Banking fraud costs Kenya close to 1 billion

Word on the street is that the kenya loses close to 1 billion via fraudulent means in the year 2012

Going by the data obtained from the Central bank’ banking fraud investigation dept(BFID);

Crime levels were highest in nov and dec whereby 461.8M was lost while 101.9M was recovered

In Nov 247.1M was lost whereby 8.86M was recovered

In Dec 214.7M was lost whereby 93M was recovered

Measures to curb more banking fraud is to introduce SMS alerts on any transactions done via ATMs.

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