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Mobile money growth stunted by swindlers

Safaricom M-Pesa

One of the main reasons M-Pesa is vulnerable to hacking is due to the lack of secure authentication methods. Most users only rely on a simple, four-digit PIN to access their accounts, which is easily breakable.

Photo credit: File | Nation Media Group

What you need to know:

  • One of the main reasons M-Pesa is vulnerable to hacking is due to the lack of secure authentication methods. 
  • Most users only rely on a simple, four-digit PIN to access their accounts, which is easily breakable.
  • Many hacking attacks rely on tricking people into giving away their login credentials or installing malware on their devices. 

Buoyed by continued growth and innovation, the future of mobile money is bright.

As more people worldwide gain access to mobile phones, mobile money is expected to continue to grow, especially in developing countries like Kenya, where traditional banking services don’t meet the needs of many citizens.