Kenya Bankers Association Chief Executive Habil Olaka cautioned Kenyans to be vigilant when engaging online. Recently there have been prevalent fraudulent schemes online making Kenyans vulnerable to conmen. There has been an increase in online fraud cases by Kenyans who are a digital savvy society. Many people engage online through social media and e-commerce. Providing access to personal and financial information puts one at risk.
The increase in digital payments has made it easier for online schemers to access financial accounts of unsuspecting Kenyans. There are several online services people accesses. From subscription video on demand services like Netflix and Showmaxx to food delivery services. However, these online platforms have become a playground for hackers and fraudsters. Kenyans are urged to treat their phones like their wallets. Indeed, they have become our wallets with many opting to make mobile money payments instead of cash.
For security reasons people now prefer to swipe cards and make MPESA payments. This hinders mugging in unsafe spots around the city and in public transportation. The KBA CEO made it clear that tech has made it convenient to exploit and compromise security online. Fraud trends have shifted to new tactics away from ATM skimming to implementing EMV standards. Which includes the chip and PIN technology introduced in 2014. This poses a challenge to financial institutions to keep financial information secure for their users.
To create awareness, KBA in partnership with VISA, Safaricom, Pesa Link and Retail Trade Association Kenya increase in financial loss will be amplified to curb online fraud. Visa Risk Director, Nita Omanga confirmed their collaboration to assess online fraud. Habil Olaka also closed his press conference by identifying accessing free Wi-Fi poses a risk.