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Absa Bank Kenya has successfully recovered Sh227 million of the Sh255 million lost to fraud in the 2024 financial year. Their report shows that this recovery was nearly seven times the Sh32 million recouped in 2023.
Absa also prevented losses amounting to Sh334 million during the same period, thanks to enhanced cybersecurity measures and fraud detection systems.
“We’ve seen a rise in fraud attempts, especially those targeting customers via social engineering,” Absa Bank Kenya said in a statement. “Strengthening our technology but also educating customers to recognize and avoid scams.”
The bank emphasized that the surge in digital banking and high mobile money use, coupled with uneven digital literacy, has increased exposure to fraud risks. “Fraudsters continue to evolve, and with rapid digital adoption, the general public remains vulnerable,” the report added.
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Absa upgraded its fraud surveillance systems and deployed artificial intelligence tools in 2024 to enhance threat detection, reduce false positives, and curb unauthorized activities.
Analysts say that while the repatriation of Sh227 million is a significant win, the ongoing emphasis on system upgrades and customer education is crucial as fraud tactics grow more sophisticated.
