On 20 May 2025, we held a high-impact Mobile Money Fraud Prevention Forum, bringing together industry experts in fraud and cyber risk management, as well as key regulators from the Central Bank of Kenya (CBK) and the Sacco Societies Regulatory Authority (SASRA).
Regulators shared ongoing fraud risk management initiatives in Kenya, with a focus on the digital finance and Sacco ecosystems. The event underscored the importance of collaboration, innovation, and regulatory alignment in safeguarding the future of mobile money.
The session explored emerging fraud trends, including social engineering, physical fraud, Ponzi/investment schemes, and online scams. Experts also showcased live demonstrations highlighting the vulnerabilities around the compromise of Personally Identifiable Information (PII) and other cyber risks facing the financial sector.
Insights from the Forum:
• Customer education and empowerment remain the most effective strategies in the fight against fraud. Safaricom noted that only 60% of customer fraud awareness tips were successfully delivered, leaving 40% of customers still vulnerable to emerging fraud trends. Insights from the Sambaza Furaha caravan revealed an increase in escalation rates, indicating that SMS-based awareness must be complemented by community engagements, including the use of vernacular languages to enhance reach and understanding.
• Ongoing collaboration with key stakeholders—including banks, SACCOs, insurance providers, regulators, law enforcement, and the judiciary, among others—is essential for improving fraud case resolution rates and deterring organized fraud syndicates.
• Innovation and collaborative efforts are crucial in addressing emerging fraud patterns. Key initiatives include Safaricom’s 333 reporting platform, which empowers customers to report suspected fraud swiftly and effectively; 24-hour network monitoring; and rapid partner response mechanisms. Additionally, advanced fraud detection tools available to our partners enhance the ability to detect and prevent fraud, thereby mitigating financial and reputational losses.
