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Banks losing millions to techies

17 July 2013, 16:04

Nairobi - According to data from the Banking Fraud Investigations Department (BFID), KES 1.5 billion has been stolen from Kenyan banks in the past one year by technology-savvy bank employees.

The Standard reports that criminals have perfected the art of draining billions of shillings from bank accounts using hi-tech technology and walk away Scott-free due to loop holes in the outdated laws.

According to Richard Onsongo, the West Kenya Law Society Chair majority of the criminals go scot free due to weak laws and wanting investigations that lead to insufficient evidence to prosecute.

- For more visit The Standard

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