Kenya Railways

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

This account is drawn primarily from converse with customers, bank employees and the banking fraud investigation unit. Kenyas banking industry has render a soft target for fraudsters who have been getting by with colossal amounts of cash every month. outlast December 2010 alone, nearly Sh500 million was report stole n from 20 banks and 13 other monetary insti! tutions (Deloitte forensics (2010)). The Kenyan police think the amounts reported reflect a small portion of the real losses suffered since banks sometimes take internal disciplinary measures in cases involving steal employees. The police change magnitude their surveillance and the thieves have resulted to high-tech slipway of stealing from the...If you indigence to get a full essay, parade it on our website: OrderEssay.net

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