Central Bank of Kenya (CBK) has asked the general public to beware of foreign exchange dealers aiming to con them of their hard-earned money.
In a statement released to the media houses on Friday, CBK boss Patrick Njoroge said that the national financial regulator is aware of foreign exchange online dealers using underhand tactics to loot funds from unsuspected Kenyans.
The regulator said that it will not be held accountable for the funds lost through online dealers considering the increased complaints from the general public.
The bank noted that most of these online platforms are not regulated, adding that it is hard to monitor transactions Kenyans are conducting with the dealers.
“We urge members of the public to confirm the licensing status of forex dealers from CBK website before engaging with the dealers, as they risk being defrauded and losing money,” reads a statement from CBK’s Banking Fraud Investigations Department, as quoted by Standard.
The bank revealed that the dealers often promise clients best deal they are less likely to find elsewhere only to fleece them of their little cash.
The firm asked Kenyans to consider the legit businesses in the country to avoid being victims of circumstances following the increase in the number of con artists posing as foreign exchange dealers on different platforms.