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Kass FM: SIM swap fraud is now global threat

Kass FM features story on SIM swap fraud is a global threat and how solution to address the issue is available in Kenya

“While many industry players across Africa may have been battling SIM swap fraud for several years, this type of fraud is a growing problem globally and a popular security measure put in place to protect digital transactions, one-time-password over SMS, has exposed the vulnerability of a user’s mobile number, giving rise to SIM swap fraud, says Myriad Connect.

Nairobi-Kenya 22/10/2018: SIM swap fraud has plagued mobile users across Africa for years, with Myriad Connect’s recent survey in Kenya revealing that over 90% of Kenyan banking leaders see it as an issue for their organizations and over 25% of respondents had been victims of SIM swap fraud. While in South Africa, the South African Banking Risk Information Centre (SABRIC) reported recently that the incidence of SIM swap fraud has more than doubled in the past year.

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

Read the full story at Kass FM here.

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