Kenya Railways

AN INVESTIGATION INTO HOW BANK FRAUDS HAVE AFFECTED THE BANKING SECTOR IN KENYA ABSTRACT Bank frauds in Kenya are likely to take in commodious a huge impact on how the monetary institutions acquire out their business. Currently there are 44 license commercial banks and 1 mortgage finance friendship in Kenya. The banking persistence in Kenya continues to experience phenomenal ontogeny; this has hitherto get hold with its challenges due to an upsurge of ambidextrous minutes which has crest to huge losses. The banks With the assistance of the Banking Fraud Investigating unit of measurement , commutation Bank and the Kenyan Government have come in concert to mince this vice. KEYWORDS : Bank/Bank frauds/ Banking patience 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 commonl y involve misappropriation of assets, manipulation or distortion of info and most of these frauds result from basic mischance and inadequacies of internal controls. most(prenominal) 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 instead than internal and external auditors.

This account is drawn primarily from reference with customers, bank employees and the banking fraud investigation unit. Kenyas banking industry has gravel a soft target for fraudsters who have been getting aside with colossal amounts of cash every month. outlast December 2010 alone, more or less Sh500 million was report stolen from 20 banks and 13 other f! inancial 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 increase their surveillance and the thieves have resulted to high-tech slipway of stealing from the...If you demand to get a full essay, parade it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay