from MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – MALWARE-driven mobile fraud threatens to derail post COVID-19 economic turnaround predicted in the East African Community (EAC).
Evina, the cyber security specialist which provides Mobile Network Operators (MNOs), digital merchants and payment platforms in over 80 countries, has raised the concern.
Its worries are for Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda.
The African Development Bank forecasts East Africa’s gross domestic product (GDP) growth to hit 4,9 percent this year, up from the 0,4 percent posted in 2020.
However, the bank lists the continued digitalization, industrialisation and diversification of the 170 million-person region as critical to ensuring an accelerated recovery.
“The fact that many EAC economies are currently targets for mobile fraud perpetrated by mainly overseas-based cyber criminals is concerning when mobile commerce is key to the continued digitalisation of East Africa,” said Joan Larroumec, Chief Marketing Officer (CMO) of Evina.
More than US$500 million is transferred in the region using mobile phones each month, according to “Banking Services in the EAC.”
This is largely due to the fact that millions of rural dwellers remain unbanked because East African banks are primarily situated in urban areas.
“Detecting fraud fast depends on implementing proven, highly-responsive technology that’s as agile as its target,” said Larroumec.
“There will always be fraud present around digital transactions, however, mobile fraud can be effectively managed with the right tools backed up by solid relationships with the appropriate experts.”
Evina currently has a remote presence in 70 countries including 15 in Africa which is one the biggest users of e-wallets and mobile money in the world.
– CAJ News