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Kenya’s SACCOs told to be aware of fraud during digital transformation journey

CIO East Africa covers Myriad Connect's participation at the recent SACCOTech event in Nairobi

“Top ICT leaders from leading SACCOs from across East Africa gathered at CIO East Africa’s premier SACCOTech event, they were warned of one of the biggest problems that comes with embracing technology is cybercrime and digital fraud.

This was pointed out by, Willie Kanyeki, Director of Business Development, Myriad Connect, during his speech at the SACCOTech event where he revealed that 70% of Kenyans have been or know someone who has been the victims of financial fraud, where SIM Swap Fraud was identified as the most prolific method used.

According to Kanyeki, SIM swap fraud occurs when criminal groups gather personal data and then pose as contract owners to secure a new SIM. Once activated by the fraudster, they are able to access bank accounts and other sensitive data authenticated through the SIM.

Kanyeki however notes that technology is not all doom and gloom as company’s such as Myriad Connect are here to help SACCOS secure their digital journey. Talking about their out of band authentication and SIM swap detection solution Kanyeki noted that, combating digital transaction fraud demands an omni-channel fraud prevention strategy, which their solution offers.”

For the full story and more on the SACCOTech event visit CIO East Africa.

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