Banks lose over 80bn/- to cyber crime - Official

More than 80bn/- has been stolen from banks within East Africa through cyber crimes, the president of a nongovernmental organization ISACA, Tanzania Chapter, Mr Boniface Kanemba, has revealed.

He told journalists in Dar es Salaam that his organization organized a three-day seminar to educate stakeholders on how the whole issue happens and its control measures.

Mr Kanemba said that research conducted in 2012 by Deloitte & Touche revealed that banks have found themselves losing more than 80bn/- and the amount is set to increase since most of them, in Africa, do not have measures to curb cyber crimes.

As for Tanzania, he said, they do not have correct figures since most of banks make it confidential in fear of losing their credibility and customers.

“Previously, it was bank burglary, where it was possible to know the amount stolen but now they have changed the theft format from using guns to technology known as cyber crime, thus making it difficult to get the figures unless the banks decide to give them,” said Mr Kanemba.

Mr Kanemba said the seminar to be officiated by the Deputy Minister for Science and Communication Technology, Mr January Makamba, in Morogoro has been co-organized by NRD Company which deals with banking information and technology systems.

The seminar will address the importance of proper and safe use of the information technology in the banking systems and how they can control cyber crimes not only in banks but in mobile phones as well. 

“Due to an increased simbanking technology, cyber crimes will go up as well, that is why we see it ideal time to educate the stakeholders and arm them with measures to control theft caused by technological advancement,” he said.
Source: The Daily News, reported from Dar es Salaam, Tanzania

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