Why Insider Frauds Thrive In Banks – Read More

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has blamed the rising level of fraud in the nation’s banking sector on lack of examination of character specimen of bank officers at entry level.

President of the association, Comrade Sunday Salako, who disclosed this weekend at the ASSBIFI Central Working Committee meeting in Ekiti, said the development paves way for the banking system to absolve personnel whose character are found wanting and cannot be entrusted with public fund.

He also said the fact that banks do not adequately reward and motivate their personnel gives room for them to perpetrate fraud in order to cope with the challenging environment in the country.

Salako, who decried the rising level of fraud in banks in the country, said there was need for some drastic measures to be taken in order to tame the monster in the sector.

He therefore suggested the need for the banking sector to bring back the establishment of career path of personnel whereby they grow progressively with the demand of the job which also places integrity and honesty as their hallmark.

He said banks should also motivate their staff adequately so as to prevent them from engaging in fraud and untoward acts that can rob on the bank’s trust.

Source: All Africa