Kenyan banks may deny it. But the truth is that over the past year, millions of shillings have been stolen from their vaults in some of the most daring attacks.
Family Bank’s Ruiru branch was the latest victim last weekend, in an attack said to have cost the lender Sh20 million. But this is nothing compared to the bourgeoning cyber-attacks in which the banks have lost hundreds of millions in recent years.
This year alone, National Bank of Kenya (NBK) #ticker:NBK admitted that it lost about Sh29 million to faceless digital criminals. Some of the lenders have truly understood that being frank with their customers works better in preventing the fraud than denial.
However, growing boldness and change of tack by robbers means it must be matched by increased vigilance on the part of banks.
The Central Bank of Kenya (CBK) last year issued cyber security guidelines to help the lenders tackle cybercrime and deal with emerging threats.
All that is needed now is enforcement of the same guidelines. Banks must also continue hiring more tech-savvy staff dedicated to countering cyber threats, as well as reinforcing security at their branches.
These measures will go a long way in reassuring customers that their deposits are safe from tech-savvy criminals, especially at a time when more are making use of mobile and internet banking services.
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