In today’s fast-paced digital world, financial transactions have become more convenient than ever. However, with this convenience comes an increased risk of cyber threats.

Cybercriminals are constantly finding new ways to exploit vulnerabilities, making cybersecurity in finance a top priority. In Kenya alone, a Cyber Security Report 2024 issued by the CA highlighted a staggering 42.01% increase in brute-force attacks and 6.13% in malware threats, which inflicted heavy financial damage on individuals, financial institutions, and government bodies.

Understanding the threats in the digital financial space is the first step to safeguarding your money. According to the Bank’s Information Security, the most common cyber threats targeting financial transactions in Kenya are:

1. Phishing Scams: Fraudsters send emails or messages that appear to be legitimate to trick users into providing sensitive information like passwords and PINs.
2. Malware and Ransomware – They are malicious software that infects devices, allowing hackers to steal banking details or hold data hostage for ransom.
3. Data Breaches – Hackers target financial institutions to steal customer data, leading to identity theft and financial fraud.
4. SIM Swap Fraud – Scammers gain control of a victim’s phone number and use it to bypass two-factor authentication (2FA) and access bank accounts.

Security starts with you and according to the Bank’s Information Security; you need to take proactive steps to guard your finances such as:

• Create strong, unique passwords and update them regularly. Avoid birthdays and easy-to-guess numbers like 123456.
• Add an extra layer of security by enabling a Two-Factor Authentication (2FA) step, such as a code sent to your phone.
• Never click on suspicious links or provide personal information via email or text. Always verify the authenticity of messages before taking any action.
• Install and update antivirus software, enable firewalls, and avoid using public Wi-Fi for financial transactions.
• Regularly check your bank statements and transaction history for unauthorized activity, if you spot anything suspicious, report it immediately.

As digital banking continues to grow, adopting strong cybersecurity practices will help protect your hard-earned money and enjoy the convenience of digital banking without falling victim to fraud. Stay safe, stay smart!