Fraud in the banking system

[Highflyer]

Fraud and fraudulent practices are of various forms in the banking industry. There are general types of fraud that is more of a common denomination to various organizations e.g. accounts manipulation, deliberate reclassification of accounts to show fictitious profit.Bank fraud is the use of potentially illegal means to obtain money, assets, or other ... Cheque kiting exploits a banking system known as "the float" wherein money is temporarily counted .

 

[Abibatabosede]

The issue of fraud penetrating the bank is becoming too alarming that I believe banks should find a lasting solution to it. I almost got duped by this fraudsters lately if not for a friend that I called to confirm something from.

 

[chicnthin]

There is an advantage on using technology for enhancing the security of the banks. It is true that there are a lot of frauds and scam out there trying to hack the system in banks but the amount of firewalls and protections that the bank uses is layer by layer. It would be hard to crack it unless there would be an inside job.

 

[Mrs. Rizwan]

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?

Fraud people are everywhere in the world and we do not even know them and they do their job easily. Similarly, there are many fraudulent people in the Banks today The different people who have a lot of cash in the bank, fraudulent give their data to the people associated with cyber crime and make money disappear from the banks... Therefore, caution is very important that bank details should never be Shared with anyone or the loss will be ours.

 

[Mawome]

The type of fraud in the banking system is not really encouraging I tell you. Sometimes I wonder if some banks partner with some of this fraudster, can you imagine that I transferred 20k to my account, 2 days later the money was no longer there in my account, I contacted the customer care immediately, so they told me that somebody reported my account, do they placed my 20k on hold, I was like who reported my account? What did he say? Why didn't you call me? Did you you know that my so called useless bank didn't give me any answer till today? Please what can you suggest I should d to recover my money.

 

[Jonaville1]

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 .

You are partially right. Internet has made banks susceptible to all kinds of frauds, however, you should also know that banks had to use the internet to run their operations. How do you think they create accounts, make ATM cards, run ATM machines and so on? This is all thanks to the internet. So while it had its own downsides, no bank can do without it.

 

[Holluwaphemmy]

Fraud in modern day banking system discouraged people from saving they money and valuables in the bank. Based on my own perspective, I think it is some of the sacked of recruited workers that perpetrate this evil

 

[Ltherman]

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.

Is there no way these thing can be tracked online. Since everyone leaves a digital footprint online isn't it possible to follow the trail of anyone that must have scammed someone until the person is gotten. I know it may take time and resources but it is possible with new and improved technology.
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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.

Is there no way these thing can be tracked online. Since everyone leaves a digital footprint online isn't it possible to follow the trail of anyone that must have scammed someone until the person is gotten. I know it may take time and resources but it is possible with new and improved technology.

 

[Kamon c4]

Fraud in modern day banking system discouraged people from saving they money and valuables in the bank. Based on my own perspective, I think it is some of the sacked of recruited workers that perpetrate this evil

This is so true. Recently in Nigeria an ex banker was charged with fraud. He deductts 1naira monthly from each users account. Imagine if the bank has 20 million users then he makes 20 million naira each month

 

[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.

Fraud costs the banking industry more than any type of crime. Shareholders bear the consequences of losing businesses affiliated with them resulting in cosumeable earnings.

 

[Damismiling]

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.

You are right, although the introduction of Internet and technology in banking system is to enhance smooth running and ease of access by general users but this as been hijacked by some fraudster and they now use this to dupe innocent people, it should be noted that before you can fall victim you must have been careless invone way or the other with your confidential information

 

[Bilal0087]

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?

As this is the age of Science and Technology, and with the development of Technology people are becoming more intelligent and sharp minded, now scammers are also well aware about the technology and they can easily hack the systems to scam with banks, so management should develop secret security system to avoid such type of negative issues.

 

[Ridorz]

Firstly, there is nothing that have a positive without negative. But, what i can say about a fraudulent of bank is that a bank users must not be carelessness about their bank details. If you don't want to be fraud , you have to be keeping the secret details of account. I think that is the only way to prevent a fraudsters.

 

[Sariana23]

Yes, of course it has affected bank security, which almost always occurs with the help of the personnel who work in these financial institutions. Although it has given customers more ease in their operations without having to travel and stand in long queues to make payments and transfers to third parties.

 

[ahmedo24]

Firstly, there is nothing that have a positive without negative. But, what i can say about a fraudulent of bank is that a bank users must not be carelessness about their bank details. If you don't want to be fraud , you have to be keeping the secret details of account. I think that is the only way to prevent a fraudsters.

The rate of Scam in the banking sector now, is very important we actually keep our bank details very secretive and also try as much as possible to go to the bank whenever we have issues instead of giving sensitive information on phone or online.

 

[Kinglegend01]

I think the banking system just like everything else gas it own alot of advantages and disadvantages too.the banking system which used to be a secure means of saving money is now totally compromised, 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.

 

[Chumzy]

Fraud in the banking system is not something that started today, right from the origin, the bank has always won. You put money in the bank for safe-keeping with little or no interest accruing, and they use it for month. The make investments and profits in the name of safe keeping and make millions because they can invest billions in gilt edge securities.

 

[Khezo]

Scamming and all contribute negatively. Scamming does not contribute any thing to any system its a bad act that also affects the world major economies. It need to be stopped but my fellow computer bros would not here of it

 

[Klashlly]

Fraud in the banking system​

defines bank fraud as whenever a person knowingly executes, or attempts to execute, a scheme or artifice
(1) to defraud afinancial institution; or
(2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by or under the custody or control of, a financial institution ...

 

[Emma Aneni]

The fraud issues in the banking system is becoming rampaging, it even starts from the bank itself when they'll take some of your money and give out loans but refuse to return your money in time and when you ask for it they'll manage to pay part of it or keep postponing you.