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Cyber fraud a rising threat to Kenya economy

from MARIA MACHARIA in Nairobi, Kenya
NAIROBI – KENYAN businesses must incorporate fraud detection tools as online fraud grows into a threat to the economy and personal financial security.

The rise in fraud comes as more transactions move online and e-commerce becomes mainstream.

Stacy Chege, outgoing Pesalink Chief Security Information Officer, said merchants must safeguard themselves and their customers against online payment fraud by integrating payment gateways for online transactions.

She was speaking during the Pesapal – Caffè Session in Nairobi, where merchants attended.

“With the digital economy evolving rapidly, businesses of all sizes need to re-evaluate their position and tools when it comes to fraud management,” Chege said.

“Employing approaches that have been proven to be the most efficient in combating card and online payment fraud can minimise losses and chargeback,” she added.

Card fraud and buyer remorse are the leading instances of fraud for most merchants in East Africa’s largest economy.

In 2021, the Kenya National Bureau of Statics reported that data breaches like data extortion, data leakage, and data disclosure constituted almost 71 percent of the cyber-attacks for local businesses.

“As e-commerce continues to grow, cybercrime is on the rise,” Felix Musa, Sarova Group Revenue Manager, said.

“Criminals are constantly spotting opportunities to abuse people’s trust and trick them more and more. Merchants, therefore, need a full stack of payment fraud detection tools via their payment gateways,” he added.

Pesapal Caffé Sessions is an initiative by Pesapal, targeting professionals in various sectors.

The aim is to connect individuals, share learnings and transfer knowledge with a critical focus on the digital economy.

Pesapal provides a platform for businesses to accept payments in Africa.

“At Pesapal, we have an extensive monitoring system to protect our merchants and customers from online payment fraud,” Head of Risk and Compliance, Anthony Irungu, said.

– CAJ News

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