Fraudsters devise new ways to swap SIM cards

Narok County Commissioner George Natembeya (centre) and other security officers display 500 SIM cards used by a fraud syndicate. Kenyans have complained about their SIM cards being swapped without their knowledge in what appears to be an elaborate scheme by fraudsters. PHOTO | FILE | NATION MEDIA GROUP

What you need to know:

  • According to estimates, banks and telcos could be losing up between Sh15 billion and Sh20 billion annually through fraud.
  • A Central Bank official recently told directors of savings and credit societies that the amount lost through cybercrime in 2016 was in the range of Sh600 million.
  • To guard against the threat, the financial sector in Kenya spent Sh21.2 billion last year on systems to combat the vice.

While on an official trip to Israel last month, Mr Stanley Wanjiku needed to do some urgent business back in Kenya through his mobile money transfer service, only to find his PIN blocked.

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