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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: 20 January 2020

Habeeb Abdulrauf Salihu

The objective of this study is to investigate the effectiveness of the treasury single account (TSA) policy in curbing corruption in some selected federal ministries and…

Abstract

Purpose

The objective of this study is to investigate the effectiveness of the treasury single account (TSA) policy in curbing corruption in some selected federal ministries and agencies in Nigeria.

Design/methodology/approach

The study used both primary and secondary sources of data and a cross-sectional survey research design. Purposive sampling was the technique adopted to select a total of 192 respondents. The questionnaire was the instrument used in data collection. The information gathered was analysed using Statistical Package for Social Sciences in generating simple percentage and correlation analysis.

Findings

The results indicate a relationship between the implementation of TSA policy and reduction in the level of unregulated cash flow and leakages as well as decline in pilfering, embezzlement, fraud and forgery among employees of the selected institutions. In addition, it was also found that the TSA policy does not have substantial impact on the level of bribery and inflation of contracts and procurement.

Practical implications

The study suggests that other anti-corruption policies should be strengthened to support the TSA policy in eradicating other hidden corruption crimes in the Nigerian public sectors.

Originality/value

This paper is one of the few academic investigations that empirically explored the effectiveness of the TSA policy in curbing corruption crimes in Nigeria.

Details

Journal of Money Laundering Control, vol. 23 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 3 April 2020

Chengjing You

This paper aims to convict the offender of real concurrence offenses of the most severe offense and applying the most severe penalty will result in no distinction between…

Abstract

Purpose

This paper aims to convict the offender of real concurrence offenses of the most severe offense and applying the most severe penalty will result in no distinction between the perpetrator who conducted more than one act and the one who conducted only one act. This approach deviates from the purpose of criminal law. The real concurrence of offenses means several offenses, the perpetrator’s dangerousness and culpability are much higher than the perpetrator who commits just one crime, so combined punishments for several offenses should be applied to the real concurrence of offenses.

Design/methodology/approach

If the depositors are acquaintances or relatives and friends, the relationship can be explained by “personality trust.” If the depositors are strangers, but they have complied with their duties of care, the deposit relationship can be explained by “system trust.”

Findings

The real concurrence of offenses means several offenses, the perpetrator’s dangerousness and culpability are much higher than the perpetrator who commits just one crime, so combined punishments for several offenses should be applied to the real concurrence of offenses.

Originality/value

The principle of choosing the most severe punishment applied to the real concurrence of offense should be abolished. As the perpetrator separately conducts two acts at different times, these acts infringe on different legal interests. Although these acts exist closely, the authors cannot deny that these acts constitute more than one offense.

Article
Publication date: 1 March 2001

Mohammed B. Hemraj

This paper, which in part includes historical analysis, examines the following questions: (a) Whose duty is it to guard against fraud, misappropriation and defalcation…

Abstract

This paper, which in part includes historical analysis, examines the following questions: (a) Whose duty is it to guard against fraud, misappropriation and defalcation perpetrated by the employees? (b) To what extent are auditors and directors directly responsible for such detection and prevention? The issue will be analysed and explored from cases originating from the UK and Australia.

Details

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

Article
Publication date: 1 March 1991

Geoffrey Harris

Most organisations have neither clear security objectives nor aserious, integrated approach to security. This may leave them eitherunder protected, or at the prey of…

Abstract

Most organisations have neither clear security objectives nor a serious, integrated approach to security. This may leave them either under protected, or at the prey of security equipment and service organisations who may either seek their own ends, or may attack only a part of the problem. A number of examples of inefficient security systems are outlined and a five‐step process towards an integrated security system solution is given.

Details

Logistics Information Management, vol. 4 no. 3
Type: Research Article
ISSN: 0957-6053

Keywords

Article
Publication date: 7 January 2019

Spyridon Repousis, Petros Lois and Varvara Veli

The purpose of this study is to examine types of fraud risk and fraud scheme methods in Greek commercial banks.

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Abstract

Purpose

The purpose of this study is to examine types of fraud risk and fraud scheme methods in Greek commercial banks.

