Kenya’s commercial banks lose $9.4m to fraud in just six months
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. FILE PHOTO | NATION MEDIA GROUP
Fraudsters stole at least $9.4 million from commercial banks in the first half of the year in schemes that exploited gaps in online banking solutions and involved collusion with bank staff.
Data from the Banking Fraud Investigations Department (BFID), a division of the Central Bank, shows that 525 cases of fraud were leading to a loss of $8.5 million by various financial institutions in the first quarter of 2014.
