Oladipo Aina, Vice President of Technology at Kuda, has underscored the critical role of collaboration, innovative technology, and empathetic customer interactions in combating fraud in the financial services sector.
Speaking at TechConnect 4.0, an Interswitch Group conference, Aina participated in a panel discussion themed “Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth.” He emphasized the need for financial institutions to develop solutions informed by historical fraud incidents, targeting both internal and external vulnerabilities.
“You need to build solutions that do not facilitate known fraudulent behaviors,” Aina stated, stressing the importance of aligning with global standards such as ISO 27001 to establish strong controls against unauthorized account transactions.
Aina highlighted industry-wide collaboration as a significant advantage in countering increasingly sophisticated fraud. He pointed out that while individual efforts may benefit an organization, collective action across the financial sector creates greater impact. “Fighting fraud collaboratively yields a far bigger advantage,” he said, advocating for shared insights and unified strategies among institutions.
Addressing the emotional toll of financial crimes, Aina stressed the importance of empathy in rebuilding public trust. He encouraged institutions to support customers through fund recovery processes, adding that resolving cases and sharing positive outcomes help create a community of “fraud champions.”
Aina also called for relatable communication campaigns that resonate with diverse customer demographics, noting that many fraud awareness initiatives fail to connect effectively. “We must speak in the language of the customer to help them understand how to protect themselves,” he said.
Looking forward, Aina urged a collective mindset shift within the financial sector, emphasizing bold adoption of new technologies and shared accountability. “We are only as strong as our weakest link. Tackling fraud as isolated institutions will no longer suffice,” he concluded.