Watch out for increasing cybercrime, bankers warn

The Kenya Bankers Association (KBA) has warned that cybercrimes may be on the rise during the coronavirus pandemic, which poses a risk to online financial services and payments.

It says there is increased vulnerability of the public to cybercrimes such as phishing, identity theft and data breaches due to the increased use of online transactions.

KBA has thus launched a campaign dubbed Kaa Chonjo! with various partners to sensitise people on emerging security risks, particularly those that have arisen from the increased use of card, mobile and online banking channels.

The campaign is in collaboration with card service provider Mastercard, PesaLink, Jamii Telecommunications Limited, Retail Trade Association of Kenya and Consumer Grassroots Association.

Speaking during a conference call to unveil the campaign, KBA Chief Executive Habil Olaka said the banking industry was committed to continue working with stakeholders from the public and private sector to safeguard the progress that has been made in financial inclusion amid emerging security issues and challenges occasioned by the pandemic.

“These collaborations are particularly important at this time, when all of us are being called upon to utilise payment cards, mobile and online banking platforms to reduce the spread of disease through physical currency exchange," he said.

Some of the new threats the campaign seeks to address, he added, are social engineering, phishing email links, identity theft and data breaches.

Mastercard East Africa Country Manager Adam Jones said the firm had over the years continued to work closely with stakeholders in the payments ecosystem to deliver consistent service that is also compliant with standards.