Kenyan Pharmacist Loses Sh13.9 Million in SIM-Swap Fraud; Arrests Made

• •A pharmacist lost Sh13.9 million in a SIM-swap fraud executed through social engineering.
• •Nine suspects have been arrested in connection with the larger fraud ring responsible for the theft.
• •The incidents reveal significant vulnerabilities in Kenya's mobile banking security systems.

A pharmacist in Kenya was defrauded of Sh13.9 million through a sophisticated SIM-swap scam. The attack began with a Sh200 transaction that allowed criminals to gather personal details and execute a SIM replacement. This enabled them to access the victim's mobile banking applications and bypass two-factor authentication. The funds were quickly transferred to various mule accounts and cryptocurrency exchanges. Following the incident, the Directorate of Criminal Investigations (DCI) arrested nine suspects linked to the fraud ring. In a separate case, a man was arrested for defrauding another victim of Sh450,500 using a similar method. The incidents highlight vulnerabilities in mobile banking security as Kenya moves towards a cashless economy.