SABC News - Gugulethu entrepreneurs seek to stop bank fraud:Monday 22 February 2016

Gugulethu entrepreneurs seek to stop bank fraud

Monday 22 February 2016 07:00

Lyndon Khan

The pair have designed a mobile solution that "immediately" safeguards the details of victims by instantly blocking lost or stolen bank cards.(SABC)

Two budding entrepreneurs from Gugulethu on the Cape Flats believe they've found a solution to end card skimming and cloning at ATM machines.

They've designed a mobile solution that "immediately" safeguards the details of victims by instantly blocking lost or stolen bank cards.

It also eliminates the often long and expensive calls to call centres to block cards.

Gugulethu-based Tatolo Kutumane and Thandile Jwambi, both 30-years-old, have been friends since high school.

The pair each tried their hand at other projects before focusing on developing Instablock.

Kutumane says the inspiration behind their idea has personal roots.

Consumers whose cards get stuck at ATMs will be able to block their cards using their cell phones. Lost and stolen cards can also be blocked instantly.

Their idea involves the use of an Unstructured Supplementary Service Data (USSD) platform... linked to banks' databases.

The pair last year won a university-based Ideas competition hosted by business incubator, LaunchLab, in which young entrepreneurs pitched their business ideas to a panel of judges.

Kutumane and Jwambi say they've made contact with a number of local and international banks to sell their idea. They say their possible fraud prevention solution has been received positively. The South African Banking Risk Information Centre (Sabric) says it cannot comment on the project at this stage.

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