. Fingerprints are now a requirement for AFB card applications and transactions, reducing fraudulent applications and repudiated purchases.
“We think that Liquid Telecom Payments has developed the best biometric system available in Africa today and our business saw immediate benefits once the system went live”.