Digital Wallet Fraud: New Tricks Scammers Use to Con Kenyans …

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Every year, there are growing concerns about digital wallet fraud syndicates in Kenya.
The trend seems to be exacerbated by the growing number of mobile money transactions in the country.
According to data from the Central Bank of Kenya (CBK), mobile money accounts hit 73.22 million as of November 2022.
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This saw the volume of mobile money agent transactions increase to 190.46 million during the same period under review.
As of Wednesday, January 18, 2023, police in Nairobi had arrested more than three people believed to defraud Kenyans' of millions of shillings.
The new money syndicate has been operating on freshly devised ways to con Kenyans via their digital wallet.
Willy, a victim of the fraud revealed that scammers work in a group ranging from hawkers to brand promoters in the Nairobi Central Business District (CBD).
He narrated that after crossing over to the other side of the street, he met a lady who identified herself as a promoter of Safaricom.

Willy said that was the beginning of his woes because after boarding a matatu to his final destination, he decided to check his M-Pesa wallet.

All the while, the man was initiating a transaction on Willy's mobile wallet using STK in the name of activating Fuliza.
He noted it was not his only experience with digital money fraud syndicates, adding that their tricks keep evolving.
Willy said the woman's SIM card had been swapped and fraudsters made away with her mobile wallet balance.
He added that fraudsters posing as customer care support staff also changed tactics to con Kenyans.

Others use stolen ATM cards to make payments, which are later reversed once the owner realises and informs the bank to block the card.
In November 2022, cybercrime expert Allan Lwala told TUKO.co.ke that there were a lot of scams targeting unsuspecting Kenyans.
In some instances, criminals collude with rogue bank employees with access to crucial customer data and information.
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Source: TUKO.co.ke
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