Even though cyber attacks have dropped sharply in recent months, Kenyans continue to fall prey to various scams as they transact most of their business online.
According to data from the Communication Authority of Kenya, cyber attacks are on a drastic decline, reducing by 82 percent to 842.3 million, down from 4.6 billion in the last quarter.
However, this is a threat to many, as fraudsters are now opting to target individuals instead of institutions.
For instance, weak passwords, outdated applications, and careless sharing of personal details are making individuals vulnerable to cyber attacks, including hacking of bank accounts and identity theft.
For many, this comes at a cost, including financial loss, credit damage, and a process of clearing one’s name.
For Justus, who operates in Nairobi, he nearly fell victim to a cyber attack.
Someone called him, claiming to be a representative of his bank, stating that his national ID had been used to obtain multiple SIM cards and loans.
However, he was asked to provide his ID number and other personal details to help “fix” the problem.
Although this seemed genuine, something seemed amiss.
Justus refused to provide any details, hung up, and called his bank’s official line, where he was told that this was a scam, his account was safe, and no loans had been taken on his behalf.
That instant reaction helped him escape a possible case of identity theft.
These cases are becoming more common. Scammers use techniques like SIM swapping, which allows them to gain control of a victim’s phone number to get their one-time passwords, as well as phishing messages that trick people into divulging their information. In some cases, the stolen information from a data breach can be used to apply for a loan illegally.
Banks, including Equity Bank Kenya, are assuring people that they are investing a lot in security, but at the same time, people need to be careful.
Security experts recommend that people should not share their PIN, one-time passwords, or any other banking information with anyone, no matter how hard the person asking for the information tries to convince you that it is a request from the bank. Banks do not ask for any information through a phone call, text message, or email. They recommend that people should use a two-factor authentication system, review their bank statements frequently for any suspicious activity.
While Kenya’s digital growth has made life easier, it has also created new opportunities for criminals. The message from both regulators and banks is simple: convenience should not replace caution.
For many Kenyans, staying alert may be the difference between keeping their savings safe and spending months trying to recover stolen money.
Read Also: AI-Driven Scams on the Rise: Equity Bank Shares Tips to Protect Your Money
