Cyber criminals are increasingly turning to mobile phones as their weapon of choice to steal money from unsuspecting consumers. What was once a rare occurrence is now the go-to method of attacking the financial services industry—and the numbers tell a worrying story.

According to data from the Central Bank of Kenya (CBK), hackers stole a record Sh1.59 billion from banks last year, with half of that—Sh810.68 million—stolen through mobile banking. That’s a staggering 344% increase compared to the previous year.

How the Scams Work

Fraudsters often pose as legitimate service providers—such as utility companies, online sellers, or even delivery agents—and attempt to trick unsuspecting individuals into sending them money. They typically create a sense of urgency, insisting that payments must be made immediately through various mobile wallets or payment apps. Once the payment is made, the fraudster disappears, leaving the victim without the promised service or product. Staying alert and verifying the authenticity of any request before making a payment is key to avoiding these types of scams.

Most attacks start when a user clicks a suspicious link in a text message or taps an advertisement online. Without realizing it, malware is installed on their phone. Often, this malware lies dormant until the user opens a banking app. Then, it springs into action by placing a fake overlay on top of the legitimate app, allowing criminals to steal login details and other sensitive information.

This trend is accelerating as more Kenyans embrace mobile banking apps and as financial institutions roll out new digital services. But the convenience of mobile banking is now being exploited by cyberthieves who are always looking for new loopholes.

The Bigger Picture

Kenya faced 3.52 billion cyber threats in 2024, with 105.9 million malware attacks and 115.6 million botnet/DDoS attacks reported. Other major fraud areas included:

• Card fraud – Sh263.29 million lost (up 16.9 times from 2023)
• Computer fraud (data theft) – Sh203.39 million lost (2.7x increase)
• Identity theft – Sh199.08 million lost (6x increase)
• Online banking fraud – Sh111.83 million lost
• Internet scams – Sh6.07 million lost

Clearly, cyber risks are growing hand-in-hand with the digitisation of payments.

How Xprizo Helps Keep You Safe

At Xprizo, security isn’t an afterthought—it’s the foundation of everything we do. Our platform is designed with advanced fraud monitoring, encrypted transactions, and layered authentication to give you peace of mind.

Unlike traditional systems where malware can hijack your banking app, Xprizo’s wallet gives you greater control:

• Every transaction is verified within the app
• Multiple layers of security protect your account
• Funds can be sent, received, and exchanged across currencies with full transparency

And most importantly: you’re never alone. Our support team is available to help with any suspicious activity, ensuring you can transact with confidence.

Kenya’s rapid shift to digital finance is full of opportunity—but also risk. As cybercriminals get more sophisticated, it’s more important than ever to use secure platforms that protect your hard-earned money.

With Xprizo, you get the convenience of digital payments with the confidence of advanced security—so you can focus on what truly matters: growing your business, supporting your family, and thriving in a digital-first world.

If you suspect that someone is attempting to defraud you through our app, please contact our support team immediately via Email at contact@xprizo.com or call us at +254 757 786 037 or +254 701 659 595. Your security is our top priority, and our team is ready to assist you with any concerns or suspicious activity.

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