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May 30, 2022

Protecting our people with Regtech

Protecting our people with Regtech

At Boxfusion, we love digital innovation on the African continent. We champion it across the partners we work with, and within the communities that we support and uplift. We’ve been inspired by drones delivering medical supplies to remote regions of Rwanda, and we’ve worked hard to develop our own citizen engagement technologies that leverage the power of advanced digital platforms.

While these innovations improve our lives every day, the rapid rate of digital transformation should come with a warning tag. Like Yin and Yang, as much as technology is used to improve people’s lives, it can also be twisted for evil.

In Africa alone, financial loss due to mobile fraud is set to hit $40bn dollars. The impact of this blatant theft can be felt in things like infrastructure and social development programmes which suffer by missing out on that additional revenue. These are scary figures considering that one in three mobile subscriptions in South Africa are fraudulent, despite legislative checks and balances like FICA and RICA that are supposed to protect against this.

Enter regulation tech

In a clickjacking scenario, where mobile phone users are tricked into clicking on something they shouldn’t and their data is stolen as a result, technology is both the disease and the cure. Innovative digital tools, alongside technology and education, can protect users against fraudsters that prowl the web. And with South Africa’s recent auction of much-needed broadband spectrum that will help more people get online, regulation tech (or regtech) will become more critical than ever.

Regtech is quickly gaining traction amongst our counterparts in East Africa, with the Communications Authority of Kenya seeking to implement a Device Management System that specifically targets fraudulent devices, while Rwanda and Tanzania have seen a decrease in telecom fraud since implementing a solution by GVG. Likewise, solutions by Evina and Cube provide regtech and cybersecurity solutions to the continent.

What happens at home

In South Africa, our technology regulation is slowly coming online, as we saw with the valuable implementation of POPIA (the Protection of Personal Information Act) in the middle of 2021. Beyond this, the regulation of audio-visual content, competition issues, and regulation of social media platforms is just starting to gain traction in our local jurisdiction, along with the impact of cybercrime.

Our citizens could be considered especially at risk of cyber security challenges because of the nature of our society. Mobile use is prolific, while digital education remains low, and the predominantly active members of the internet are the youth. This makes them easy targets for cyber predators.

Education goes a long way

Implementing laws around digital actions can be tricky for many reasons, but it’s primarily because the law moves slowly      while digital never slows down. While we wait for the law to catch up, education can go a long way to protecting and preventing abuse by criminal elements.

At Boxfusion, we do our part to make sure that all of our solutions have enterprise-grade security, thanks for our partnership with Microsoft Azure. We also work alongside our partners when onboarding our solutions to ensure the highest level of security is enabled across departments.

To find out more about what we do and who we work with, head here.