KCB Group has announced a significant reduction in fraud incidents, cutting its exposure by 70.5% in 2023, according to its latest integrated report. This achievement comes as the bank reveals the termination of 22 employees involved in fraudulent activities, with 26 others resigning during the investigation process.

The report highlights the bank’s concerted efforts to tackle fraud, particularly within internal operations and mobile banking. “We handled 48 disciplinary cases related to fraud. Out of these, 22 employees were terminated after a thorough review, while 26 chose to resign during the investigation,” KCB stated.

In addition to these measures, KCB has enhanced its fraud prevention strategies by improving controls on app sign-ups and Vooma wallet deposits. The bank also identified and successfully thwarted 249 fraud attempts throughout the year.

The report emphasizes that these improvements stem from ongoing reviews and enhancements of control standards. “Our policies ensure that the disciplinary process is fair and serves as an effective deterrent against fraudulent activities. We have also conducted targeted employee training to address process lapses and strengthen our control environment,” KCB added.

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KCB Group, which employs a total of 12,221 people, with 51% being female, stresses the importance of collaboration with government, community, and industry bodies. This collaboration is seen as crucial in fortifying system resilience against cyber-attacks and reducing the impact of fraud.

The bank’s proactive approach in refining its fraud control measures reflects its commitment to safeguarding its operations and enhancing trust among its clients and stakeholders.