Bad News to Kenyans Who Have Invested in Saccos After Details Reveal How They May Lose Their Millions

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It has emerged that more than half of the country's Savings and Credit Co-operatives (Saccos) have not implemented strategies to protect their clients' confidential information.

This has been revealed despite the fact that some of them had their systems disrupted and some hacked by criminals during the COVID-19 pandemic period in the country.

According to a new report released, the Savings and Credit Co-operatives (Saccos) operating systems are still at risk of being hijacked by the criminals.

The report follows a survey of 111 Savings and Credit Co-operatives (Saccos) in the country.

The study involved 40 Savings and Credit Co-operatives (Saccos) in the Coast region, 30 in the Nairobi area, 10 parties in the Rift Valley, Central and East regions respectively, five in the West and Nyanza areas and one in the North East region.

The study found that many machines are at risk of being hacked, thus endangering the security of billions of customers' money.

In October 2021, it was discovered that the Savings and Credit Co-operatives (Saccos) were losing a total of Sh6.23 million every month or Sh208,000 daily to these criminals.

Some criminals are alleged to be among the people who repair the equipment when it breaks down.

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