Cybercrime in Finance Industry Plagues Sierra Leone

The financial sector in Sierra Leone is facing a significant challenge due to the growing threat of cybercrime. Experts warn that the country lacks adequate measures to tackle this menace, leading to a rise in cases of online fraud, identity theft, and financial losses.

Lack of Transparency in Reporting Incidents

According to Mariama S. Yormah, National Cybersecurity Coordinator, most banks fail to report incidents of fraud, citing concerns about branding. This lack of transparency makes it difficult for authorities to track the extent of the problem. The Sierra Leone Commercial Bank has acknowledged that threats exist but did not provide further details on the nature of these threats.

Vulnerabilities in Public Computers and Online Activities

Experts highlight the use of public computers as a major vulnerability, as they are not secure. “When people use public computers, they are exposing themselves to attacks,” said Jalloh, an expert in cybersecurity. Additionally, digital users must download antivirus software from credible sources to protect their electronic devices from attacks.

Limited Capacity of Law Enforcement Agencies

The Sierra Leone Police (SLP) is limited in its capacity to investigate financial cybercrimes, with authorities sometimes blaming telecommunications operators for lack of cooperation. There is a regulatory and ethical clash between the telecommunications companies releasing privacy data on their customers without a court order.

Need for Data Protection Law and Critical Information Infrastructure Protection Plan

Experts emphasize that a data protection law could have outlined ways to navigate genuine concerns of privacy and facilitate cooperation in investigations. A data protection law promised by the government last year has not yet reached parliament. Furthermore, experts warn that more needs to be done to protect individuals and institutions from these threats.

Prevention Measures

To avoid falling victim to cybercrime, experts advise individuals to:

• Be careful about how much information they share online
• Never send money to people you never met
• Use secure connections when making financial transactions online

The Financial Intelligence Unit (FIU) advises people to always be on the lookout for online security vulnerabilities, especially if they buy products and services online. Only deal with reputable financial institutions and telecommunications companies that comply with the Payment Card Industry Data Security Standards (PCIDSS).

Future Plans

A World Bank-funded plan expected to start later this year will require banking institutions to cooperate on cybersecurity issues and be regularly audited to ensure compliance with cybersecurity guidelines.

Conclusion

Cybercrime in Sierra Leone’s finance industry is a pressing issue that requires a concerted effort from all stakeholders. Experts warn that more needs to be done to protect individuals and institutions from these threats. “We need to work together as a nation to protect our financial systems from these threats,” said Yormah.