Thursday, March 28, 2024

NBK lost Sh. 300 million to fraudulent employees, cyber attacks

The National Bank of Kenya has revealed that it lost about Sh. 300 million to theft by employees and cyber attacks from hackers.

“Operational losses including fraud losses (were) recorded at 3.0 per cent of total revenue made in 2016,” says the lender in its latest financial results.

According to a local business paper, NBK further reports in its financials that “the risks are inherent in the ICT systems used by the bank, people relied on to perform certain activities, processes being used and exposure to threats from the external environments where the Bank operates.”

The NBK now joins Barclays and KCB Group as the only lenders in Kenya who have broken ranks with peers to publicly reveal banking fraud statistics.

In its report, Barclays said it recovered Sh. 86.7 million arising from 196 disciplinary cases, adding that the net amount lost to fraudsters was Sh. 59.2 million involving 122 claims of theft.

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