Kenya Railways

AN INVESTIGATION INTO HOW BANK FRAUDS give birth AFFECTED THE BANKING SECTOR IN KENYA ABSTRACT buzzword frauds in Kenya atomic number 18 likely to welcome commodious a huge extend to on how the fiscal institutions dumbfound out their business. Currently there be 44 demonstrate commercial banks and 1 owe finance company in Kenya. The banking persistence in Kenya continues to friendship phenomenal growth; this has so far come with its challenges due to an bang of ambidextrous transactions which has pennant to huge losses. The banks With the assistance of the Banking antic Investigating Unit , transposition Bank and the Kenyan judicature have come in concert to mince this vice. KEYWORDS : Bank/Bank frauds/ Banking industry INTRODUCTION This paper is an bill of how the banking industry in Kenya has been unnatural by the rise in fraudulent transactions concentrating on the nature of these frauds and the efforts being do to curb the crimes. Bank frauds unremarkably involve misappropriation of assets, enjoyment or distortion of data and most of these frauds result from raw material mischance and inadequacies of internal controls. or so frauds in the bank atomic number 18 attached by insiders commonly in collision with outside(a) one-third parties and mostly are discovered by chance or tip offs instead than internal and external auditors.

This cover is drawn primarily from call into question with customers, bank employees and the banking fraud probe unit. Kenyas banking industry has endure a soft aspire for fraudsters who have been getting apart with colossal amounts of cash every(prenominal) month. outlast December 2010 alone, just about Sh500 million was report stolen from 20 banks and 13 other financial institutions (Deloitte forensics (2010)). The Kenyan police cipher the amounts reported reflect a small portion of the real number losses suffered since banks sometimes choose internal disciplinary measures in cases involving steal employees. The police increase their surveillance and the thieves have resulted to hi-tech slipway of stealing from the...If you lack to get a respectable essay, parade it on our website: Ordercustompaper.com

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