In the past week, KCB customers have taken to social media to complain about unexplained deductions of money from their accounts. Customers have lost money ranging from several thousand shillings to Sh100,000 while other accounts have been left with negative balances.

One customer said Sh8,000 was deducted from his account without his knowledge. The bank’s staff claimed that the account owner had withdrawn the amount via its mobile money platform. However, the customer refuted the claim.

The Bank Confirms Shady Undertakings yet It Defends Itself

On Tuesday, the aggrieved customer received back his Sh8,000 confirming that something is amiss at the largest bank in the country.

“We advise that the issue has been resolved. The transaction has been reversed back into the account,” a KCB employer told the customer through KCB’s social media platform.

In a statement, the bank insisted that the customers’ money was safe but failed to explain who was behind the illegal transactions and what actions were being made to correct them.

 “As a trusted financial partner, we take our duty of confidentiality to our customers seriously and resolve any issues that may arise directly with the customer,” the bank said.

Are Digital Platforms Turning Banks Into Soft Cybercrime Targets?

With banks embracing technology, going digital could be putting the customers’ money at risk. Last month, National Bank of Kenya (NBK) claimed to have ended an attempted theft of Sh29 million, when hackers tried to transfer the amount to mobile money accounts.  What’s more, Commercial Bank of Africa’s (CBA) M-Shwari service faced an attack where customers lost money through mysterious deductions. PesaLink has also been a target of a cybercrime attack although neither customer data was compromised nor any money stolen.

The CBK Banking Fraud and Investigation Department is aware of the increasing number of cybercrimes in the banking sector and has given warnings accordingly.

“[…] there is an urgent need for the banking sector management to ensure increased use of computer-based transaction process is matched with effective controls,” CBK said.

The regulator has introduced cybersecurity guidelines to help banks prepare and deal with cybercrimes effectively.




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