Banks are splurging billions of shillings on updating and acquiring new software, retraining staff, and hiring new talent, highlighting the increased anti-fraud war amid rising threats on the sector that holds nearly Sh6 trillion in customer deposits.
Top commercial banks including KCB, Equity, Co-operative Bank of Kenya, NCBA, Stanbic Bank of Kenya and Absa Bank Kenya have all reported heightened attempted fraud, pushing them to invest in systems and people to fortify defences to detect, prevent and manage these threats.
