Equity Bank Kenya Limited has acquired 280 ATMeye.iQ software licenses to protect their ATM network. This solution was developed by BS/2 to provide ATM security, resolve disputes, and prevent fraud. The solution was implemented smoothly through collaboration with local partner Technology Associates Kenya.
Equity Bank Kenya Limited is a member of Equity Group Holdings Limited and it owns Kenya’s largest ATM fleet. ATMeye.iQ software solution will enable a financial institution to proactively protect its fleet of terminal devices from fraud, and will help speed up dispute resolution time. The solution associates each operation performed at an ATM with a photo and video. The ATMeye.iQ operator can then find these files using a simple search by card number, time and date and others. In case of disputes with the client (cash not issued or left, forgotten card, etc.), the bank can then quickly recreate the details of the event.
Today, ATM fraud is a serious problem for financial institutions and their customers in Kenya. One of the most common robbery schemes is when criminals tie up their victims, put them in a car and drive to an ATM where the victim is then forced to withdraw money. When using ATMeye.iQ Equity Bank Kenya Limited will be able to protect the ATM users and their money.
In 2019, a group of bank security guards, used secret withdrawal codes to draw out money through accounts of unsuspecting bankers on his behalf. They withdrew over 2.2 million Kenyan shillings (about 19.7 thousand euros) through ATMs in September alone.
Reports of ATM crimes regularly appear in the Kenyan press, however, we cannot estimate the full damage caused by ATM crimes to Kenyan banks, because they are not ready to disclose this information. The total damage from ATM crimes in Kenya can exceed 700 million Kenyan shillings (about 6.3 million euros) a year.
Equity Bank Kenya Limited acquired the online version of ATMeye.iQ. The full version means that the data collected by the solution on ATMs will be immediately transmitted to the bank and the operator can monitor the work of entire ATM fleet in real time. The operator can also receive notifications of all illegal actions in relation to ATMs and ATM users and take prompt measures to solve the problem.
To learn more about ATMeye.iQ and its capabilities, contact your BS/2 representative.
