Overview

Globally, over 80% of successful major frauds are perpetuated by top executives who ironically had the duty to supervise employees, hence the paradox of 'saving meat in the mouths of cats' A sound banking system is necessary for the effective functioning of the financial sector and for achieving good economic growth. The banking industry has experienced phenomenal growth in recent years. This growth is however associated with increasingly complex scams and frauds that hurt banks and their customers. Scams and frauds are better prevented than stopped. Hence it is proposed here, among other measures, that: (1) customers and staff be trained regularly on early warning signs of scams/frauds; (2) the functions and oversight roles of top executives, and key IT and audit staff is switched regularly; and (3) regular forensic survey is conducted to determine the fraud/scam threats posed by employees and top executives, and the outcomes acted upon as soon as possible. Although banks can't be 100% secure against unknown threats, a certain level of preparedness will go a long way in countering scam/fraud risks. Prof. Essia is an economist with several years of teaching, research, and consulting experience. He has authored several books and scholarly articles. Dr. Ehiwario holds a Ph.D. in banking and risk management. An excellent audit, fraud & risk management expert, he has worked for high-profile private and public organizations in the UK and Nigeria.

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