Absa Bank Kenya Plc has announced that it lost Sh. 107.7 million to fraudsters in the financial year 2022. Out of this figure, though, Absa Bank Kenya was able to bring back Sh. 59.1 million in recoveries.
“Fraud remains a major challenge for the financial sector in Kenya. In line with trends observed in 2021, fraud continues to evolve rapidly and match the increased preference by customers for digital propositions,” the bank stated in its inaugural sustainability report.
“Card-not-present remains the most prevalent form of fraud, followed by cheque fraud and stupefying. Globally, we have noted a trend of bank identification number attacks that impact many cards at the same time resulting in breaches on customer cards.”
The Absa Bank said that it undertook a consumer and employee awareness campaign. This campaign was conducted through messaging. The lender said that in the 2022 financial year, it sent out 12 SMS alerts to its customers land carried 4 social media fraud awareness campaigns.
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“1,277 colleagues attended fraud training in 2022 as we support their capacity to respond to fraud. Training covers several aspects including fraud risk management, prevention, detection, response and trends. In total, 18 training sessions were conducted. Colleagues are also encouraged to report any unethical behaviour,” the bank said.