Fraud in the banking system

[Rimsha kanwal]

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?

Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution.In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.

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[Maliha]

Yes it happens in the bank that high rank people like worker always set their assets to make money through some fraud way .like they have planned to make some extra money through other people.this is really bad to listen but only less people are acting like this not all the people or employees , they damaged the coming profit and affected on the development of ourbcountry

 

[Afrinish]

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?

 

[chalcedony8]

bank fraud is the use of any potential means to steal or extort money from a financial institution, bank fraud has to with a person trying to use illegal means to acquire assist both tangible n intangible assets from the money which doesn't belongs to them but rather belongs to a financial institution, most time it happens within the banking system itself and at times it involves a staffs in the bank in collaboration with fraudsters outside the bank, it is a very serious offense that is punishable by law and in most cases where it is untraceable, the bank can suffer bankruptcy which is the end of any business.

 

[tuna89]

The frauds in the banking system are being checkmated but enough is not being done when it comes to checkmating and knowing every method being used to defraud individuals of their hard earned money. The banks also are experiencing database hack and issues too, in summary the bank needs to prevent frauds they do plus frauds that affect them.

 

[Nicklas22]

About N15. 5 billion was lost to bank fraud in 2018. ... Our research investigated dimensions of electronic fraud in Nigeria. We found three: internal fraud carried out by banking staff; external fraud carried out by ordinary Nigerians; and collaboration between fraudsters and banking staff.

 

[Oluwatobitomisin]

Fraud in Banking System has affected the Bank and Users negatively because most Users changes their bank due to an issue with the bank and this might make the User tell his fellow Users about what happened to him it her, and this might stop others from using the same bank

 

[Dubai]

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?

The involvement of technology in the mode of operation of the banking system has contributed positively to curb crime and various scamming schemes. For instance, the CCTV camera, the finger print recognition, high-tech doors as well as bullet proof structures has help to reduce direct and indirect fraud around the banking systems.

 

[chalcedony8]

bank fraud is the use of any potential means to steal or extort money from a financial institution., bank fraud Has to do with a person trying to use illegal means to acquire an asset, most times it is done by a staff in the same institution and at times it is done in collaboration with the. staff and fraudsters, it is a very dangerous thing and it totally punishable by law, in cases where the fraud becomes untraceable, the banking institution can suffer a great loss or go bankrupt, fraud affects a bank system in all areas.

 

[Chief]

It is all over the world, even in foreign banks but I just want to say that any body that engages in I will be publicly shamed because that is what they deserve . Fraud is a negative social vice and those who engage in it must be brought to book.

 

[Ltherman]

One of the things that baffles me is how some of this form of fraud is able permeate the banking system if the bankers themselves are not involved. A lot has to be done to combat it. People's life work being wiped out.

 

[Adexgrace]

Fraudsters are always looking for ways to hack into bank and individual accounts despite banking security system. I think the banking system use always update their security system always so as to block the penetration of fraudsters.

 

[Richard92]

Frauds in banking system are very much these days, so bankers need to be careful, these days people get fraud using online banking system, sometimes they get information from bank workers to fraud costomers while sometimes the costomers are not careful enough and their pin code are gotten carelessly.

 

[Adeyoola7]

Bank fraud is the use of potentially illegal means to obtain money, ... Cheque kiting exploits a banking system known as "the float" wherein money is temporarily

 

[Lagazine]

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?

Yeah, you are right. There are frauds in banking industry all across the world, but looks rampant in African continent. Although, there is going to be a simple way to curb that. It can be reduced if the manager doesn't attain the position by bribing his or her way in. Embracing scrutiny will lead to a better banking system.

 

[MarieArie]

It is usually difficult to estimate the costs of fraudulent activities in the community. Fraud and forgeries cost the banking industry more than any type of crime. Shareholders bear the consequencies of losing businesses affiliated with them resulting in depleted earnings. Customers would share business losses through service cost increase.
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It is usually difficult to estimate the costs of fraudulent activities in the community. Fraud and forgeries cost the banking industry more than any type of crime. Shareholders bear the consequencies of losing businesses affiliated with them resulting in depleted earnings. Customers would share business losses through service cost increase.

 

[Oliver 20]

Commercial Bank Money is the main culprit there. The ability to create as much money as one wants, out of nothing and using nothing more than an accounting trick is where things get out of control.

Value acceptance (money being accepted by others) is not something that we should be questioning, etc. It is the very creation (and destroying of commercial paper money) that is debt laden in a fiat money system, which when things go sour, the average public gets to experience decreasing purchasing power of your money - is what we should be giving a long hard look.

 

[Hassan14]

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?

I think that bank fraud has become very difficult at the moment because the work is done online, everything is done online and all the customers have confidence in the banking system and I'm done with two, so nowadays everyone is happy with it and trusts it from the banking system.

 

[Kamon c4]

I think that bank fraud has become very difficult at the moment because the work is done online, everything is done online and all the customers have confidence in the banking system and I'm done with two, so nowadays everyone is happy with it and trusts it from the banking system.

Technology has contributed largely to the banking sector. Though it has contributed a lot in positive but we can’t overlook the negative impact it has inflicted on the banking system. Truly transaction is conducted online now and it has made things get easier. Fraudsters are able to deceive user into releasing their personal informations and access their accounts

 

[Pirate]

I can't say it has contributed negatively because technology is still evolving. Though I must confess it has really helped some scammers Rob people of their hard earned salary but it has also made things better in a way because I can't really blame the system as most people who are scammed give out sensitive information themselves, so as the world is evolving we'll soon reach a phase where such fraudulent activities won't be feasible.