Banking fraud in Kenya and generally in Africa has been on the rise in recent years. In fact, a recent PricewaterhouseCoopers Kenya (PwC Kenya) economic crime survey showed that 34 percent of the firms surveyed had been hit by fraud – and 56 percent of the cases were internal. A recent "Anti-fraud bankers' breakfast" event, hosted by new partners NetGuardians and SOFGEN, put the spotlight on solutions.
Held in Nairobi on November 28, the bankers’ breakfast was attended by large numbers from the banking community as well as the media. PwC Kenya is helping develop a view of the patterns of fraud and risk in relation to the variables used by clients in the region. Benjamin Mkwizu, PwC head of risk assurance services, said that cyber crime is the top-ranked form of economic crime and that the most effective way to detect fraud is through automated transaction monitoring. He explained that many firms "don’t conduct risk assessment and also don’t know what to do." The NetGuardians-SOFGEN partnership should help fill that gap: they are bringing NG|Screener, NetGuardians’ best-in-class auditing and internal fraud monitoring solution, further into the African market.