Giant mobile phone service provider Safaricom has revealed that it lost Sh20 million to fraud this year.
The record is an improvement from last year, where the firm lost Sh90 million to M-Pesa fraudsters.
“We have made significant progress in the last one year, with mobile money losses moving from Sh90 million down to Sh20 million this year. We will continue to collaborate with investigative arms of government to ensure that we seal all loopholes that may expose our customers to criminals,” said communication head Nicholas Mulila.
Speaking on Tuesday, Mulila stated that cybercrime is a major challenge to electronic transactions.
He made the remarks during a seminar on mobile money and fraud.
The event was graced by Director of public Prosecution Noordin Haji.
Haji called on players in the sector to remain vigilant regarding the emerging threats.