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Protect Kenyans from online fraud

By The Standard | May 26th 2019 at 00:00:00 GMT +0300

The expansion of internet in Kenya has opened up a lot of opportunities and faster links with the global community. Many enterprising Kenyans have sold their products and services both locally and internationally through the web. But this development also has a downward side in that it has exposed Kenyans to questionable deals clothed in the cloak of legitimate business.

Some people have taken advantage of the gullibility and desperation of others to dupe them to part with their money in dealings that bring no good.

Whereas there are many individuals and organisations doing legitimate business online, we feel that proliferation of some unlicensed outfits needs to be curbed. This is so especially for the firms that collect money from the public in the guise of investment in high-sounding endeavours that later turn out to be clever schemes to steal. The wounds are still sore for numerous Kenyans who put their money in pyramid schemes that collapsed with their millions.

The relevant authorities need to step up and protect the public from nefarious activities being conducted online. The regulators must take a deeper interest than they currently do in trading platforms on cyber-sphere because a number of them are taking the shape of pyramid schemes. Granted, the Capital Markets Authority has warned the public against investing in firms that are not licensed but it needs to show more teeth. 

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