(Nairobi) – Safaricom has announced that its efforts to curb SIM swap fraud have been successful, with the company now reporting only 40 fraudulent SIM swaps for every 750,000 requests processed. Despite the ongoing high volume of SIM swap requests, approximately 28,000 daily, the telecommunications giant has managed to reduce the incidence of fraud significantly.
SIM swapping is a process that allows customers to retain their phone numbers by obtaining a new SIM card, particularly useful when a card is lost, damaged, or upgraded. However, fraudsters have increasingly exploited this service to gain control of phone numbers, thereby accessing sensitive information such as M-PESA accounts, which are widely used for mobile money transfers in Kenya.
Nick Mulila, Safaricom’s Chief Corporate Security Officer, explained that most of the SIM swap requests come from legitimate reasons, such as the replacement of lost or damaged SIM cards or technological upgrades. However, he acknowledged that fraudulent activities, while still occurring, now make up a very small percentage of the total daily requests.
“Although our security measures are robust, sometimes it is difficult to perfectly authenticate the identity of every individual attempting a SIM swap,” Mulila said. “On average, we process about 750,000 swaps per month, with only around 40 being fraudulent.”
To protect M-PESA accounts and ensure additional security, Safaricom has implemented several measures. For instance, after a SIM swap is made through a partner, access to M-PESA accounts is temporarily blocked as an added layer of security. This precaution helps prevent unauthorized access to mobile money services.
As part of its efforts to strengthen its defenses against both SIM swap fraud and emerging cyber threats, Safaricom is investing heavily in cybersecurity. With the global roll-out of 5G technology, the company is preparing for potential new security challenges that could arise from the faster speeds and increased connectivity offered by 5G networks. The company is focusing on enhancing its security infrastructure to mitigate potential vulnerabilities that cybercriminals may attempt to exploit.
“We are making significant investments in advanced AI-driven security tools and real-time threat detection systems to strengthen our defenses,” Mulila added. “These tools help us detect and neutralize threats as they occur, offering a more adaptive and responsive approach to cybersecurity.”
Additionally, Safaricom is enhancing the security of its network through improved segmentation, ensuring that different virtual networks are properly isolated to prevent cross-contamination of data or security threats.
With more than 780,000 smartphones already active on its 5G network, Safaricom continues to be at the forefront of adopting next-generation technology while simultaneously addressing the security challenges that accompany it. The company’s efforts to safeguard its services and customers appear to be paying off, as they successfully balance innovation with the necessary protection against emerging cyber threats.