Safaricom has said it lost Sh 20 million to cyber criminals this year.
The figure is a drastic reduction from Sh90 million that the giant telco lost last year to M-Pesa fraudsters.
Communication boss Nicholas Mulila confessed that indeed cyber crime is a headache and threat to firms dealing in electronic transaction.
"We have made significant progress in the last one year, with mobile money losses moving from Sh90 million down to Sh20 million this year. We will continue to collaborate with investigative arms of government to ensure that we seal all loopholes that may expose our customers to criminals," he said on Tuesday night.
The seminar on mobile money fraud and cyber crime was attended by Director of Public Prosecution Noordin Haji who asked all players to be more vigilant with their security systems.
Early this year, Safaricom sent home over 150 staff members for defrauding the company.