At its fourth mobile money fraud forum organised this year, Safaricom said strengthening its systems and collaboration with stakeholders helped it reduce fraud-related mobile money losses.

Safaricom Chief Corporate Security Officer Nicholas Mulila said, "We have made significant progress in the last one year, with mobile money losses moving from KES 90-million down to KES 20-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."

Speaking at the Forum, Director of Public Prosecution Noordin Haji called on all stakeholders in financial institutions and the banking sector to collaborate to strengthen the fight against mobile money fraud and cyber crime.

Haji noted that there was need to fortify governance and law enforcement to fight crime.

"There is need to include critical components of mobile money and fraud prevention strategy in order to collaboratively fight this crime which is evolving by the day," he said.

Haji noted that while all measures have been put in place to prosecute criminals, there was need to train officers and share intelligence which will be necessary to curb crime.

According to a report released recently by Kaspersky, 83% of Chief Information Security Officers (CISOs) in Africa believe cyber security breaches are "inevitable", with financially motivated groups being their primary concern.

The rise of cyber threats, combined with the digital transformation that many enterprises are currently undergoing, is making the role of the CISO increasingly important in modern business.

The Kaspersky Lab report shows that 50% of these executives are worried about the continuing increase in cyber attacks.

Globally, CISOs believe that financially motivated criminal gangs (40%) and malicious insider attacks (29%) are the biggest risks to their businesses, and these are the threats that are extremely difficult to prevent: either because they are launched by 'professional' cybercriminals or because they are assisted by employees who are expected to be on the right side.