28th March, 2025
In the rapidly evolving world of fintech security, Archer is once again leading the charge with its latest innovation. Archer has just unveiled its latest groundbreaking product—the Internal Fraud Finder—specifically designed to combat one of the most insidious threats facing financial institutions today: internal fraud.
Did you know that employee-related fraud incidents increased by a startling 23.4% in Nigeria’s banking sector in just one quarter? The biggest threats to banks and lenders are no longer just external hackers or scammers—they’re hidden right within their own teams. Emerging markets, particularly in Africa, experience a disproportionate level of internal fraud, often resulting from collusion between account officers or field agents and customers.
In Kenya’s banking sector alone, fraud-related dismissals accounted for an alarming 22% of all employee terminations at a leading top-five bank, eroding trust, causing financial losses, and severely impacting the bank’s reputation among customers and investors. Similarly, Nigeria’s financial industry reported a concerning 23.4% rise in employee-related fraud cases in Q2 2024, leading to the termination of 49 banking employees during that period.
Zach Bijesse the Founder mentioned ‘Our products integrate directly with their backend systems, helping banks and fintechs build with confidence’.
Recognizing the severity of internal threats, Archer has expanded its robust suite of tools designed to prevent loan defaults and external scams by now offering advanced internal fraud detection and prevention capabilities. Institutions using Archer’s solution have already reported significantly reduced fraud cases, improved compliance, and a restored sense of trust and security within their operations.
How Archer’s Internal Fraud Finder works:
- Independent Monitoring 🔎: Continuously oversees transactions and internal activities without biases or internal interference.
- Automated Pattern Detection 💻: Identifies and flags typical fraud patterns swiftly, using state-of-the-art algorithms and data analytics.
- Network-enhanced Results 🌐: Leverages network data and patterns to uncover hidden collusions, significantly enhancing detection accuracy.
The Archer Internal Fraud Finder seamlessly integrates into existing backend systems, empowering banks and fintech companies to safeguard their operations comprehensively. With Archer’s solution, financial institutions can finally have the confidence that they are protected against threats both internal and external.
ODBA proudly supports Archer in its continued mission to innovate and protect fintech landscapes across emerging markets.
Stay protected, inside and out, with Archer! 🏹
ODBA champion visionary founders who leverage technology to craft extraordinary success stories. Our portfolio boasts investments in 29 technology companies spanning 10 countries, generating more than 1,800 direct jobs and serving a vast community of over eight million users and customers. We take immense pride in the profound impact our portfolio companies have already achieved across the continent and eagerly anticipate future contributions to the transformative landscape of Africa.