Why Kenya’s Saccos Should be aware Of Fraud During Digital Transformation Journey

The CIO SaccoTech Forum

The forum, themed: Harnessing technology in SACCOS for Socio-Economic Development kicked off with a boom, with over 100 Finance and IT Professionals from across the country attending.

As top ICT leaders from leading Saccos from across East Africa gathered at CIO East Africa’s premier SACCOTech event to discuss about digitization they were warned of one of the biggest problems that comes with embracing technology, cybercrime; especially in the form of 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 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.

The forum, a first of its kind in the SACCOs domain is part of the many CIO East Africa’s events that focus on emerging disruptive technologies. The event was kicked off with a high level CEO round table session to discuss the needs Sacco’s have for technology.

“The forum purposes to explore technology use-cases and discuss ways in which the Sacco Societies can effectively identify, adopt and benefit from the implementation of disruptive technologies including Artificial Intelligence and Big Data.” CEO CIO East Africa,Laura Chite said.