The festive season is a time of giving, celebration, and connection. Across Africa, more money moves across borders, back home, and to loved ones. In 2024 alone, the continent processed an estimated $81-billion in transactions, with transfers peaking in December. But as generosity spikes, so do cyber threats. Phishing scams disguised as holiday promotions, SIM-swap fraud targeting high-balance accounts, and social engineering attacks that exploit the urgency and goodwill of the season put millions of users at risk of financial loss. 

"Trust in mobile money doesn't happen instantly – it's built one safe transaction at a time," says Allan Juma, Cybersecurity Engineer at ESET Africa. "But a single fraud incident can shatter that trust overnight. When someone gets scammed, they often stop using mobile money altogether, and warn friends and family to do the same, creating a ripple effect that stalls progress for everyone." 

Part of the problem is that too many mobile money platforms have not kept pace with the trust users are placing in them. Unlike traditional banking apps, many services still lack advanced encryption and rely on simple four-to-six-digit PINs instead of stronger, multi-layered authentication. These vulnerabilities create openings cybercriminals exploit, making it easier to intercept data, hijack accounts, and steadily chip away at the confidence users are trying to build in digital financial services. 

"Closing these security gaps can't wait," says Juma. "During the festive season, mobile money becomes Africa's lifeline for celebration. Cross-border transfers surge, as city workers send money home to rural families. Cultural expectations around festive giving make users respond quickly to urgent requests and cybercriminals are quick to exploit this. Tools like AI-driven fraud detection, multi-layer authentication, and real-time monitoring can help catch these threats in real-time, keeping users safe during the busiest and most vulnerable period." 

Consumer awareness is a crucial second layer of defense and can mean the difference between a secure festive season and disrupted holiday plans. Enabling two-step verification is a simple but effective way to protect money intended for holiday spending. Users should also remain alert to common red flags, such as unexpected messages requesting their PIN, calls or texts from unknown numbers claiming to be relatives in need, or "exclusive deals" promising rewards in exchange for personal information. When seasonal urgency meets sophisticated cybercrime tactics, pausing to verify unusual requests, can protect both funds and peace of mind.
 
"The festive season reveals both the strength and fragility of Africa's mobile money ecosystem," says Juma. "Millions depend on these platforms for their most important transactions of the year, yet the very factors that make mobile money essential - accessibility, speed, convenience - also make it vulnerable. Progress depends on closing that gap. Security can't be an afterthought that platforms address only when attacks spike, and users can't assume their money is protected without taking active steps themselves. Building a truly secure digital financial future means taking responsibility shared by all parties."