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KCB Group’s Head of Forensic Services, Faith Basiye /COURTESY

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KCB’s Faith Basiye, a trailblazer in financial forensics

NAIROBI, Kenya, Oct 3 – With the increase in fraud-related cases within the finance sector, financial institutions are ramping up their forensic and fraud risk teams to ensure they are secure.

According to Kaspersky’s Financial Cyberthreats Q2 report, cyberattacks in the Kenyan financial sector continued to grow significantly in the second quarter of 2022 as scammers increasingly become corporate-oriented, shifting from other sectors.

Capital Business caught up with KCB Group’s Head of Forensic Services, Faith Basiye who spoke about her experience in the forensic practice having been in the sector for more than 20 years.

Describe your journey in forensics in the banking sector

I got into the forensic space at KACA (Kenya-Anto Corruption Authority). The adjustment was easy being a lawyer, I appreciated the rules of evidence and standard of proof required. I had a stint at KPMG, being in the pioneer team setting up a Forensic Practice therein. Moved to Safaricom, where I gained more experience and at the time Mpesa was just evolving. I then moved to KCB where I have been for slightly over 15 years.

I have seen fraud risk management evolve. When I joined the sector very few banks had in-house teams handling fraud risk but that has grown. The fraud prevalent issues then were mainly, check frauds but at the moment technologically driven frauds rank high as cyber security issues.

How has the banking sector evolved?

The banking sector has evolved tremendously with the biggest evolution being the move from brick and mortar to alternative channels. However, services being offered electronically have also come with their own risks.

Dealing with scammers in the sector, how have their tactics changed?

Scammers are more and more choosing to use electronic means due to the anonymity and ability to access more cash. Additionally, with the world being a global village, the same can be perpetrated from anywhere in the world if successful.

Challenges faced in forensics for banking

The main challenge in fraud risk management in the banking sector is the fact that fraud schemes are ever-evolving and present multiple threats. New attack vectors especially in the cyberspace take advantage of banks’ and customers’ dependencies on online financial activities. Accelerated digitization and remote interactions; digital identities; changing consumer behavior; prevailing social economic realities

Opportunities in the sector, where do you see it in the next five years?

There are great opportunities in fraud risk management in the financial sector.  Firms should ensure they are getting on the front foot, upskilling across the board.

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Secondly, firms should tap into more tools, they should ensure the automation of risk management across the board. This is because one size does not fit all. They should also continuously improve existing strategies.

Banking is evolving at an extremely fast pace with technology and consumer preferences continuing to drive the same.

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