Design/methodology/approach

Data used for this study were obtained from primary source through questionnaires. This method of data collection was followed and was considered appropriate because the information sought is not publicly available and middle management and internal auditors are in a good position to know the answers to the questions asked. Questionnaires were sent to a sample of 230 persons, all bank branch employees (internal auditors were excluded), in the city of Athens (capital city of Greece), in five banks, National Bank of Greece, Piraeus Bank, Alpha Bank, Eurobank and Postal Bank, during February 2017-March 2017. Finally, of the 230 questionnaires distributed, 225 completed and returned but only 203 of them were usable questionnaires. Cronbach’s alpha was used to test the reliability of variables.

Findings

Results showed that forgeries, bribery and money laundering are the most important types of fraud risk, and the best fraud scheme methods are using dormant accounts and checks. Based on the empirical findings, the study recommends that there is a need for banks to implement a code of conduct and a code of ethics for staff, staff training, signature verification, control over dormant accounts, asking employees about their opinions and the way they feel about their bank, conducting surprise audits and using a hot line for whistleblowing.

Practical implications

The study will help banks in fraud risk management and in the development of policies to reduce risk within the banking sector. Also, will be useful to all categories of potential bank clients and users of financial services including shareholders, creditors, debtors and fund providers.

Originality/value

To the best of the authors’ knowledge, this is the first study examining middle management and staff opinions about fraud risk and fraud scheme methods in Greek commercial banks.

Details

Journal of Money Laundering Control, vol. 22 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 February 1998

Rocco R. Vanasco

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and…

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Abstract

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and detect fraud, domestically and abroad. Specifically, it focuses on the role played by the US Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), the Institute of Management Accountants (IMA), the Association of Certified Fraud Examiners (ACFE), the US Government Accounting Office (GAO), and other national and foreign professional associations, in promulgating auditing standards and procedures to prevent fraud in financial statements and other white‐collar crimes. It also examines several fraud cases and the impact of management and employee fraud on the various business sectors such as insurance, banking, health care, and manufacturing, as well as the role of management, the boards of directors, the audit committees, auditors, and fraud examiners and their liability in the fraud prevention and investigation.

Details

Managerial Auditing Journal, vol. 13 no. 1
Type: Research Article
ISSN: 0268-6902

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: 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: 11 August 2022

Andrew Ebekozien, Clinton Aigbavboa and Mohamad Shaharudin Samsurijan

Studies show that the fourth industrial revolution (4IR) technologies can be used to transform the built environment sector in the 21st century. Blockchain technology has…

Abstract

Purpose

Studies show that the fourth industrial revolution (4IR) technologies can be used to transform the built environment sector in the 21st century. Blockchain technology has been identified as one of the drivers of 4IR that could be a channel of innovation in the built environment. Studies concerning the application of blockchain technology in Nigeria’s built environment are scarce. Thus, this study aims to investigate the relevance of blockchain technology to the Nigerian built environment professionals (BEP) in the 21st century and proffer ways to promote the applications in the sector.

Design/methodology/approach

Given the unexplored nature of the issue in Nigeria’s context, 20 semi-structured virtual interviews were conducted across Lagos and Abuja cities. The participants were knowledgeable in construction-related information technology, from construction contracting firms and construction consulting firms, academicians in construction consultancy and internet and communication technology experts. The collated data were coded, analysed and presented in themes via a thematic approach.

Findings

Automating construction progress payments in smart contracts, financial management and supply chain management reduces transaction costs emerged as the key areas where blockchain technology can benefit the Nigerian BEP if well implemented. Others are blockchain-based BIM and prevents forgery and alteration of data, contract management and blockchain-based building information modelling (BIM). Blockchain technology applications are not without some hindrances. The 22 perceived hindrances were government, employer and employee related in Nigeria’s built environment.

Research limitations/implications

This research is restricted to the relevance and encumbrances facing the applications of blockchain technology in Nigeria’s built environment. Also, this study proffers policy solutions to promote the application of blockchain technology in the built environment via a qualitative method. Future study becomes pertinent to explore other components of the 4IR and their relevance within Nigeria’s built environment.

Practical implications

Results from this paper will strengthen and offer a rich insight into the relevance of blockchain technology in the Nigerian built environment. Other developing nations with similar challenges may consider the recommendations from this study. This study will contribute towards stirring the parties to create a good platform and supporting policies to promote the applications and implementation of blockchain technology across the industry.

Originality/value

This paper is one of the few papers that attempted to uncover issues that hinder blockchain technology applications in the Nigerian built environment via a qualitative approach and proffer feasible solutions from the practitioners’ perspective.

Details

Journal of Global Operations and Strategic Sourcing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-5364

Keywords

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