Kenyan Savings and Credit Cooperative Societies (SACCOs) have been urged to remain alert in the wake of increased cyber attacks targeting financial institutions.

Reports indicate that several Saccos have lost millions of shillings in the past few months after their systems were infiltrated by cybercriminals.

The criminals either act independently or in collusion with Sacco employees and IT providers to steal millions.

“We are continuously evaluating our IT systems to protect ourselves from electronic attacks, including those emanating from insiders as well as those links connecting us to the IT vendors,” says Moses Chebor, CEO, Boresha Sacco Society Limited.

“Saccos should engage in daily reconciliations so as to quickly deal with any attacks on their IT systems. Cyber-crime, which is a worldwide problem, is not unique to financial institutions in Kenya. It is happening everywhere with many firms suffering in silence,” advises Chebor.

Saccos that have fallen victims to cybercriminals include Kenya Police Sacco, Stima Sacco, Bamburi Sacco and Safaricom Sacco Society Limited among others.

“Although the entry of ICT has been able to support the growth of Saccos, let us be aware that cyber-crime is thriving. There is, therefore, need for DT Saccos to constantly review their internal systems in order to protect cash that belongs to members,” says Fred Obonyo, the Deputy Commissioner in charge of Co-operatives Finance and Banking.

Last month, detectives from the Directorate of Criminal Investigations (DCI) arrested four suspects believed to be part of a racket that defrauded several Saccos of millions of shillings.

The four; Leonard Nganga, Stephen Mathenge, Hiram Kiragu, and Alex Mutuku allegedly infiltrated the Saccos' IT systems and stole more than Sh70 million.