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Cyber criminals’ target lost sim- cards to access financial details - 8 months ago, 12 July 11:58

Fredrick Obura

You are likely to be conned from mobile money transaction than through ATM card, bank cheque, online banking and online shopping, a new study reveals.

The Kenya Financial Transaction Fraud statistics says 70.6 percent of Kenyans have been victims or know a victim of financial transaction fraud.

One of the most prolific forms of financial service fraud is SIM swap fraud, which over 90 percent of Kenyan banking leaders identify as an issue for their organisations.

When a customer lets their operator know that their SIM card is damaged, lost or stolen, the current SIM is deactivated and a new one is issued. With SIM swap fraud criminal groups gather personal data and then pose as contract owners to secure a new SIM. Once activated by the fraudster, they are able to access bank accounts and other sensitive data authenticated through the SIM.

According to the study more mobile money users are ...
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