Banking Fraud Seminar
KIB holds successful seminar on Banking Fraud
The Kenya Institute of Bankers recently held a successful Seminar dubbed “Fraud Management & Control Seminar”, which featured several participants drawn from the financial sector in Kenya.
The event, which was held at the Hilton Hotel on September 6 – 8, 2021, brought together financial institutions with the sole purpose of understanding the complex nature of banking fraud, and to offer integrated modern solutions to fix the challenges emerging thereof. Fraud still remains one of the major challenges facing the Banking and Finance sector. The magnitude of loss is phenomenal.
The seminar focused on prevention of fraud by providing the knowledge and skills needed to prevent it and minimize the risk of fraudulent activities at the bank. Fraud takes many forms, but it is almost always preventable when an organization has the right policies, procedures and controls securely in place.
Participants learnt about fraud prevention and detection measures to help protect banks and their customers. This seminar reiterated the responsibility of managers and officers of the bank in the prevention and detection of fraud, together with the laws and regulations to deter fraud.
Kenya Institute of Bankers conducted a three  day seminar to sensitize Banks, Saccos, Microfinance Banks, Fraud Inspectorates [in CBK & SASRA] and other Financial Institutions on strategic initiatives and practical intervention measures they can take to address the problem.
“We are absolutely delighted about the outcome of this event, and we hope the participants will then apply what they have learnt here in their respective organizations for good measure,” says Mr. Julias Alego, who is the CEO of KIB. “We have lined up other events of this nature to help build capacity within the industry to fight various vices. In the long run, we look forward to seeing the banking sector having the framework and the capability to fight fraud both internally and externally.”
Mr. Alego says KIB will be working hand in hand with various organizations in the financial sector and in other sectors at large, to help the banking sector develop the necessary resource platforms needed to operate efficiently over the years.
“It is not just in the area of fraud that we seek to continue doing training for bankers,” says Mr. Alego. “There are other areas that require urgent intervention, an we are identifying those as we help industry players to get their act together.”