Kenyans lost Sh491.6 million ($3.8 million) and cryptocurrency after cyber-criminals hijacked victims’ mobile phone numbers in SIM-swap fraud.

Interpol reckons that Kenya’s SIM swap fraud surged by 327 percent last year on the back of increased use of mobile money platforms.

The surge in attacks highlights the risk of cyber heists in the wake of heavy tech adoption by banks and mobile banking investments.

SIM swap fraud occurs when a fraudster convinces a mobile carrier to transfer a victim’s phone number to a SIM card they control, exploiting the legitimate feature of mobile number portability.

Once the swap is complete, the victim’s phone loses network connectivity, and the fraudster receives all calls and texts, including one-time passwords for account access.

“In 2025, SIM swap fraud surged by 327 percent in Kenya, with more than 123,000 fraudulent SIMs issued and an estimated $3.8 million (Sh491.6 million) drained from mobile wallets,” said Interpol.

“Tanzania and Rwanda reported similar patterns, with telecoms providers struggling to implement real-time biometric verification.”

Interpol says mobile money fraud has become one of Africa’s most prominent cyber-enabled crimes, with 97 percent of countries surveyed by the global police identifying it as their most common scam.

Interpol said weak and inconsistent know-your-customer (KYC) procedures, coupled with the inability of some telecoms operators to verify identities in real time, continue to leave mobile money users vulnerable.

“The widespread use of mobile money platforms, while enhancing financial inclusion, has also created new attack surfaces, particularly in countries where Know Your Customer (KYC) protocols are weak or inconsistently enforced,” the agency said.

“The root cause remains inconsistent KYC protocols, particularly in countries where telecoms providers lack the technical capacity to verify identity in real time.”

The scale of the losses underscores the growing financial toll of cybercrime targeting digital payment platforms.

“Ghanian citizens lost $1.3 million (Sh168.2 million) in the first quarter of the year, while Tanzania reported a 19 percent reduction in attempts following stricter SIM registration enforcement,” said the international policing agency.

Interpol said governments, telecoms operators and financial service providers need to strengthen safeguards against SIM swap fraud and improve coordination in responding to cyber-enabled financial crime.

It urged authorities to tighten identity verification and enhance information sharing.

“Require all mobile money platforms and fintechs to integrate real-time fraud alerts with national cybercrime units. Mandate biometric verification at the point of SIM registration and KYC onboarding,” said Interpol.

Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that enables people to transfer cash and make payments on cellphones with or without a bank account.

This has become a hackers’ paradise.

Read: Kenya in focus as East Africa flagged over mobile cash fraud

Mobile banking was the hardest hit, with criminals siphoning off Sh810.68 million in 2024, translating to a 344 percent rise from Sh182.41 million in the prior year.

The thefts often happen on Friday and Saturday nights, with millennials—individuals born between 1981 and 1996—being the most affected.

Warning signs of SIM swapping include sudden loss of mobile service, unexpected text messages or emails about account changes, inability to access accounts or unauthorized transactions.

“Mobile banking fraud cases surged 87 percent, driven by social engineering, credential compromise, and SIM swap schemes,” says Safaricom in its latest annual report.

Safaricom says a new technology, or the so-called Single View (View360) SIM swap platform, is helping fight the vice.

It provides Safaricom agents with a centralised dashboard to verify customer identities and safely execute telephone line replacements while flagging high-risk transactions.

“The platform runs 18 automated pre-checks, covering roaming status, fraud location patterns, device activity, and more, handing decision-making to the system rather than frontline agents,” says Safaricom.

“Due to the adoption of Single View, fraudulent swaps have dropped by 65 percent, and this will drop further due to the enhancements that are in the pipeline.”

→ emwenda@ke.nationmedia.com

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