In Kazakhstan alone, more than 80,000 incidents related to financial fraud have been registered over the past year, and the number of victims has exceeded 10,000 people.
Today, the volume of online payments in Kazakhstan reaches record levels - up to 500 billion tenge per day, which makes from 5 to 50 million tenge a daily potential prey for intruders. In annual terms, the potential amount stolen can be up to 18 billion tenge (and this amount is accounted for only by online payments of individuals)
Investments in protection pay off many times
On average, Kazakhstan's banks spend about 0.15% of their annual online transaction turnover on anti-fraud infrastructure: software, licenses, monitoring teams, investigations, customer calls, training, and outsourcing.
Example: for a small bank with 1 million online transactions per day and a turnover of more than 5 billion tenge per day (approximately $ 4 billion per year), the annual cost of anti-fraud is only 220-350 million tenge (400-600 thousand dollars). At the same time, every dollar invested in modern anti-fraud solutions prevents from $ 8 to $15 losses, and when using real-time monitoring and machine learning technologies, up to $ 20-30 for every dollar invested.
Our baraiq team is a domestic developer of comprehensive anti-fraud solutions for the banking segment, specializing in countering financial fraud.
One of our cases for 2024 is a software (technology) created from scratch, with the help of which the anti–fraud center was created on the basis of the National Bank of the Republic of Kazakhstan (2024).
In September, we raised $150,000 from a venture fund, and in early November, we announced a $350,000 seed round. The attracted investments will be used for product development (adding AI functionality), strengthening the team and commercial expansion into Central Asian and Caucasian countries (Uzbekistan, Azerbaijan, Kyrgyzstan - fraud in these countries is growing exponentially).
Example: for a small bank with 1 million online transactions per day and a turnover of more than 5 billion tenge per day (approximately $ 4 billion per year), the annual cost of anti-fraud is only 220-350 million tenge (400-600 thousand dollars). At the same time, every dollar invested in modern anti-fraud solutions prevents from $ 8 to $15 losses, and when using real-time monitoring and machine learning technologies, up to $ 20-30 for every dollar invested.
Our baraiq team is a domestic developer of comprehensive anti-fraud solutions for the banking segment, specializing in countering financial fraud.
One of our cases for 2024 is a software (technology) created from scratch, with the help of which the anti–fraud center was created on the basis of the National Bank of the Republic of Kazakhstan (2024).
In September, we raised $150,000 from a venture fund, and in early November, we announced a $350,000 seed round. The attracted investments will be used for product development (adding AI functionality), strengthening the team and commercial expansion into Central Asian and Caucasian countries (Uzbekistan, Azerbaijan, Kyrgyzstan - fraud in these countries is growing exponentially).
