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Citizen Weekly

Saturday, 31 January 2015

Kenya ranked 4th globally in list of countries worst hit by fraud



Kenya is ranked the 4th globally among countries worst hit by fraud behind Nigeria, Egypt and Namibia, a survey has revealed. According to The third Global Fraud survey by Ernest & Young (EY), most fraud incidents are perpetrated by middle-level managers. The report indicates that over a quarter (27 per cent) of Kenyan managers in the private sector admit that their organisations have experienced a significant fraud. “This puts Kenya in the top 10 countries globally, where organisations have experienced a significant fraud,” read in part of the survey report. The survey titled Overcoming Compliance Fatigue: Reinforcing the Commitment to Ethical Growth, further indicates that the country is also emerging as a potential hot spot for cyber crime, as Kenya leads in electronic payment systems including cashless public transport and mobile cash platforms. The survey also points out that cybercrime poses a high risk, with Kenyan managers in the private sector seeing a heightened risk of the new vice. The survey findings indicate that 62 per cent of those polled deem it high risk to organisations like theirs. This compares to the global average of 49 per cent and an average of 51 per cent for Europe, Middle East, India and Africa (EMEIA).