Prembly, a Nigeria-based digital security and identity verification company, launched FraudLens, an open-source fraud intelligence platform designed to help financial institutions and digital businesses detect and prevent fraud.
The platform aggregates fraud data from identity verification checks and reported incidents across businesses that use Prembly’s technology. FraudLens begins with data from Nigeria and aims to expand coverage across Africa.
Prembly said the system functions as a repository of fraud cases that institutions, researchers, policymakers and consumers can access to understand fraud patterns and risks.
The launch comes as digital financial services expand across sub-Saharan Africa. About 60% of adults now hold financial accounts, compared with less than 40% a decade ago. The growth in digital payments and mobile banking has increased financial access while also creating new fraud risks.
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Fraud in Africa is estimated to cost about $10 billion each year.
Prembly said FraudLens uses millions of identity verification checks conducted through its systems to detect patterns linked to fraudulent behavior. Each reported fraud incident undergoes behavioral and forensic analysis before it is added to the platform.
“Data sharing is the first step toward fraud reduction,” said Prembly CEO Lanre Ogungbe. “We have not seen a resource that is accessible and comprehensive, so we decided to build one.”
FraudLens allows banks, fintech companies and other institutions to access data on known fraud actors. The platform includes personally identifiable information linked to fraud cases, documented incidents and supporting evidence.
Prembly said this allows institutions to detect risks earlier and improve fraud prevention systems.
The platform also serves researchers and policymakers who need data to design fraud prevention frameworks and compliance policies.
Consumers can access the platform as a knowledge base that explains common scams and warning signs in digital finance.
Prembly was founded in 2021 by Lanre Ogungbe, Niyi Adegboye and Tolu Adetuyi. The company provides identity verification and compliance tools used by businesses across Africa and international markets.
Its products include IdentityPass, IdentityRadar and background check tools used to verify identities and prevent fraud.
FraudLens is the company’s first open database of fraud intelligence.
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The launch places Prembly among African startups developing fraud-detection infrastructure for the region’s financial system. Companies such as Smile ID and Dojah also provide identity verification tools used by fintech firms and banks.
FraudLens collects fraud incidents reported by hundreds of partner institutions connected to Prembly’s technology network.
Key Takeaways
Digital financial services are expanding across Africa as mobile money, fintech platforms and online banking increase access to financial systems. Mobile money accounts in sub-Saharan Africa exceed 700 million and the region processes more than half of global mobile money transactions. The expansion has improved access to payments, credit and savings tools for millions of people. At the same time it has increased exposure to digital fraud. Criminal networks use stolen identities, synthetic identities, phishing and social engineering to access financial accounts or move funds. Advances in artificial intelligence have added new tools such as deepfake voice calls and automated identity fraud schemes. Financial institutions often detect fraud cases individually, which limits the ability to identify broader patterns. Fraud intelligence networks aim to solve this problem by sharing verified fraud data across institutions. When banks and fintech companies share information about fraudulent identities and transaction behavior, systems can detect threats earlier. Governments and regulators are also increasing pressure on financial institutions to improve identity verification and anti-fraud monitoring. As digital finance expands across African economies, data infrastructure that tracks fraud activity may become a key layer of financial system security. Platforms that aggregate fraud intelligence can help institutions reduce losses, strengthen compliance systems and improve trust in digital financial services.