Baloobhai Patel Linked-absa Kenya Recovers 1.8 Million Lost To Fraud

Absa Bank recovers 1.8 million lost to fraud in 2024, a sevenfold rise as AI tools and system upgrades bolster cybersecurity efforts.

Kenya flagged among top 10 globally for digital fraud risk, with phishing attacks surging amid rising mobile money usage and low digital literacy.

Investor Baloobhai Patel ups strategic stake in Absa, now holding over 65 million shares, backing its long-term digital and real estate expansion.

Absa Bank Kenya, a leading Nairobi-based lender partly owned by Kenyan investor Baloobhai Patel, recovered Ksh227 million 1.76 million in 2024 that had previously been lost to fraud, a sevenfold jump from Ksh32 million 0.25 million in the prior year, as the bank scaled up its cybersecurity investments and fraud detection systems.

In its latest annual report , the Nairobi-listed lender said its systems helped avert an additional Ksh334 million 2.59 million in potential losses. However, it still booked a net fraud loss of Ksh58 million 0.45 million, slightly higher than the Ksh49 million 0.38 million recorded the year before.

As fraudsters increasingly exploit social engineering and digital banking platforms, Absa said its responding by deploying artificial intelligence tools to proactively assess threats across its operations. The bank also upgraded its internal fraud monitoring systems in 2024 to improve data analytics and reduce false positives that delay legitimate transactions.

Weve seen a rise in fraud attempts, especially those targeting customers via social engineering, Absa noted. To combat this, were not only strengthening our technology but also educating customers to recognize and avoid scams. The lender has also increased hiring of AI engineers and tech-focused talent to sharpen its resilience in a fast-evolving threat landscape.

Absa flagged Kenyas growing mobile money usage and varying levels of digital literacy as risk factors. Fraudsters continue to evolve, and with rapid digital adoption, the general public remains vulnerable, the report noted.