Kenya Lost Kes 5.5 Billion to Economic Fraud as Internal Perpetrators Soared
March. 10, 2020
A survey carried by global audit firm PricewaterhouseCoopers has revealed some interesting trends in that regard, and mainly how Kenyans have been affected.
The firm interviewed more than 5000 people across the globe, 102 of which were based in the country.
In that period.Sh5.5 billion was lost by Kenyan respondents. Out of that sample size, 58 per cent reported they experienced economic crimes in the last 24 months, down from 75 per cent reported in 2018. However, the percentage is still higher than the world average of 47 per cent.
Furthermore, PwC says that the most common cases of fraud are bribery and corruption, procurement fraud, asset misappropriation, and customer fraud.
You ask – who is committing these crimes? And well, there is an answer for you: internal people are mentioned extensively, and account for 36 per cent of the perpetrators, followed by a collision between internal and external player at 32 per cent and lastly, external players at 27 per cent.