Fintech has no doubt been a force for good in Kenya by making online payments faster and easier than ever. However, as accessibility increases, so do the opportunities for bad actors to attempt online fraud. Security is paramount for us at Xprizo, and providing a safe environment for our community is a priority. Our mission is ensuring Xprizo’s Kenyan users feel confident every time they make a transaction.

So with that in mind, here’s our guide to understanding what is a fraudulent transaction and to prevent it.

What is a fraudulent transaction?

A fraudulent transaction is the unauthorized use of an individual’s accounts or payment information. Fraudulent transactions can result in the victim’s loss of funds, personal property, or personal information e.g.  when someone uses your account or card without your permission to buy something or transfer funds. This can happen through several ways, including through stolen account details, fake merchants, or scam links. Don’t worry though as there are some simple ways to check and stop fraud – and Xprizo is built to help you do just that.

How to spot a fraudulent transaction in Kenya?

Below are some basic warning signs to look for:

• Unrecognised merchant or name: If you don’t know the name of the person or company that received your money, it could be a red flag.
• Strange location: Transactions from countries you’ve never been to or at odd hours could signal unauthorised activity.
• Request to update your records: if a government body is unexpectedly asked to pay a facilitation fee — this is often a scam.
• Odd amounts: Small charges (as low as a cent or shilling) are used to test stolen cards.
• Suspicious services: Being asked to pay for services you never signed up for, investigate further before making any payment.
• Duplicate payments: Be careful of two or more payments to the same place in a short time.
• Pushy communication: Be wary if a caller or message urges you to act quickly, take a moment to pause. Don’t rush and carefully consider the next steps.

If you’re concerned about any element of a transaction, stop, and reach out to our support team immediately who are available 24/7 for you on +254757786037 or +254701659595. Feel free to call or reach us on whatsapp. Alternatively, you can send an email on contact@xprizo.com

What does Xprizo do to protect you and your family?

Xprizo uses the most fraud detection tools behind on our fintech platform. This means:

• Xprizo monitors every transaction for unusual behaviour.
• Xprizo flags or blocks suspicious payments before they are completed.
• Xprizo works solely with trusted merchants and partners.
• Xprizo offers an added layer of security, like PIN codes or biometric login.

Xprizo’s systems learn and adapt using AI so the more you use the platform, the better it becomes at protecting you. While the AI is learning user preferences to improve security, personal data is never shared or used for any other purpose. We’re a team fighting fraud.

How to know whether to trust a payment provider?

Choose a provider that’s secure, transparent, and available to contact. With Xprizo, you always have:

• Full control over your account
• Clear records of every payment
• A friendly support team that listens

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Excited about Xprizo’s potential to revolutionise access to financial services in underserved communities? Contact us to learn more about our innovative fintech platform. Click here to explore collaboration opportunities with Xprizo.