Nigerian digital security and identity verification startup, Prembly, has launched FraudLens, an open-source fraud intelligence bank designed to help financial institutions, fintechs, and digital businesses detect and prevent fraudulent activity.
The platform, built on insights from millions of identity verification checks conducted through Prembly’s infrastructure, serves as a publicly accessible repository of fraud data. Initially focused on Nigeria, FraudLens is expected to expand across the continent as part of broader efforts to strengthen Africa’s digital trust infrastructure.
Founded in 2021 by Lanre Ogungbe, Niyi Adegboye, and Tolu Adetuyi, Prembly provides AI-powered digital identity and compliance tools to businesses across Africa and global markets.
By centralising fraud intelligence and making it accessible to organisations and researchers, the platform aims to enable earlier detection of suspicious patterns while supporting safer digital financial services.
What you should know
The launch comes at a time when digital financial services across sub-Saharan Africa are expanding rapidly. According to global financial inclusion data, nearly 60% of adults in the region now hold financial accounts, compared with less than 40% a decade ago.
While the surge in digital banking, fintech services, and mobile payments has improved financial inclusion, it has also created new opportunities for cybercriminals. Fraud is estimated to cost the African continent around $10 billion annually, with criminals increasingly deploying sophisticated tactics such as synthetic identity fraud, social engineering attacks, and deepfake-enabled scams.
FraudLens aims to mitigate these risks by consolidating fraud intelligence in one place, enabling businesses to recognise emerging patterns and respond more quickly.
“Having supported digital security for leading financial institutions both regionally and globally, we’ve seen firsthand that data sharing is the critical first step toward meaningful fraud reduction. We haven’t seen any resource this accessible and comprehensive, and rather than waiting for someone else to build it, we decided to,” said Lanre Ogungbe, CEO of Prembly.
How FraudLens works
FraudLens operates as a collaborative intelligence network, providing organisations with access to verified information on known fraud actors and documented incidents.
The platform analyses fraud reports to uncover behavioural signals and operational patterns, generating insights that can help institutions detect risks earlier and prevent repeated attacks across the financial ecosystem.
By combining data from multiple institutions, the system aims to close intelligence gaps that often allow fraud schemes to move from one organisation to another undetected.
The startup’s product suite includes IdentityPass, IdentityRadar, and Background Checks, which enable organisations to verify user identities, detect suspicious activity, and meet regulatory compliance requirements.
FraudLens marks the company’s first publicly accessible repository of fraud intelligence. The platform aggregates fraud incidents reported by hundreds of businesses and financial institutions using Prembly’s technology. Each incident undergoes behavioural and forensic analysis to identify patterns that could indicate emerging fraud techniques or coordinated criminal activity.
Supporting banks, policymakers and consumers
Prembly says FraudLens has been designed to support three main groups of users.
Financial institutions and fintech companies can access intelligence on bad actors reported across a network of financial organisations. This includes personally identifiable information, documented fraud cases, and supporting evidence that can help identify suspicious customers or transactions.
Researchers and policymakers can use the repository to analyse fraud trends and develop stronger regulatory frameworks and prevention strategies.
Consumers can also benefit from the platform through a library of fraud awareness insights, which highlight common scam patterns, warning signs, and safety tips to help individuals avoid digital financial scams.
Part of a growing fraud-prevention ecosystem
FraudLens also reflects a broader movement among African technology companies working to strengthen digital trust across the continent.
Startups such as Smile ID and Dojah have also developed identity verification and fraud detection platforms aimed at helping financial institutions comply with regulatory requirements and reduce fraud risks.
As digital payments, online banking, and fintech services continue to scale across Africa, industry experts increasingly see collaborative intelligence and data sharing as essential tools for protecting both businesses and consumers.
With FraudLens, Prembly is betting that open access to fraud intelligence can play a critical role in strengthening the resilience of Africa’s rapidly evolving digital financial ecosystem.
Talking Points
It is notable that Prembly has taken the step of launching FraudLens as an open-source fraud intelligence bank at a time when digital fraud across Africa is becoming increasingly sophisticated and costly.
By building the platform on millions of identity verification checks, the company is leveraging its existing infrastructure to create a shared knowledge base that could help financial institutions detect fraud patterns earlier and prevent repeat attacks across the ecosystem.
At Techparley, we see initiatives like this as a significant step towards strengthening trust in Africa’s rapidly expanding digital financial services sector. As financial inclusion grows, collaborative intelligence and data sharing will become essential tools for protecting both institutions and consumers.
The decision to make the platform publicly accessible also expands its value beyond banks and fintechs. Researchers, policymakers, and even everyday users can benefit from insights that explain how modern fraud schemes operate and how they can be avoided.
As FraudLens evolves, partnerships with banks, fintech companies, regulators, and cybersecurity organisations could significantly strengthen its effectiveness. With the right industry collaboration, it has the potential to become an important piece of Africa’s digital trust infrastructure.
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