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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenya banks plan investment in cybersecurity to curb digital fraud 

NAIROBI (Xinhua) -- Kenyan banks are planning to enhance investment in cyber security in order to curb digital financial services fraud, the industry said on Tuesday.

Habil Olaka, the Kenya Bankers Association (KBA) CEO, told journalists in Nairobi that the banking sector is evolving by increasing its presence in the digital space.

Olaka said the financial sector is leveraging the digital technology in order to increase access to banking services as well as to reduce cost of financial services.

He noted that the banking sector is reinforcing its ICT systems to ensure basic controls put in place in order to safeguard customers funds.

He added that the majority of digital financial crimes are as a result of collusion between bank employees and cybercriminals.

“We are therefore putting in more focus on vetting employees in order to eliminate cases of banking fraud,” he noted.

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