KCB Group Sacks 60 Staff Over Ksh141 Billion Attempted Fraud Cases
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The war on digital and insider fraud stepped up at KCB Group in 2025, with the dismissal of 60 staff following stricter control measures implemented across its business.
This is an increase from the 34 staff dismissed in 2024.
Actual fraud losses were brought down to Ksh 760,000 in the past year from Ksh 4.5 million a year earlier following the aggressive approach to fighting fraud, according to the lender.
KCB also recorded 201 fraud incidents and averted Ksh 141.1 million worth of attempted fraud.
Most of the 201 cases, or 50 staff were based at KCB Kenya, which successfully averted losses amounting to Ksh 100.8 million out of 188 recorded cases.
The group’s Rwandan operations, Blocked Ksh 40.3 million in fraud attempts.
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The lender cited that the highest exposures came from senior staff authorized to override controls in insider fraud schemes.
“The segregation of duties where one person cannot initiate as well as approve a high-value transaction remains a failsafe control against insider schemes,” KCB said.
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KCB Group’s statistics place it alongside other lenders that have taken firm action against fraud. Equity Group Holdings previously reported the dismissal of about 2,000 employees during an ethics audit last year, following the identification of unusual transactions between customers and staff, and also closed a KSh430 million fraud case in Rwanda.
Financial crime risks linked to mobile, card, and internet banking have also been highlighted by Standard Chartered Bank Kenya, which identified phishing as a persistent threat despite investing in tools such as Threat Metrix and other automated fraud detection systems.
Banks across the sector have strengthened internal controls, enhanced technology systems, increased insurance coverage, and raised provisions to curb the growing threats to lenders’ earnings and customer confidence.
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KCB Group CEO Paul Russo speaking at a past function. PHOTO/KCB