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Article
Publication date: 8 February 2021

Mehak Younus

This study aims to investigate the involvement of employees in frauds and forgeries in banking industry of Pakistan and precautions taken against it. This research…

Abstract

Purpose

This study aims to investigate the involvement of employees in frauds and forgeries in banking industry of Pakistan and precautions taken against it. This research explored the types of frauds prevailing in Pakistan’s banking industry, and the causes of employee involvement in frauds.

Design/methodology/approach

In-depth interviews with the officers working in fraud/compliance/risk department at commercial banks as well as the officials working in the inspection and policymaking departments at the State Bank of Pakistan (SBP) were conducted. Research questions were developed under the guidance of experts working in the banking industry, so the research possesses internal validity. Data was analyzed using thematic analysis.

Findings

This study revealed that the SBP has devised many policies and guidelines for commercial banks against fraud management, but these are not properly implemented. These policies also include precautionary measures, which are recommended by the SBP to lessen fraud. Besides this, banks are also taking initiatives of their own to control the rising trend of frauds and forgeries. At the end, brief conclusion and effective recommendations are given to the practitioners, policymakers and management.

Originality/value

To the best of the author’s knowledge, this area of management has not been explored by researchers in Pakistan; hence, this research provides valuable information to bank managers, risk management departments, risk avoidance policymakers, bank shareholders, depositors, borrowers and government agencies. This study provides deep insights into the prevalence of frauds in the banking industry of Pakistan.

Details

Qualitative Research in Financial Markets, vol. 13 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 4 October 2021

Oludayo Tade

This paper aims to examine the nature of frauds and insider involvement in the perpetration of frauds in Nigeria’s banking ecosystem. It probes the payment platforms…

Abstract

Purpose

This paper aims to examine the nature of frauds and insider involvement in the perpetration of frauds in Nigeria’s banking ecosystem. It probes the payment platforms mostly vulnerable to fraud attacks since the role-out of cashless policy in Nigeria in 2014.

Design/methodology/approach

Using secondary data on frauds and forgeries in Nigeria Deposit Insurance Corporation annual report of 2019, the study engaged the data on frauds and forgeries to unpack the complex dynamics in relation to bank frauds in Nigeria.

Findings

Findings show that fraud attacks on deposit money banks increased year in year out although the actual monetary loss dropped in 2019 as against 2018. Technology mediated transactions such as the use of automated teller machine and internet-based transactions experienced the most fraud. In relation to the role of insiders, all cadres of staff were involved in the fraud but majority of those involved were temporary staff.

Practical implications

Arising from this, it is suggested that banks should continue to strengthen security system and governance structures. Employing temporary staff should be phased out while online and offline vigilance should be mounted.

Originality/value

The study contributes to knowledge by examining the nature of frauds and unveiling the insider dimensions of fraud and the possible factors increasing the vulnerability of casual staff to perpetrate fraud.

Details

Journal of Financial Crime, vol. 29 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 April 2002

Mohammed B. Hemraj

Forgery is not an oft‐discussed subject. Detailed discussion of forgery by banks and other financial institutions all over the world is a taboo, ‘for fear of sowing the…

Abstract

Forgery is not an oft‐discussed subject. Detailed discussion of forgery by banks and other financial institutions all over the world is a taboo, ‘for fear of sowing the seeds of fraudulent schemes in other ingenious heads’. This is obvious. For once a loophole is identified and discussed, it has to be permanently plugged and sealed, which the bankers perhaps find an arduous task as it costs money and leads to the necessity of cumbersome and time‐consuming procedures being adopted. This paper will analyse the offence of forgery, the definition and the modus operandi of forgery and a sample of forgery cases in the UK and the USA.

Details

Journal of Financial Crime, vol. 9 no. 4
Type: Research Article
ISSN: 1359-0790

Article
Publication date: 1 January 2001

Chibuike Ugochukwu Uche

In recent years, the volume and frequency of fraudulent practices in Nigerian banks have been on the increase. According to the Nigeria Deposit Insurance Corporation…

Abstract

In recent years, the volume and frequency of fraudulent practices in Nigerian banks have been on the increase. According to the Nigeria Deposit Insurance Corporation (NDIC), the level of reported fraud in Nigerian banks rose from N804m in 1990 to N3,199m in 1998. Furthermore, the proportion of actual/expected loss to the amount involved in fraud rose from 3 per cent in 1990 to 22 per cent in 1998. Perhaps the highest fraud ever reported in any particular year by a Nigerian bank occurred in 1998 when United Bank for Africa plc wrote off N786m on account of fraud. The growing scope and scale of fraud in the Nigerian banking industry is not surprising, given the rising profile of the country as a corrupt and fraudulent nation. For instance, a recent survey by Transparency International, a German‐based international organisation that interviewed business people worldwide, listed Nigeria as the second most corrupt country in the world. The country also has a poor reputation concerning drug trafficking. It has, for instance, been asserted that:

Details

Journal of Financial Crime, vol. 8 no. 3
Type: Research Article
ISSN: 1359-0790

Article
Publication date: 11 November 2020

John Kwaku Amoh, Dadson Awunyo-Vitor and Kenneth Ofori-Boateng

This study aims to assess customers’ awareness and level of knowledge on electronic banking fraud.

Abstract

Purpose

This study aims to assess customers’ awareness and level of knowledge on electronic banking fraud.

Design/methodology/approach

A well-structured interviewer-assisted questionnaire was used to collect data from 400 clients of a case study bank. Data were analysed using descriptive statistics. Kendall’s coefficient of concordance (W) statistic was also estimated to track and rank the fraudulent activities identified by the respondents with respect to electronic banking.

