More Collaborative Efforts Required to Fight Mobile Money Fraud

By Soko Directory Team / December 12, 2018



Mobile Loan Apps in Kenya

The Director of Public Prosecution Noordin Haji has called on all stakeholders in financial institutions and banking sector to work together to strengthen the fight against mobile money fraud and cybercrime.

Speaking during a forum that brought together stakeholders in the banking and financial sectors, Haji noted that there was a need to fortify governance and law enforcement to fight crime.

“There is need to include critical components of mobile money and fraud prevention strategy in order to collaboratively fight this crime which is evolving by the day,” said Mr. Haji.

He noted that while all measures have been put in place to prosecute criminals, there was a need to train officers and share intelligence which will be necessary to curb the crimes.

Speaking at the same forum, Safaricom Chief Corporate Security Officer Nicholas Mulila said that a lot of progress has been made in reducing mobile money losses, a move which has been driven by strengthening controls around the system and collaborating with all stakeholders.

“We have made significant progress in the last one year, with mobile money losses moving from KES 90Million down to KES 20Million this year. We will continue to collaborate with investigative arms of government to ensure that we seal all loopholes that may expose our customers to criminals,” said Mr. Mulila.

This was the fourth Mobile Money Fraud forum organized by Safaricom this year with an aim of bringing together stakeholders in financial and banking sectors as well as Fintechs in an effort to discuss ways to curb mobile money fraud and cybercrime activities in the country.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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