Banks are encouraging customers to adopt protective practices to keep themselves safe,
emphasising the importance of not sharing personal or sensitive details such as usernames,
passwords, OTPs, and even basic information like family names or dates of birth.
By George Maracha
There has been a noticeable rise in the level of fraud risk in Kenya, impacting numerous
individuals and families. This increase is especially pronounced as many of us embrace the
convenience of digital platforms and mobile banking. The rapid expansion of these technologies
has led to the development of increasingly sophisticated fraud techniques, often exploiting the
vulnerabilities created by our newfound digital connectivity.
Recent data from Concryt shows that Kenya, alongside Ethiopia, South Africa, and Nigeria,
grapples with high levels of search activity related to Authorised Push Payment (APP) fraud.
This is particularly alarming, as a recent report from Kaspersky Africa indicated a staggering
438 percent increase in fraud incidents in Kenya alone, with Nigeria and South Africa also
experiencing significant rises.
These numbers reflect real pain points for many people, showing
how rampant fraud can undermine the trust we place in digital transactions.
A troubling example of this shift occurred when AI-generated YouTube ads impersonated
executives from a well-known investment firm in Kenya, leading unsuspecting viewers to
deceptive links. This incident highlights just how vulnerable we all are, as cybercriminals—not
necessarily local to us—can exploit our growing digital engagement to orchestrate scams that
target our hard-earned savings.
In light of these escalating threats, the Kenyan banking sector has worked tirelessly to enhance
security measures, implementing technologies like Chip and PIN to guard against card
skimming and improve the safety of online transactions.
Additionally, the Kenya Bankers Association (KBA) launched the Kaa Chonjo campaign to educate the public on safe online practices. Since 2010, this initiative has aimed to empower individuals by sharing knowledge on
how to protect their personal information in an increasingly digital world.
Despite these commendable efforts, the evolving tactics of cybercriminals mean that we must
remain vigilant. They have moved beyond simple impersonation to more sophisticated social
engineering schemes that can deeply manipulate individuals into revealing sensitive
information. For instance, users may receive seemingly harmless messages, particularly around paydays, requesting assistance in ways that can lead to significant financial loss.
We must also be increasingly aware of tactics like phishing, where attackers disguise their requests under the appearance of trusted businesses or contacts. Baiting incidents are also on
the rise, as enticing offers lure unsuspecting individuals to click on harmful links, often leading to
heart-wrenching consequences.
As we navigate this complex digital landscape, it is vital for both individuals and businesses to
stay informed about the potential risks of cyber fraud. Impersonation remains a deceptive tactic
that can create significant stress; fraudsters often pose as friends or colleagues, chipping away
at the trust we have built with those around us.
In response to the rising prevalence of these social engineering scams, many Kenyan lenders
are proactively enhancing financial literacy among their customers. Through events like
International Fraud Awareness Week, they aim to raise awareness about common scams,
including impersonation calls, fraudulent SMS, and misleading emails that request sensitive
information.
Banks are encouraging customers to adopt protective practices to keep themselves safe,
emphasising the importance of not sharing personal or sensitive details such as usernames,
passwords, OTPs, and even basic information like family names or dates of birth. They have also
stressed the need for caution when clicking on unfamiliar links or downloading attachments from
unknown sources.
While the threat of fraud poses considerable challenges, it serves as a reminder of the need for
unity and collaboration within the financial sector. By working together and sharing information,
bankers can create a more secure environment for growth and trust.
As the complexity and scale of cyber-attacks continue to evolve, especially with innovations like
AI-generated deepfakes, it is crucial for bankers to adapt their strategies and strengthen
relationships with customers.
Our commitment is to proactively inform customers about
suspicious activity and support them in identifying genuine bank representatives, ultimately
helping everyone feel secure as they navigate the digital economy together. Your safety and
trust are our top priorities, and we are here to stand by you during these challenging times.
Head of Forensics, Fraud and Physical Security at Absa Bank Kenya PLC
