Fraudsters are increasingly targeting mobile money users in Kenya.

This is according to a cyber security report by the Telecommunication Service Providers Association of Kenya (TESPOK).

Since the launch of mobile money in Kenya, reports of fraud have in the space have emerged.

Among these include, for example, the transmission of fake SMS promotions and winning notifications where users are tricked into sending money to given numbers.

Other frauds that have been reported on include fake phone calls to mobile money agents to access PIN numbers and agent funds.

These crimes have occurred in a mobile money market in Kenya that has soared to above 20 million users, according to figures from the country’s telecoms regulator.

"The continued popularity of mobile money adoption in the region has attracted criminals who are now targeting this new money transfer channel,” says the report.

“In 2013, we noted an increase in mobile money fraud targeting individuals and organisations. The fraudsters are getting innovative and a very fast on finding loopholes in new controls implemented by merchants, banks and consumers," says the report.

The report; though, hides the names of popular mobile money services in Kenya, while it also does not provide figures on the levels of these crimes.

Nevertheless, the report goes on to outline how overall cyber criminal activity in Kenya is increasing.

“In the past one year we have witnessed a huge rise in cyber-criminal activities targeting both public and private organisations in Kenya,” said William Makatiani, managing director of cyber security company Serianu Limited, whose comments formed part of the report.

“Criminals are not just targeting our computer, they are targeting the information that the network store and transmit,” said Makatiani.

Last year,Kenya’s information, communications and technology (ICT) cabinet secretary, Dr. Fred Matiangi, said cybercrime could cost Kenya an estimated KES 2 billion (about $23 million) in 2013.