Kenya Railways

AN INVESTIGATION INTO HOW BANK FRAUDS HAVE AFFECTED THE BANKING SECTOR IN KENYA
ABSTRACT
Bank frauds in Kenya are likely to welcome commodious a huge impact on how the financial institutions acquire out their business. Currently there are 44 license commercial banks and 1 mortgage finance company in Kenya. The banking persistence in Kenya continues to experience phenomenal growth; this has hitherto come with its challenges due to an upsurge of ambidextrous transactions which has crest to huge losses. The banks With the assistance of the Banking Fraud Investigating Unit , commutation Bank and the Kenyan Government have come in concert to mince this vice.
KEYWORDS : Bank/Bank frauds/ Banking industry
INTRODUCTION
This paper is an account of how the banking industry in Kenya has been affected by the rise in fraudulent transactions concentrating on the nature of these frauds and the efforts being done to curb the crimes. Bank frauds usually involve misappropriation of assets, manipulation or distortion of data and most of these frauds result from basic mischance and inadequacies of internal controls. Most frauds in the bank are attached by insiders usually in collision with outside one-third parties and mostly are discovered by accident or tip offs rather than internal and external auditors.




This account is drawn primarily from interview with customers, bank employees and the banking fraud investigation unit. Kenyas banking industry has become a soft target for fraudsters who have been getting away with colossal amounts of cash every month. outlast December 2010 alone, nearly Sh500 million was report stolen from 20 banks and 13 other financial institutions (Deloitte forensics (2010)). The Kenyan police think the amounts reported reflect a small portion of the real losses suffered since banks sometimes prefer internal disciplinary measures in cases involving steal employees. The police increased their surveillance and the thieves have resulted to high-tech slipway of stealing from the...If you want to get a full essay, parade it on our website: Orderessay



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