Nigeria’s Prembly Launches FraudLens to Transform Fraud Intelligence in Africa

A Nigerian identity verification and compliance company, Prembly has declared its new project FraudLens, an open source fraud intelligence platform which is created to tackle the existing threats of financial crime across Africa’s digital economy. 

FraudLens would serve as a publicly available archive of fraud intelligence which is built from millions of verification of identity checks conducted by Prembly's technologies. In a move to figure out patterns of fraudulent activity, the platform comprises fraud occurrences reported by organizations implementing  Prembly's technology and analyzes them using behavioral and forensic approaches.

According to the CEO of Prembly, Lanre Ogungbe, he emphasized that; 

“Data sharing is the first step toward meaningful fraud prevention. “Fraudsters often recycle the same tactics across different platforms. By pooling intelligence, we can stop them from exploiting these gaps,” he explained.

The risk of fraud has greatly increased over time as more consumers use fintech and mobile banking. This project hence corresponds with the fast expansion of digital financial services across Africa. 

In addition to banks and fintechs, FraudLens is expected to help telecom providers, e-commerce sites, and insurers. Prembly aims to promote collaboration between sectors and reduce the billions lost to fraud in Africa each year via providing a centralized repository for fraud intelligence.

About Prembly

Prembly is a Nigerian fintech and identity verification startup that focuses on offering digital identity verification, identification of fraud, and compliance solutions to African businesses. The company, which was founded in 2021 by Lanre Ogungbe and Niyi Adegboye, helps businesses in eliminating fraud, protecting digital transactions, and conforming to growing market regulations.