Prembly launches FraudLens to help banks and fintechs with early fraud detection

Prembly, a compliance and digital security company, has launched FraudLens, an open-source intelligence platform that helps businesses detect fraudulent activity and identify fraud patterns. The tool is designed to strengthen fraud prevention infrastructure in Africa, starting with Nigeria.

In a disclosure shared with Technext, Prembly noted that FraudLens brings a Fraud Intelligence Bank that provides enterprises and financial institutions with the ability to swiftly identify threats and protect customers’ data and financial transactions. 

In his submission, Lanre Ogungbe, CEO of Prembly, explained that the rise in daily fraudulent activity is alarming and calls for tools to detect and prevent fraud before it occurs. He stressed that with FraudLens, Prembly is creating a unique tool. 

“We haven’t seen any resource this accessible and comprehensive, and rather than waiting for someone else to build it, we decided to,” he said in the statement.

The rise in digital payment in recent years has seen an increasing number of fraudsters and the rapid advancement of their modus operandi. 

In a financial service ecosystem with players such as banks, fintechs, and businesses, the continued demand for faster digital transactions and real-time payments means fraudsters are also improving their style. With this, financial crime has been projected to grow between $50 billion and $100 billion per year.

The rise in fraudulent activities is also powered by the advancement of AI-enabled fraud techniques, ranging from identity fraud, cyberattacks, and deepfake actions by threat actors. 

In these regards, Prembly has built FraudLens to detect fraud and track threat actors’ behavioural patterns, which can be accessed here.

Also Read: The digital heist: Inside Africa’s $4B SIM swap and identity theft fraud crisis.

Prembly: The stronghold of FraudLens

With over 5 years of operation in the cybersecurity industry, Prembly has identified data sharing as a key model to solve fraud issues. This includes shared intelligence among institutions, collaborating to build a technical network instead of each starting from scratch.

FraudLens

Building on open data sharing helps propel fraud detection, improve regulatory oversight, and strengthen consumer protection. This fills the gaps of African countries working in silos to combat threat actions, which have in the past failed to yield a positive result. 

“Having supported digital security for leading financial institutions both regionally and globally, we’ve seen firsthand that data sharing is the critical first step toward meaningful fraud reduction,” Ogungbe said. 

Prembly built FraudLens to accommodate various countries and work for diverse stakeholders. Not only for financial institutions but for researchers, policy makers and consumers who can use the tool as a library of fraud awareness. 

In its methodology, the company said the tool is built on fraud events reported by hundreds of businesses and partner financial institutions using its technology. Through this, each of the reported incidents is subjected to behavioural and forensic analysis to identify and understand patterns that can inform broader fraud prevention. 

Prembly Team

Founded in 2021, Prembly has become a key player in the digital security and infrastructure space, serving enterprises and global companies. The aim is to help stakeholders expand into emerging markets and position Africa as the next hub for growth. 

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