Cybercrime rising across Africa's financial sector

By The Rainbow

Incidents of cybercrime continue to plague Africa's banking sector. Regional media claim that several banking institutions are being investigated in cybercrime cases.

These investigations are said to include inquiries about illegal online transfer of funds according to a CIO East Africa report.

The report says that The Economic and Financial Crimes Commission (EFCC) in Nigeria has confirmed its investigation of certain banks for cybercrime complicity.

EFCC Chairman Ibrahim Lamorde is quoted by the publication as saying, 'Several banks which allegedly had insiders conniving with the suspects are being directly investigated and cautioned on the issue.'

The issue has also impacted on Zambia. Authorities are said to be concerned over what the report describes as 'the sudden rise in cybercrime that has hit the financial sector.'

Police officials are said to be aware of escalating levels of cybercrime and have cited illegal online transfers and conspiracy between bank officials and outside parties as a growing problem.