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Kenya's digital economy is facing a growing threat from cybercrime, according to the Central Bank of Kenya (CBK). Reported banking fraud cases surged from 173 in 2023 to 353 in 2024, while the amount exposed to fraud more than tripled from Sh680.9 million to Sh1.96 billion. Actual losses rose from Sh412.5 million to Sh1.59 billion, a 286.5% increase.
Cybercriminals exploit personal information like phone numbers, banking passwords, and mobile-money accounts to commit fraud and financial gain. The Office of the Director of Public Prosecutions (ODPP) has identified the use of intermediaries, such as money mules, to move illicit funds through multiple mobile wallets, making it difficult to trace the perpetrators.
SIM-swap fraud is another concern, where criminals transfer a victim's phone number to a new SIM card, gaining access to account authentication and password recovery. Investigators face challenges in reconstructing the sequence of transactions and identifying those responsible for the fraudulent transactions.
Written by urgent.news from Capital Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Digital Fraud: Inside Kenya’s growing cybercrime economy capitalfm.africa
