Banking fraud - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Banking fraud losses hit Sh1.59bn as threats rise

Sacco ReviewOctober 28, 202606 mins

Kenya’s banking sector is facing mounting pressure as reported fraud losses rise. Mobile and online banking are emerging as key channels exploited by criminals. Regional statistics reveal the scale of financial fraud across East Africa. Kenya’s banking sector lost approximately Ksh1.59 billion to reported fraud in 2024, as increasingly sophisticated cyber threats put pressure on…