An investigation report cites identity theft, electronic funds transfer, cheques and credit card fraud, forgery of documents and online fraud as among the ways through which financial institutions lost cash.
The investigation report cites identity theft, electronic funds transfer, cheques and credit card fraud, forgery of documents and online fraud as among the ways through which financial institutions lost cash.
The amounts could actually be higher as most banks disclose modest fraud figures for fear of reputational risk, a senior investigator with the police fraud unit said.
Kenya’s top five banks by profitability — Equity, Co-operative bank, Standard Chartered, KCB and Barclays — were the worst hit.
The survey found that economic crime continues to be a major concern for most firms in Kenya, with 52 per cent of surveyed respondents having experienced some form of it.
“At the regional level, African respondents continue to report the highest percentage of economic crime, though the gap has narrowed significantly since 2011,” says of the PwC 2014 global economic crime survey.
The East African Community is in the process of adopting uniform laws to fight cyber-crime, electronic fraud, data protection and privacy. The initiative has already been approved by the EAC Council of Ministers.
Read More at: Nation News
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