How Credo Tackles Security Challenges in the Nigerian Fintech Space
Any observer would notice with interest the upsurge of Fintech companies in Nigeria. Consequently, the country is enjoying a well-deserved reputation as a leader in financial innovation. As at June 2021, Nairametrics reported that Nigeria’s fintech landscape consists of between 210 to 250 fintech companies and this number continues to grow.
It is easy to see why. As global management company Mckinsey puts it, “a youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are combining to create the perfect recipe for a thriving fintech sector”.
The emergence of FinTech and e-commerce is a welcome change to global commercial transactions. In social commerce and Ecommerce, FinTech makes it easy for social sellers and their customers to make and accept payments with ease.
With innovation, however, comes risk. Fintech companies have come with their own perils which have caused the industry to be continuously innovative in its offerings especially on security.
Fraud, data theft and cyber attacks lead to a less than desirable level of trust- for the customers, merchants and the fintech service provider.
Fraud has grown side by side fintech, and has become a menace. Sam Okojere, Chairman of the Nigeria Electronic Fraud Forum, (NeFF), stated that “cases of electronic bank fraud between 2016 and 2018 rose to ₦5.571 billion ($14.2 million)”. According to the NeFF, while over-the-counter fraud declined,those done through digital channels have been on the rise.
FinTech services naturally require a broad set of information about consumers and their behaviour. This has led financial services to become the most intensive user of data. While this helps consumers to benefit from personalised products, it also increases the scope for data breaches.
As a payment processor, Credo collects security & card details and personal data to verify customers and process payments. Credo uses encryption, two-factor authentication and other global security standards to prevent identity theft and secure user’s card details.
Nigeria is ranked third globally in cybercrimes. For this very reason, customers are wary to use systems that may expose them to fraud. Against this backdrop, the Credo platform has been designed as the first social payment platform. Credo is a welcome addition on the fintech scene but given the present industry changes, it must address the security question head on.
What makes Credo safe?
Credo is not just another fintech entering the Nigerian space. It is a carefully thought out platform which was created after identifying the pain points experienced and shared by consumers and the public. So Credo proffered a product that reorients these negative experiences into positive ones. Credo has designed layers of measures into its platform to ensure and assure impermeable security.
So what makes Credo Safe
The Gateway and its Fraud Engine
Credo has a secure gateway with its own processing connection and infrastructure. This is underpinned by an advanced fraud engine optimized with geographically pertinent fraud rules for more effective fraud prevention.
The Credo gateway has a uniquely customized security framework that implores the typical measures as well as an advanced utilization of machine learning technology that prevents fraud of any occurrence to a bare minimum. The framework takes advantage of identity and social data as well as consortium historical transactional data.
Credo’s security framework and fraud prevention model is overwhelming with rules that safeguard fraudulent transactions from escaping the payment validation and authentication process. Transactions are flagged based on the risk allocated. Parameters include location, device transaction details and customer details. Simply put, in the background, there is an engine searching for possible frauds and stopping them from happening.
The Certification
Credo has been certified forCBN for PCI DSS.
What does that really mean?
PCI DSS stands for Payment Card Industry Data Security Standard The standard was created to increase controls around cardholder data to reduce credit card fraud. There are twelve requirements for building and maintaining a secure network and system. We can bore you with the technicalities but what you need to know is that Credo has obtained the highest global certification for your card safety.
The Authentication
At Credo, we believe strongly in multi-factor authentication. You may have heard the word before but what is it? Well, simply think of it this way; it is layers of security to ensure your finances are secure. Many fintech accounts use one or two layers of protection or authentication. This is usually a pin or password, and OTP. The second layer adds an extra level of security even if your pin or password have been hacked. Our multi factor comprises of SMS token, security question or the Credo Authenticator. We strongly recommend to Credo account holders to install the Credo Authenticator through the Google Playstore or Apple Store for maximum security.
The Professionals
We do not rely on machines alone to guard over our security at Credo. We have set up specialized units to provide a human eye and ensure your safety. We have an Internal Compliance Unit, Audit Unit, Monitoring Unit and Settlement Unit. These teams monitor all activities ranging from onboarding, transactions, thresholds, settlements, dispute resolution and the like. Because of the vigilance of the units, it is a hostile environment for Fraudsters to operate in. Furthermore, Credo conducts seller verification through due diligence for KYB and KYC.
The Collaboration
Finally, because Credo knows that you play an important role in your security and that we should never take that away from you, we have created options for you to assign permissions and roles to different members of your organization. Now you can delegate your team members to various financial duties without ceding control of your accounts to anyone.
Conclusion
Fintech excites us not just because it is a burgeoning industry but because it is truly the place to create solutions that make it easier for Nigerians to manage their money and business. Credo’s ethos is to make payments to be not just smarter but safer. We can guarantee that security is always going to be our priority in Credo. Now you know why Credo is safe. To sign up with us click here.
Credo does more than can fit into one article. To learn more about how you can grow your business securely with Credo, click here.
Let’s be friends! Say hello to us on our social media handles!
Credo on Twitter , Credo on Instagram, Credo on Linkedin, Credo on Facebook
