Identity Theft and Financial Crime on the Rise in Cameroon: WorldRemit Warns of Cyber Risks
Online Transactions Bring New Risks in Cameroon
As online financial transactions become increasingly popular in Cameroon, many citizens are adopting mobile wallets and online banking services across the country. While digital payments offer unparalleled convenience, they also bring with them the risk of cybercrime.
The State of Cybercrime in Cameroon
According to the National Agency for Information and Communication Technologies (ANTIC), over 21.69 million Cameroonians own a mobile phone, with 10.05 million using the internet. Of all cybercrimes committed in Cameroon last year:
- Scamming was the most common, accounting for 61% of cases
- Phishing accounted for 27%
- Cyber extortion accounted for 4%
- Intrusion accounted for 2%
The Importance of Cyber Resilience
Cyber resilience is crucial in Cameroon to secure end-to-end points in the financial services ecosystem. WorldRemit, a leading global payments company, has taken steps to ensure its customers’ hard-earned money remains safe from fraudsters.
“We take cyber security very seriously and understand many of the tricks and techniques behind some of the most popular scams,” said Imane Charioui, Director of Francophone Africa at WorldRemit. “We refuse to work with correspondent partners who lack adequate controls for combating fraud and financial crime.”
The Cost of Cybercrime
In 2021, cybercrime caused financial losses of CFA12.2 billion to the Cameroonian economy, double the losses reported in 2019, primarily due to scamming and phishing.
WorldRemit’s Approach to Security
To combat these risks, WorldRemit has implemented risk-based controls for customers sending money to destinations with elevated money laundering or terrorism financing risk. The company also collaborates with other industries and companies to share best practices and information to better monitor financial transactions.
“The international remittance space is exposed to several key risks, including money laundering, fraud, terrorism financing, and sexual exploitation,” said Charioui. “Working with other leading bodies to combat this is essential.”
WorldRemit’s Commitment to Security
WorldRemit’s commitment to security has enabled it to maintain a strong track record of preventing identity theft and financial crime. To learn more about the company’s safety measures, visit its website.
Conclusion
As Cameroon continues to grapple with the growing threat of cybercrime, WorldRemit remains committed to keeping customers’ money safe and secure.