Upgrade systems to curb cyber threats
There is a lot of convenience from the increased use of technology in banking and money transfers. However, it also presents a nightmare to the industry and customers, as crooks are devising more effective methods to hack systems and lay their hands on easy money.
Whereas banks and other businesses have insurance and get compensated for losses, a majority of their customers don’t. Last year, cyberattacks increased by 47.5 million, as hackers took advantage of the shift to digital services, including online banking, e-commerce and remote working.
There is now concern over sim-swap criminals using sophisticated technologies to empty victims’ mobile money wallets and bank accounts. This they do by shifting control of the victim’s phone account from his or her sim card to one held by the hacker.
It is worrying as there is no turning back from this new way of doing things. We cannot revert to the old, largely manual system of operations. It just calls for greater awareness and alertness by the operators to block the thieves from infiltrating their systems.
Remote working
The Communications Authority of Kenya (CA) says the transition to the digital economy has attracted sophisticated local and international cybercriminals. Some 43 per cent cyber threats or 158 million incidents were detected in the year to June 2021, up from 111 million in 2020.
The Covid-19 pandemic, which prompted a rapid shift to remote working, online banking and digitisation of government services, created a conducive environment for the fraudsters.
The country risks an escalation of data breaches and theft of vital information, financial and reputation loss, and destruction of equipment. It is, therefore, encouraging to note that the CA is frequently issuing advisories on detected cyber threats.
Telcos are also advising customers to use strong passwords, keep their personal information off social media and activate an anti-swapping code. They should also upgrade their systems to lock out the cyber criminals.
