Fraud in the banking system

[Kamon c4]

Banking system should be highly secured regarding IT department and Security. 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.

Most banks have high level security and still fraudulent acts are still being done through the customers ignorance or negligence. I believe it’s ideal for banks and other financial institutions to enlighten their customers and warn them against divulging their personal informations our to any stranger. If a customer doesn’t divulge their information to anyone, then frauds can be easily traced back to the bank

 

[Diamond07]

Technology has made new day banking system more Vunerable and prone to attacks. These days we have various forms of online scams. Among them are Phishing ;This is perhaps the most common form of online scam out there, largely because of how well it works. False surveys, Account failure problem.

 

[Shayo]

Frauds and fraudulent practices are of different forms in the bank industry. The collaborative fraud is the most common and it involves collaboration between banking staffs and fraudsters outside the banking system to steal from bank account owners.

 

[Azhar119]

carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for A temporary period or otherwise, with or without any monetary loss to the bank”.
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carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for A temporary period or otherwise, with or without any monetary loss to the bank”.

 

[Vladv26]

It's extremely hard for any kind f hacker to break and infiltrate into the banking system and stole money out of people's accounts. However, the way they do it is by sending pishing emails to people so they steal their private information and they can log in into their bank account. This is not entirely the banks fault since the client is responsible for protecting his informations like passwords
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It's extremely hard for any kind f hacker to break and infiltrate into the banking system and stole money out of people's accounts. However, the way they do it is by sending pishing emails to people so they steal their private information and they can log in into their bank account. This is not entirely the banks fault since the client is responsible for protecting his informations like passwords

 

[Richmond funke abosede]

Fraud has been acknowledged as one of the principal threat to the development of the banking sector worldwide.
Bank fraud is often successful because many Nigerians don’t subscribe to transaction alerts. The eatery management trusted their account officer but did not know that he was dishonest.

Outsider fraud: These perpetrators were external to the banking system. They thrived on their internet skills and sometimes on their understanding of the victims’ routine and identity.

 

[unhappy triad]

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.

 

[Alogakho Esson]

Of recent Nigeria banking system faces fraud from banking system where by there workers are under pay so this has demonstrate high crime rate in the country

 

[Nabeel119]

Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking or insurance. In banking, fraud may include forging checks or using stolen credit cards. Other forms of fraud may involve exaggerating losses or causing an accident with the sole intent for the payout.

 

[Veetos12]

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 is very obvious that the financial institution is one of the institutions that key easily into development in science and technology. With the invention of new technological means of securing funds, a new mode of cybercrime was blended with it. So that is why banks cannot clinically safeguard the information of their customers properly giving chances to scammers and hackers to defraud people of their money.

 

[joy101]

Fraud banking has been checkmated, because I can't really blamed the system that most people who are scammed giving out the sensitive information about themselves, the negative impact has affiliated on the bank system.

 

[Quert]

Let me add this also that in general, bank investigators will start with the transaction data and search for possible fraud indicators. It is possible to use timestamps, geolocation, IP addresses and other elements to prove whether the cardholder was involved in the transaction or not.

 

[Briangsam]

Technology has a role to play in everyday running of our lives both negatively and positively. Fraud in the bank is one of its negatives. Despite banks paying tech guys handsomely to get stronger but still, insiders are helping them out. Its a tough one.

 

[Judee201]

Pervasive electronic banking fraud is affecting Nigeria’s banking system and costing the Nigerian economy dearly. It is also holding back the adoption of cashless technologies and has become an obstacle to financial inclusion in Africa’s second largest economy.

The implications of rampant e-fraud are enormous.

 

[Bart Simpson]

Believe it or not, this has become a very real issue. Very high ranking individuals at banks find ways to deposit money into their own accounts so they can make money off someone else. These people are both within and outside of the banking business. Some of these bankers say they're doing it "for the good of the bank". We can't keep letting them get away with getting away with it. The people responsible for this act should be kept accountable.

 

[Kamon c4]

Fraud has been acknowledged as one of the principal threat to the development of the banking sector worldwide.
Bank fraud is often successful because many Nigerians don’t subscribe to transaction alerts. The eatery management trusted their account officer but did not know that he was dishonest.

Outsider fraud: These perpetrators were external to the banking system. They thrived on their internet skills and sometimes on their understanding of the victims’ routine and identity.

This best explains the fraud activities perpetrated by scammers across the world. Technology was introduced into the banking system in order to make life easier and facilitate faster transaction process but some people have taken advantage of this and they carry out fraud on bank users

 

[Xerryl]

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.

 

[Kehinde]

Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking or insurance. In banking, fraud may include forging checks or using stolen credit cards.

 

[Akinwale701]

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 only frauds that banks help you to scale through are the ones that are not perpetrated by the banks themselves. Many a times the so-called banks connive with fraudsters to dupe unsuspecting victims of their hard earned money. This is very bad. Sometimes when you complain to banks of fraud, they don't take any action.

 

[Folaham]

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?

Technology introduction in banking sector makes live more easier for us but carelessness of most account leave them vulnerable to hackers to get access to their account. giving of code over the phone has always been discourage and most vulnerable person are always guilty of the giving codes over the phone.