Man Arrested for Stealing Ksh.45 Million from Bank Accounts

Detectives have arrested the mastermind behind the disappearance of over Sh45 Million, from bank accounts belonging to unsuspecting Kenyans.

Nelson Kipkemoi, 22, was picked by banking fraud detectives from his hideout in Mulot, Narok county after he was linked to an underground web of fraudsters that have been siphoning money from bank accounts belonging to innocent Kenyans.

The suspect targeting bank accounts operated by a leading bank in the country is reported to have fraudulently acquired money from accounts belonging to 481 customers, who are on mobile banking platforms.

His arrest comes at a time when cases of fraud have become rampant with companies and banks being hit with cyber-attacks.

Hackers are ever on the lookout for vulnerabilities they can exploit, and they mostly get away with conning people of messing up the financial systems.

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In 2018, the World Economic Forum noted that fraud and financial crime was a multi-trillion industry.

During the same year, customers in the UK lost more than 68 billion shillings to online scams encompassing fake purchases and investments.

If that is anything to go by, then you get why cases of fraud are all over the world.

In Kenya, there have been numerous cases of customers finding their accounts wiped or chunks of their hard-earned monies stolen.

A report by Kaspersky noted that about 47 percent of users in Africa and the Middle East have experienced, in one way or another, attempts at banking fraud.

With more people largely transacting through mobile phones with apps and USSD codes, there needs to be a proper understanding of measures to be adhered to when using these systems.

One must use the official banking apps, only indulges in information directly communicated from the bank, and use strong passwords with two-factor authentication.

Also, should one lose their phone, they should immediately notify their banks to block their SIM cards from accessing financial services until they give consent.

Editor’s Note: Article contributed by John Kachibo