This article was contributed to TechCabal by Sylvia Brune.
Over the past decade, it has been said that increasing mobile penetration and internet access will drive economic growth in Africa. But do smartphone penetration and internet connectivity automatically lead to economic growth, or are they resulting in digital challenges that can have a significant impact on economic outcomes?
Fraudulent transactions in Africa amount to around $4 billion a year, with financial institutions and the telecommunications sector bearing the brunt of the attacks. The World Economic Forum highlighted, among other things, that many African businesses are ill-equipped to deal with cyber threats. It is clear that now is the time to secure Africa’s digital future.
Beyond monetary losses, what are the real costs of fraud and data breaches? Trust. When online fraudsters attack, identities and opportunities are stolen, and countless people are excluded from participating in Africa's digital economy. The reality is that cybercriminals are evolving faster than a chameleon can change color, and their exploits are becoming more and more cunning. Therefore, our digital defenses must be ironclad to stop them, yet inclusive so that everyone, tech savvy or not, can thrive in this new digital age. .
These are the big trade-offs ahead and the questions that will drive us forward. How can we effectively protect ourselves from these threats without sidelining the good actors we are here to serve? pawaPass' mission is to fight fraudsters and secure digital doors. finding the difficult balance between remaining open to everyone else.
In a continent as diverse as Africa, more than half of people do not have legal identification, and the majority of businesses lack the means and tools for advanced verification, often relying on manual checks. I rely on it. This approach is prone to errors, especially if the verification is done remotely while exposing the collected personal data to vulnerabilities. Therefore, as innovators solving cybersecurity challenges, we must consider the diverse needs and realities of Africans and provide solutions that counter the pitfalls of a “one-size-fits-all” approach.
Innovative solutions that combine cutting-edge security with user-friendly verification are essential in pursuing a secure and universally accessible digital future. By focusing on building systems that improve user experience without compromising security, such as providing biometric authentication for important transactions, we can protect users without compromising their digital freedoms.
Collaborations between businesses and anti-fraud platforms like pawaPass need to ensure that the approach is thoughtful and risk-based, taking into account the types of users the business has so as not to compromise the overall user experience. there is. That's why pawaPass has tested multiple solutions and is currently using cutting-edge biometric technology from FaceTec, known for its focus on security and resiliency against the most insidious scams, to secure systems. A $600,000 reward is being offered to anyone who can successfully hack the .
pawaPass' current solutions are tailored to work effectively for businesses serving a wide range of users in multiple African markets. This was important to the team because the challenge does not end with active verification technology. While we strive for inclusivity, we also face the realities of data costs, device types, user behavior, and access to the internet across the continent. This reality means that the verification process needs to be flexible enough to accommodate the low-end smartphones used by many online users in Africa.
Our goal is clear. It's about making it easier to trust people online. By building anti-fraud and authentication systems that cater to all layers of society, we can break down digital barriers for people across the continent. This vision is already being realized through his partnership with sports and technology brand Mchezo, offering his $2 million worth of equity to betPawa's loyal customer base of over 200,000. This is a testament to our commitment to building a digital ecosystem where security and inclusion work together.
Looking back at our journey so far, it's clear that building trust online is very complex, and the road ahead is full of opportunities and obstacles. But this is clearly a journey worth taking, as building a secure, inclusive, and trusted digital infrastructure means more than just compliant transactions and securing data. It is about laying the foundations for a future where all Africans have access to a wide range of opportunities that enable them to thrive.
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Sylvia Brune I am the CEO of power pass.she have more than 10 years of experience As an entrepreneur with a dynamic career trajectory spanning different sectors and industries. She has a unique combination of problem solving, connecting the dots, and a drive to create great experiences for customers.
