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.