Fraud in the banking system

[Ifective]

This aspect is not been spoken about enough. The workers in the banking industry have succeeded in defrauding their customers of their money. They do it in a way that you don't get to complain. They deduct a token of say 2 naira here in Nigeria and if that's calculated for a large number of customers, that's quite a fortune

 

[Heatman]

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?

If a bank security system is hacked or bypassed, the real truth is that there is an insider involved in the act. There is no way the process would start from outside and finish from the outside. Someone within the bank structure will give them tips on the banks security system to be able to crack it.

 

[Osaz96]

Technology has made banking really easy for the world. It has allowed us to do our daily works and our banking at the same time, but it has its own bad sides too. Scammers have used technology to steal money from people in mouth dropping figures I myself had an experience last year but thanks to God the bank made their investigations and refunded the money to me.

 

[Heatman]

Technology has made banking really easy for the world. It has allowed us to do our daily works and our banking at the same time, but it has its own bad sides too. Scammers have used technology to steal money from people in mouth dropping figures I myself had an experience last year but thanks to God the bank made their investigations and refunded the money to me.

Well depending on how impressive the banks security system firewall is, it can never be hacked no matter the expertise of the the scammers or hackers involved. Take a look at the the WORLD HEALTH ORGANIZATION AND INTERNATIONAL MONETARY FUND (IMF), there is no way their server can be hacked.

 

[lelakil3]

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?

Since technology emerging to its faster evolution we really need on security as always we don't want that our data will leaked and being used by someone, no one's want to be a victim from a scam.

 

[Kiwi]

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. 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. The only solution is for these banks to fish out the bad eggs among them and punish them. Customers need to be careful too.

 

[Seun4luv]

Bank fraud can be define as whenever a person knowingly executes, or attempts to execute, a scheme or artifice (1) to defraud a financial 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.

 

[kayode10]

I am sorry to burst some people bubbles here. Banking system has a traces of fraud in it's foundation during the early era if you check the history. The fraud in the banking industry is so enormous that if care is not taking it will affect the economy of the country. The Advent of technology and sophisticated software makes it easier these days for hacker to getting banking system through user logs.

 

[Heatman]

Since technology emerging to its faster evolution we really need on security as always we don't want that our data will leaked and being used by someone, no one's want to be a victim from a scam.

Some people don't even need the technology to steal in the banking industry. Most of the times, the so called staff have criminality in their personality, which makes them look for any means to steal and disappear. I knew a guy who manipulated records in the bank and stole over 20 million Naira but unfortunately he was caught.

 

[GIFTMICHAEL]

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.

Exactly, this has also affected me greatly my money was taken out of my account without my consent.
The fraud is too much but I also believe that they are working tirelessly to ensure customers protection.

 

[Heatman]

Exactly, this has also affected me greatly my money was taken out of my account without my consent.
The fraud is too much but I also believe that they are working tirelessly to ensure customers protection.

Seriously, I believe that is true because I could recall one time when I got an anonymous call telling me about my account stuffs which they shouldn't have such information about me but only my bank. The caller later asked for my ATM CARD details, then I knew right away he was a hacker.

 

[adazeez1995]

Actually, I am more bothered about the systemic fraud by the banks themselves. When applying for an ATM card in UK (both debit and credit), u will never be charged a penny. The card is given free and " maintenance" , if there's a term like that is free. But here in Nigerian, an ATM card will be done for you@ 1000 naira plus VAT 50 naira before you could have it.
And I am being charged some extras regularly in the pretence of imaginary "card maintenance fee"
To me, thus is systemic corruption and a fundamental banking fraud.

 

[EMMANUEL]

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

 

[GIFTMICHAEL]

Seriously, I believe that is true because I could recall one time when I got an anonymous call telling me about my account stuffs which they shouldn't have such information about me but only my bank. The caller later asked for my ATM CARD details, then I knew right away he was a hacker.

This is not suppose to be happening at all in an institution entrusted with something of financial importance.
I use to ask myself how come this hackers get to get all this secret information about the customers.

 

[Yewande]

Sometimes I feel like the fraudster or scammers are actually the bankers. Have you ever been debited a little amount of money from your account without any reason. Well they do that to over a million persons daily. They are stealing in broad day light.

 

[Heatman]

This is not suppose to be happening at all in an institution entrusted with something of financial importance.
I use to ask myself how come this hackers get to get all this secret information about the customers.

It's really frustrating what we see every day in this country. To think that you have your money safe in the bank, a staff in the bank will be working with criminals to steal your money. Who did we really offended? I almost closed the account I had in that bank because of what happened.

 

[GIFTMICHAEL]

It's really frustrating what we see every day in this country. To think that you have your money safe in the bank, a staff in the bank will be working with criminals to steal your money. Who did we really offended? I almost closed the account I had in that bank because of what happened.

I don't know who did this to us. I don't know who we have offended.
I don't know the reason why our banking industry don't want to grow like others.
This is really shameful that we are in this process for so long.

 

[Kamon c4]

I don't know who did this to us. I don't know who we have offended.
I don't know the reason why our banking industry don't want to grow like others.
This is really shameful that we are in this process for so long.

Technology in the banking system in Nigeria isn’t developed but the fraud is minimal. The higher the technology the higher the crime rate. The USA banking systems experiences more fraud compared to Nigeria

 

[btaliat]

In my country, banks are thieves. They charge unnecessarily. They have deducted my money without traces many time. But I have vowed to sue them to court if any of such happens again.

 

[GIFTMICHAEL]

Technology in the banking system in Nigeria isn’t developed but the fraud is minimal. The higher the technology the higher the crime rate. The USA banking systems experiences more fraud compared to Nigeria

Wow this is something iam hearing for the first time.
I was thinking that the fraud is only in Nigeria.
The fraud in the banking system is really bad here in Nigeria.
The government should be able to control the fraud in the system.