Digital Fraud
6 Ways CFOs Can Stay Ahead of Hackers
Global losses from payment fraud have tripled from $9.84 billion in 2011 to $32.39 billion in 2020, according to Deutsche Bank’s 2021 report on the future of payments. And financial professionals are saying COVID-19 hasn’t helped matters, with 65% believing that the global pandemic is to blame for some of the accelerated rate in fraud activity, revealed by a 2021 survey by the Association for Financial Professionals (AFP). While these cybercriminals can target many areas of an organisation, the dangers are ultimately measured in financial terms. This means that Chief Financial Officers (CFOs) can no longer ignore cyber security simply because it is a complex issue outside their area of expertise. As custodians of the company’s monetary assets and financial data, CFOs are responsible for sa...
Two Alleged Digtial Fraudsters Arrested in Kenya
Sourced from Republic Title Two men have been arrested in Kenya after the Directorate of Criminal Investigations (DCI) suspected the duo of fraud. According to The Star, the suspects, Kevin Sagini Oroko (23) and Dominic Otiso Nyabuto (27) were “apprehended from their hideout at Miwani Estate within Machakos town”. In their possession, authorities reportedly found more than 600 Safaricom and Airtel Sim Cards, 96 National ID cards, a number of mobile phones, KCB Inua Jamii Cash Transfer Cards, 16 Bank Agent Transaction Registers, two gambling machines, and a laptop – these items have since been confiscated. Gadgets Africa says that the DCI has been on actively breaking down schemes concocted by digital criminals over the last year – this includes plots where fraudsters send scam messages wit...
