It is against this global, pan-African, and Kenyan backdrop that we release our GECS 2018 report.
The Kenya GECS 2018 report contains some key differences from our past reports. This year we have introduced a new fraud classification: Fraud Committed by the Consumer. This distinction proved important because this form of economic crime ranked as the second-most prevalent form of economic crime in Kenya, after Asset Misappropriation. We are also, for the first time, comparing Kenya’s results to those of other Eastern African countries (i.e. Tanzania, Uganda, Rwanda and Zambia).
Overall, three-quarters of Kenyan respondents reported having experienced at least one form of economic crime in the past two years. This figure is higher than the global average (49%) and the African average (62%). It also marks a 23% increase from Kenya’s 2016 figure. In addition, 37% of respondents stated that the most disruptive economic crime over the past two years cost them at least USD 100,000 (c KES 10M). In an already challenging economic environment, losses attributable to economic crime continue to prove a challenge for Kenyan organisations.
Overall, three quarters of Kenyan respondents reported having experienced at least one form of economic crime in the past two years. This maybe an indication of increased awareness on the part of Kenyan organisations.
Advisory Services Leader, East Africa region
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