You Can’t Eliminate Risk: Co-op Bank’s Peter Githiora on Protecting Your Money

Someone looking for a job or a quick return on their money can fall for an online scam.

These situations look different, but they share one problem:

They can destabilize finances that took years to build.

That was the focus of the Co-op Bank Youth Forum on Friday, October 23, where host Violetta Ngina was joined by Peter Githiora, an Operational Risk Officer at Co-operative Bank, to discuss:

“Risk-Proof Your Finances: Navigating Financial Uncertainty and Emerging Risks.”

The central idea was straightforward.

No one can eliminate every risk, but individuals and businesses can build the capacity to absorb losses, adapt to changing circumstances and recover without destroying what they have worked to achieve.

The financial risks hiding in everyday decisions

For many young Kenyans, managing financial risk starts with decisions that appear ordinary.

Maybe – responding to a job offer, buying something online, sending money to a new business contact or considering an investment promising unusually high returns.

Githiora warned participants to be cautious about unsolicited messages and offers that promise exceptional profits without explaining how the investment works or what risks are involved.

Pressure to act immediately is another warning sign, particularly when a person is discouraged from checking the details first.

The concern is not abstract.

A GeoPoll survey published in April 2026 found that 37% of respondents said they had lost money to a cyber-related incident in the preceding year, while 54% reported having experienced mobile money fraud.

TransUnion’s June 2026 research also found that 39% of surveyed Kenyan consumers who reported losing money to digital fraud attributed their loss to third-party seller scams on legitimate e-commerce websites.

The median reported loss among affected Kenyan consumers was Sh108,132.

Pause before sending money

One of Githiora’s key messages was the importance of independent verification.

A convincing message, familiar company logo or seemingly legitimate online marketplace is not sufficient proof that a seller or investment opportunity is genuine.

Before paying, consumers should independently confirm the identity of the person or business involved through official channels.

He also cautioned against sharing personal identification numbers (PINs), passwords and one-time passwords (OTPs), which fraudsters can use to gain access to bank accounts and mobile money wallets.

Phishing messages, impersonation, fraudulent online shops and job offers requiring upfront payments are among the threats to watch for.

The practical lesson is to slow down when an offer creates urgency.

Verify first, question promises that sound unrealistic and never allow the fear of missing an opportunity to replace basic checks.

Build resilience before a crisis arrives

Risk management also applies beyond digital fraud.

An individual who depends entirely on one source of income, or a business that has no plan for unexpected expenses, may struggle when circumstances change.

Co-operative Bank’s own risk management framework covers credit, operational, market, information and communication technology, liquidity, compliance and business continuity risks.

Its approach includes identifying exposures, putting controls in place, monitoring results and escalating problems when necessary.

The same discipline can help households and small businesses.

Understanding where money goes, avoiding commitments that exceed repayment capacity, setting aside funds where possible and regularly reviewing financial obligations can reduce vulnerability to unexpected shocks.

Githiora framed financial management as a continuing process: identify the risk, decide how to address it and monitor whether the chosen measures are working.

He encouraged young people to start managing their finances regardless of how much they currently earn.

Protecting what you are building

Financial resilience does not require knowing exactly what the future holds.

It requires recognizing where things can go wrong and making practical decisions before a problem escalates.

That was the takeaway from this week’s Co-op Bank Youth Forum: whether the threat is an online scam, an unexpected expense or a disruption to income, preparation and informed decisions can limit the damage.

For young people building careers, businesses and financial independence, protecting what they earn is just as important as finding ways to earn more.

The first step is knowing the risks; the next is doing something about them.