Fraudulent Activities in Online Banking Wreak Havoc in Sierra Leone
=====================================================
A personal experience of falling victim to online money fraud has left many questions about the extent of fraudulent activities in online banking in Sierra Leone. In recent months, several individuals have come forward with similar complaints, losing significant sums of money due to compromised banking cards and mobile money transactions.
The Lack of Data: A Major Concern
According to Abu Bakarr Jalloh, Founder of a local IT firm, the lack of data on the extent of the problem is a major concern. “We need to know the scope of the issue before we can effectively address it,” he emphasized.
The Financial Intelligence Unit’s Advice
The Financial Intelligence Unit (FIU) advises citizens to be cautious when making online financial transactions, warning about the dangers of public computers and unsecured connections. However, many banking institutions in Sierra Leone have been accused of failing to report incidents of fraud, fearing negative impacts on their brand reputation.
The Need for a Data Protection Law
Experts say that a data protection law is urgently needed to outline ways to navigate genuine concerns of privacy while facilitating cooperation in critical investigations. The government has promised such a law, but it has yet to be passed by Parliament.
Limitations in Investigating Financial Cybercrimes
The Sierra Leone Police (SLP) is also limited in its capacity to investigate financial cybercrimes, with some cases going unsolved due to lack of cooperation from telecommunications companies. The SLP blames the companies for not releasing privacy data on their customers without a court order, while experts argue that this regulatory and ethical clash highlights the need for a data protection law.
Best Practices for Online Security
In light of these concerns, the FIU advises citizens to:
- Be vigilant about online security vulnerabilities
- Deal only with reputable financial institutions and telecommunications companies
- Use secure connections
- Never send money to strangers
- Download antivirus software from credible sources
- Be careful about how much information they share online
Government’s Plans for Improved Cybersecurity
As the government prepares to launch a Critical Information Infrastructure Protection Plan later this year, experts hope that it will bring about increased cooperation between banking institutions and improved cybersecurity measures to protect citizens’ financial transactions.