Kenyan Banks Exposed to Hacking, Leaving Depositors Vulnerable

Kenyan Banks Exposed to Hacking, Leaving Depositors Vulnerable ¶

Kenyan banks have been struggling to protect their customers' accounts from hackers, resulting in significant financial losses. The latest reported cases have exposed weak security measures by financial institutions and telcos that are consistently being breached by hackers.

Equity, NCBA, and Absa banks are among the worst-hit institutions, with scammers emptying victims' bank accounts, taking out tens of thousands in bank loans under victims' names, and purchasing expensive items under 'no-repayments for 12 months' schemes.

Lost personal information also leaves victims more susceptible to future scams, with scammers using the victim's personal information to seem more convincing in cold calls.

One such victim, Farah Bashir, had Sh2.6 million drained from his four Absa Bank accounts in a series of operations that left him helpless. The hackers first took US$936, then US$4,680, US$3,650, US$4,680, US$936, US$1,872, US$561, US$121, US$9.36, and lastly US$4.68, leaving US$0.12 in the account.

Despite denying any wrongdoing, Absa Bank stated that the matter had been referred to the Banking Fraud Investigations Department for further inquiry.

Another victim, Anthony Mugo, discovered that someone unknown to him had transacted more than Sh2.7 million using a Sim card associated with his identity card over the previous six months.

At 08:51:48.