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CIO East Africa: Myriad Connect now combats digital transaction fraud in Kenya

CIO East Africa feature covers the global threat of SIM swap fraud and Myriad Connect's solution to combat digital transaction fraud

“SIM swap fraud is an ogre that has continued to plague mobile users across Africa for years. A recent survey conducted by Myriad Connect in Kenya reveals that over 90% of Kenyan banking leaders see it as an issue for their organizations with over 25% of respondents having been victims of SIM swap fraud.

The South African Banking Risk Information Centre (SABRIC) recently reported that SIM swap fraud has more than doubled in the past year in South Africa.

“But SIM swap fraud is not limited to Africa, it is a growing global issue, affecting even some of the most sophisticated technologies in the world,” says Willie, Myriad Connect Director Business Development, Africa.

Willie Kayenki, Myriad Connect’s Business Development Director in Africa cites likened recent examples in the continent with a case in which a US entrepreneur Michael Terpin is suing AT&T over an alleged SIM swap that resulted in millions of dollars’ worth of cryptocurrency tokens being stolen from his account; and another incident in which esports star Yiliang Doublelift Peng said he lost $200,000 in cryptocurrency in a SIM swap attack.

“A SIM swap, in which criminals manage to get a replacement SIM for a mobile number that does not belong to them, allows the new SIM to supersede the existing one, and gives criminals access to the legitimate user’s information and accounts,” says Kanyeki.”

Read the full story at CIO East Africa here.

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