Tanzania Daily News reports that the growth of the country’s financial sector over the last decade has resulted in a spike in cyber criminal activity.
The report refers to Bank of Tanzania statistics which suggest there are 51 banks and financial institutions in the country and about 15% of citizens have access to financial services.
Law enforcement officials state that over 1.3bn (approximately $615,198.71) has been stolen through cyber fraud over the past few years.
Banking security issues foremost for consideration include electronic bill payment, funds transfer and account management, amongst others.
The possibility of personal theft at physical bank branches and exposure of personal banking information represents key concerns.
IT experts are considering the adoption of advanced Europay, Visa and Mastercard standards to authenticate card transactions using microchip technology.