Fraud in the banking system

[Kamon c4]

It’s been known that scammers are able perpetrate banking securities and commit fraudulent acts. With the high involvement of technology in the new day banking systems, do you think it has contributed negatively than positively?

 

[Peterlight]

Yes I think it has caused a lot of bankruptcy in the banking system cos if the banks had noy involve the internet in their system..people's funds will be save .

 

[Kamon c4]

Yes I think it has caused a lot of bankruptcy in the banking system cos if the banks had noy involve the internet in their system..people's funds will be save .

But I believe technology in the banking system was done to make banking easier for customers

 

[Peterlight]

But I believe technology in the banking system was done to make banking easier for customers

Well it is also making the banking system lose a lot of cash and also unsave for people to save their money

 

[Nurudeen]

Fraud in the banking System is very rampant in this contemporary time due to the fact that a lot of workers wants to make it big as soon as possible. Average workers now wants to live in his or her own mansion, ride an expensive car and importantly ensure that he meets up with what's in Vogue and this has been causing a negative effect to the banking sector.

 

[Trexxxy]

Well it is hard to say. I mean we can't ignore the fact that technology has helped banking systems become smoother and operational. However there are still some redundancies, I mean we have heard of stories in which people clown bank emails and send fake emails to customers.

 

[Donkiz]

Truth is with the level of investment that banks and other financial institutions puts into their IT security it's almost impossible for fraudsters to penetrate their firewalls without insiders help either consciously or unconsciously. Although there have been cases of top hackers bypassing these firewalls without any help, but that's usually rare. The fraud issue has contributed negatively to bank balance sheet as they keep refunding customers lost fund in order not to lose customers patronage.

 

[Damscooguns73]

Concerning frauds in the banking system. Well, the rate at which fraudulent acts occurs even in banks now is very alarming which I believe the technology has a role to play too because if technology hasn't come into play, we will have less cases of bankruptcy.

 

[Ralphjoe]

The new banking technology that has been introduced has so far brought ease of banking, and with any technological innovations, scammers must look for a loopholes in such technology.
For now, the advantages of the introduction of technology in the banking sector far outweighs it's disadvantages, so it is here to stay, bank customers just have to ensure that their account is protected by taking precautions when using these technogies.

 

[Dylinks]

There are a lot of fraud in the banking sector namely:
1. Deceased Account: The account officer in charge such account normal draws the money gradually if no next kin is forthcoming.

2. ATM Reversal: There are unresolved rehearsal which people neglect and the IT department will sit on it.

 

[GIFTMICHAEL]

It’s been known that scammers are able perpetrate banking securities and commit fraudulent acts. With the high involvement of technology in the new day banking systems, do you think it has contributed negatively than positively?

It has contributed positively. Technology in the new banking system has made banking easier and transparent.

Unlike before when there was no improvement in the system we use to know how it was before technology was introduced into the banking sector.
The use of technology despite the fraud and hacking technology still remain the best.

 

[Sincerem]

It’s been known that scammers are able perpetrate banking securities and commit fraudulent acts. With the high involvement of technology in the new day banking systems, do you think it has contributed negatively than positively?

No matter how fraud go around banking system based on how the individual security level its. If you input a strong security guard in your bank account, your bank account won't be penetrated. Unless you unknowingly input your banking details a fraudulent website that uses malicious software encryption to steal your data's. That's when you will lose your funds in bank, cos you leaked your personal details, that's why you have to be watchful before signing to any site.

 

[singlej007]

Is a welcome development, but that's not the top nush security in the world I think... Because up till today bank account are being hack easily... The security of there customers account need to be looked into... We have seen improvement though, but more effort is needed as the froudstars stars keep re-stratergizing.

 

[Niftyyem]

Fraud in banks are beyond the issues of technology, rather that of greedy and unscrupulous personnel. There have been cases of money stolen from banks and the CCTV camera records wiped which made it an obvious inside act.

 

[Oloritoks]

The fraud in banking only come as a result of the morally deficient nature of those managing the banks to suits their selfish interest so this can only be made possible when there's law regulating them

 

[Erik4150]

Fraud in the banking system is often caused by some employees in banks who leak customers private information to internet fraudsters. The only solution is for these banks to fish out the bad eggs among them and punish them. Customers need to be careful too.

 

[Frank]

It’s been known that scammers are able perpetrate banking securities and commit fraudulent acts. With the high involvement of technology in the new day banking systems, do you think it has contributed negatively than positively?

It's been all about what those scammers can do while working with those from the inside. Such is a terrible situation that I don't even want to see it happening again. I don't believe that they can carry out bank fraud without having that link from the inside and such act is terrible and frustrating.

 

[Alexandoy]

I had worked in a bank for 13 years in the IT department so I know the prevention that banks have against potential hackers. Although the network protection is not 100% guaranteed the staff in the network are always monitoring their system. Anyway if you are talking of the hacking incident in the case of a Bangladesh bank there was an insider in the hacking job. That's all we know because they have already flagged the news on that issue.

 

[Lyrrex]

Fraud in the banking system is not something to even ask if it contribute positively or negatively to the society as everyone knows that Frauds is something that is punishable by law and if you are caught you might go to jail I don't see the need because it doesn't bring any good development in the society, but I think the banking system is now 100% secure.

 

[Janita]

There are many different types of bank fraud. Some of the most common types of fraud tend to be check fraud, debit and credit card fraud, safe deposit box fraud, and ACH fraud, but there are many additional types of bank fraud both within and beyond these basic categories. Here’s a closer look at some of the more unusual types of bank fraud faced.