Prembly, a Nigerian digital security and identity verification company, has introduced FraudLens, an open-source fraud intelligence platform designed to help banks, fintechs, and businesses detect and prevent fraudulent activities across Africa.
The new platform acts as a centralised database of fraud incidents and intelligence, built from millions of identity verification checks conducted through Prembly’s systems. Initially focused on Nigeria, the company plans to expand the platform’s coverage across the continent to strengthen fraud prevention efforts.
Addressing Africa’s Growing Fraud Challenge
The launch comes at a time when digital financial services are expanding rapidly in sub-Saharan Africa. Nearly 60% of adults now have access to financial accounts, compared with less than 40% ten years ago.
While this growth has boosted financial inclusion, it has also created new opportunities for cybercrime. Fraud is estimated to cost Africa around $10 billion each year, with increasingly sophisticated techniques emerging.
Modern fraud schemes now include AI-generated deepfakes, synthetic identity scams, and advanced social engineering tactics, making detection more complex for financial institutions.
FraudLens aims to counter these risks by centralising fraud intelligence, allowing organisations to detect patterns earlier and share insights that can prevent further attacks.
The Importance of Data Sharing
According to Lanre Ogungbe, CEO of Prembly, collaboration and information sharing are essential for tackling fraud effectively.
“Having supported digital security for leading financial institutions regionally and globally, we’ve seen that data sharing is the critical first step toward meaningful fraud reduction,” Ogungbe said.
“We haven’t seen a resource this accessible and comprehensive, so rather than waiting for someone else to build it, we decided to create it ourselves.”
Prembly’s Role in Digital Security
Founded in 2021 by Lanre Ogungbe, Niyi Adegboye, and Tolu Adetuyi, Prembly—previously known as IdentityPass—develops AI-powered solutions that help organisations verify identities, prevent fraud, and comply with regulatory standards.
Its suite of tools includes:
- IdentityPass – identity verification technology
- IdentityRadar – fraud detection and monitoring
- Background Checks – digital compliance and verification tools
With clients across Africa and beyond, the company focuses on improving digital trust and security within the financial ecosystem.
How FraudLens Works
FraudLens aggregates fraud reports submitted by businesses and financial institutions using Prembly’s systems. Each incident is analysed through behavioural and forensic investigation to identify patterns and generate insights that can help organisations detect fraud earlier.
The platform provides verified intelligence on known fraud actors, documented cases, and supporting evidence, enabling financial institutions to strengthen security and protect customers.
Supporting Multiple Stakeholders
FraudLens is designed to serve three key groups:
- Financial institutions and fintech companies – access intelligence on fraud patterns and known bad actors across multiple organisations.
- Researchers and policymakers – use the data to design stronger regulations and fraud prevention strategies.
- Consumers – gain awareness of common scams and warning signs, helping them practice safer digital behaviour.
Part of a Growing African Fraud-Prevention Ecosystem
Prembly joins a growing group of African technology companies developing identity and fraud prevention solutions. Startups such as Smile ID and Dojah are also building tools to help financial institutions verify identities and reduce fraud risks.
Together, these innovations aim to strengthen trust in Africa’s rapidly expanding digital financial ecosystem.
As online banking, fintech services, and digital payments continue to grow across the continent, platforms like FraudLens could play a critical role in ensuring that innovation is matched by strong security infrastructure.
