The COVID-19 pandemic has helped to drive the migration of consumers from the traditional transactions to the digital space. The Kenya Bankers Association’s (KBA) Customer Satisfaction Survey of 2020 indicates bank customers’ preferences for digital services stood at 43%.
This massive shift has necessitated banks to enlighten the public on online safety through the Kaa Chonjo Awareness campaign, as the country recovers from the pandemic. According to KBA there is increased vulnerability of the public to cybercrimes such as fraud, identity theft and data breaches due to the increased use of online transactions.
Equity Bank recently reported that digitization has enabled at least 98% of all Group transactions to happen outside the banking hall. 86.8% of the transactions in Q1 were on self-service mobile and Internet banking and 1.6% of the transactions happening on Agency and Merchant banking third party variable cost infrastructure. Only 1.8% of transactions happened on fixed cost traditional branch and ATM infrastructure, while 89% of the loan transactions were conducted on mobile channels.
With most transactions happening through the online channels, Banks have devised essential mechanism to inform and educate the masses on cyber security. The banks enhanced online banking, focused on mobile technologies, internet, and artificial intelligence to drive online channel experience.
Equity has been continuously informing and educating the masses around online safety ensuring that cyber security is top-notch priority. The bank has also been partnering with like-minded institutions such as Safaricom to share technical knowledge and build a common approach to risks such as fraud and cyber-security.
Equity set up a universal customer care number 0763 000 000, to contact customers and to ensure customers are protected from scammers.
Some of the ways in which customers can protect themselves include Understanding how the bank interacts with you, as the institution does not ask for your credentials, PIN or Password.
Do not click on any link requesting to share personal information or to verify account details.
Ensure you have Multi-Factor Authentication, avoiding using public computers or Wi-Fi connections.
Report fraud cases immediately to the Bank or the police.
Government regulators, security agents and the banking industry will continue to work together to ensure secure and trusted digital connectivity in a data driven world, to protect individuals, businesses, and the economy.