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Banks on the edge as insider aided cyber attacks increase


The number of card-related fraud has significantly reduced in the country after commercial banks adopted the use of Chip and PIN, commonly known as EMV as industrywide standard for payment system.
The revelation, however, comes amid claims that the banking sector continues to register loses caused by internal fraud and cyber-attacks. KCB Bank Group Chief Executive Officer, Joshua Oigara said most of the cyber-attacks in the country are coordinated by insiders.
“The online theft experienced in Kenya today are coordinated by insiders who work with outsiders to give them the password of the facility,” he said.
A study by Deloitte indicates that cash theft, cheque fraud, plastic money scams and electronic funds transfer fraud are the most prevalent forms of financial crime reported in Kenya. This week, National Bank disclosed that it lost Sh300 million last year due to fraud perpetuated by its own employees and cybercrime attacks.
The post Banks on the edge as insider aided cyber attacks increase appeared first on Mediamax Network Limited.

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