In an increasingly digital world, convenience is everything. From mobile money to contactless cards, East Africans are embracing digital payments at record speeds.
But with this digital growth comes an invisible threat and it’s one many of us might not see coming, even when it’s right in front of us.
That’s the warning from Charles Lebo, Senior Vice President and Regional Risk Officer at Visa for Central and Eastern Europe, Middle East, and Africa (CEMEA).
Speaking at a recent cybersecurity summit, Lebo revealed that Visa has invested a whopping $12 billion (Sh1.5 trillion) globally over the last five years in data, artificial intelligence (AI), and cybersecurity.
The good news? East Africa is reaping the benefits of this investment.
“What we invest globally automatically becomes available as a protective cover for East Africa,” Lebo said.
Yet, despite the advanced tech shielding us, there’s a growing issue that even cutting-edge AI struggles to fix: human overconfidence.
READ: CBK Extends KEPSS Hours to Boost Efficiency in Digital Payments
Visa’s Stay Secure study, which surveyed 17 markets across the region including East Africa found that while 95 percent of people believe they’re savvy enough to spot a scam, 80 percent still fall for fraudulent messages. Lebo calls this gap between perception and reality “costly confidence.”
“There’s a high level of confidence that I can spot the fraud, but when it’s actually happening, I fall for it,” he explained.
So, why is this happening? One big reason: scammers are evolving faster than we are. With the rise of generative AI, fraudsters now use tools like deepfakes, voice cloning, and hyper-realistic phishing emails to trick even the most alert users.
That scam message in your inbox? It might not have the tell-tale spelling errors or shady email addresses anymore. AI has made phishing nearly perfect.
This is especially concerning given the boom in online transactions, which are now growing faster than face-to-face payments across the region. And while the convenience is unmatched, it also opens more doors for cybercriminals to walk right through.
So, what can we do?
Stay alert.
Stay educated.
And perhaps most importantly stay humble about what we think we know. Confidence is good, but when it comes to cybersecurity, a little skepticism might just save you from becoming another statistic