Findings

This study found that respondents were aware of most of the specific forms of electronic banking fraud. Firstly, automated teller machinfraud is the most common scam for which customers are aware of. Secondly, institutional factors such as lack of monitoring and education of clients are major factors which expose the bank and clients to fraudulent electronic banking acts. Thirdly, the most effective action that can be taken to prevent fraud in the bank is increased security and personal identification number (PIN) protection education.

Research limitations/implications

This study focusses on a universal bank and uses data from customers of only one branch of the bank to achieve the research objectives.

Originality/value

One uniqueness of this paper is in the adoption of Kendall’s coefficient of concordance (W) statistic to track and rank fraudulent banking activities. The findings will allow financial institutions to know the forms of current and innovative electronic banking fraudulent activities that customers are aware of. It will also enable the banks to find ways to inform their clients about emerging electronic banking fraudulent activities to prevent them from falling victims.

Details

Journal of Financial Crime, vol. 28 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 15 June 2021

Shahin Akther and Muhammad Sabbir Rahman

The purpose of this study is to examine the pre-training and post-training variables influencing employee training effectiveness in the banking industry in this era of the…

Abstract

Purpose

The purpose of this study is to examine the pre-training and post-training variables influencing employee training effectiveness in the banking industry in this era of the digital age.

Design/methodology/approach

This study adopted a cross-sectional research design and a structured questionnaire to survey the participants (i.e., bank employees) (n = 702) for data collection. The data gathered from the surveyed respondents were analyzed using the Partial Least Square to Structural Equation Modeling (PLS-SEM) approach to test the proposed hypotheses.

Findings

The research findings suggest a significant influence of pre-training (i.e., training environment, trainer quality) and post-training (i.e., trainee motivation, trainee self-efficacy, and authentic leadership practices) factors towards the bank's staff training effectiveness in this era of digital age.

Originality/value

The research is one of the pioneer attempts on training effectiveness that significantly open opportunity for financial institutions such as banks to meet the challenge of the fourth industrial revolution from a developing country perspective. The current study also contributes to the extension of the theoretical and managerial doctrine in terms of the relationship among the pre-and post-training factors to enhance training effectiveness under the scope of the financial sector's employees to manage human resources and their development in the digital age.

Details

International Journal of Manpower, vol. 43 no. 2
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 1 March 1978

Rita Greer

Rita Greer describes her very successful, one woman research to produce attractive and appetising food for a gluten free diet. As an artist, her approach to the problem…

Abstract

Rita Greer describes her very successful, one woman research to produce attractive and appetising food for a gluten free diet. As an artist, her approach to the problem was unique. If an engraver can produce forgeries of bank notes, why, she asked herself, should not an artistic cook be able to produce forgeries of ordinary food to meet the needs of a special diet?

Details

Nutrition & Food Science, vol. 78 no. 3
Type: Research Article
ISSN: 0034-6659

Article
Publication date: 8 February 2008

Joseph K. Achua

The ongoing reforms in the Nigerian banking system have resulted to mega banks, driven by advanced competition. This has raised concerns about their social and…

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Abstract

Purpose

The ongoing reforms in the Nigerian banking system have resulted to mega banks, driven by advanced competition. This has raised concerns about their social and environmental performance. The purpose of this paper is to agitate for the prioritization of corporate social responsibility (CSR) as the foremost condition for banking stability in the reforms.

Design/methodology/approach

This paper draws largely from the theory of CSR, and reviews pertinent policies and practices in the Nigerian banking system.

Findings

The paper identifies self‐induced vices, regulatory laxity, inauspicious macro‐economic environment, and endemic corruption in the economy as the major constraints to the discharge of CSR in the Nigerian banking system.

Practical implications

It may be necessary to restructure the Central Bank of Nigeria to clearly separate the roles of banks' supervision from fiscal policy management for a more effective economic, social and environmental viability of the banking system. Furthermore, the banking system should focus less exclusively on shareholders and financial measures of success to include all stakeholders' relationships in their mission to sustain competitive success in the future.

Originality/value

It is imperative that external regulation should be blended with conscious self‐regulations by the banking institutions for the reforms to effectively include the delivery of CSR. This should be anchored on effective corporate governance in the banking institutions in the system.

Details

Society and Business Review, vol. 3 no. 1
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 1 March 2001

John McFarlane

This paper discusses how corruption, in its various manifestations, has had — and continues to have — a very serious impact on the economic and political stability of the…

648

Abstract

This paper discusses how corruption, in its various manifestations, has had — and continues to have — a very serious impact on the economic and political stability of the Asia‐Pacific region.

Details

Journal of Financial Crime, vol. 9 no. 1
Type: Research Article
ISSN: 1359-0790

Article
Publication date: 6 July 2015

Timothy J. Louwers

– The purpose of this paper is to explore the origins of crime-related forensic accounting methodology in the USA.

2966

Abstract

Purpose

The purpose of this paper is to explore the origins of crime-related forensic accounting methodology in the USA.

Design/methodology/approach

The author describes how these early methods have evolved through the use of technology.

Findings

The author also discusses the next generation of crime-related forensic accounting tools and techniques which, although in limited use today, will grow to widespread use in the near future.

Originality/value

This viewpoint is a summary of a presentation made at the 3rd National Forensic Accounting Teaching and Research Symposium held at the Queensland University of Technology on February 10, 2014.

Details

Accounting Research Journal, vol. 28 no. 1
Type: Research Article
ISSN: 1030-9616

Keywords

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