Cyber Security

70% of Kenyans vulnerable to digital financial transaction fraud says USSD firm

70% of Kenyans vulnerable to digital financial transaction fraud says USSD firm

Cyber Security, Mobile, social media
Myriad Connect has concluded recent research that found that over 70% of Kenyans have been the victims of digital financial transaction fraud, or know someone who has. Other figures indicate 57% sms, 73% phone calls, 17% social media and 19% email were the channels through which Kenyan consumers were targeted to become victims of financial service transaction fraud. “Financial service transaction fraud in Kenya is costing banks billions and customers their life savings,” says Fabien Delanaud, GM of Myriad Connect. “While financial service transaction fraud is a global issue; Kenya has been a leader in the adoption of mobile and digital payments, which unfortunately brings with it a growing risk of fraud.” One of the most prolific forms of financial service fraud is SIM swap fraud, wh
YouTube will invest $25m to crack down on fake news

YouTube will invest $25m to crack down on fake news

Cyber Security, Internet
Google's YouTube says it is taking several steps to ensure the veracity of news on its service by cracking down on misinformation and supporting news organizations. The company is joining its parent company Google, as well as Facebook and Apple, in campaigns to stem fake news ahead of the US midterm elections. The company said on Monday it will make "authoritative" news sources more prominent, especially in the wake of breaking news events when misinformation can spread quickly. YouTube also said it will commit $25 million over the next several years to improving news on YouTube and tackling "emerging challenges" such as misinformation. That sum includes funding to help news organizations around the world build "sustainable video operations," such as by training staff and improving prod...
Cybercrime is costing Africa’s businesses billions

Cybercrime is costing Africa’s businesses billions

Cyber Security
Sophisticated malware, software security breaches, mobile scams—the list of cybercrime threats is growing. Yet African nations continue to fall short of protecting themselves and must constantly grapple with the impact. A new study from IT services firm Serianu shows the pervasive nature of cybercrime across the continent, affecting businesses, individuals, families, financial institutions, and government agencies. The study shows how weak security architectures, the scarcity of skilled personnel and a lack of awareness and strict regulations have increased vulnerability. Cybercrime cost the continent an estimated $3.5 billion in 2017. The report found more than 90% of African businesses were operating below the cybersecurity “poverty line”—meaning they couldn’t adequately protec
Tame fraud executed through mobile money channels

Tame fraud executed through mobile money channels

Cyber Security, Mobile
Fraud has in the recent past incrementally found its way to the path of least resistance transaction channels such as mobile money leading to hefty losses of revenue, survey findings by Myriad Connect shared during the Fintech Summit 2018 shows. The study established that fraud in Kenya continues to be a major key performance indicator (KPI) for Financial Services. The findings reveal that 90 percent of CIOs strongly agree that fraud is a key challenge facing the industry. In a report, Myriad Connect noted that 82 percent of CIOs stated that addressing fraud is a business-critical priority while 95 percent of CIOs in Kenya confirmed that they are targeted to reduce fraud in their organizations. As financial service authentication specialist, Myriad Connect commissioned the res...
U.S. DoJ launches criminal probe into bitcoin price manipulation – Bloomberg

U.S. DoJ launches criminal probe into bitcoin price manipulation – Bloomberg

Cyber Security, Internet, Mobile
(Reuters) - The U.S. Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday. The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter. Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added. Neither the Justice Department nor the CFTC were immediately available for comment.