[kictanet] Banks lose Sh60m in electronic theft

[Matunda Nyanchama]

The report (see link below) suggests loss of approx Sh 60 M in 2 months.

A recent report also indicated that losses may be in excess of 5 billion (??) annually.

The financial services sector needs to do more to stem such losses. CBK needs to step up its game to push for higher standards of compliance with respect to security of information. 

Perhaps banks have no incentive to stem such losses! They can simply make up for them via small variation in interest rate! That way shareholders get a good return on their investment but the consumer gets to pay for it.


Banks lose Sh60m in electronic theft
 
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Matunda Nyanchama, PhD, CISSP; mnyanchama at aganoconsulting.com
Agano Consulting Inc.;  www.aganoconsulting.com; Twitter: nmatunda;  Skype: okiambe
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