Financial institutions

X-Ray Financial Institutions and Wire Frauds in Nigeria

While tech pundits discuss financial institutions, they would be more concerned about the scale and distance traveled by major industry players when it comes to technology-driven measures.

While some stakeholders would dispute the “goodness” and remarkable activity of financial institutions, others would relentlessly defend the “inevitable impact” of the sector to the last drop of their blood.

Financial institutions, banking in particular, have greatly enabled mankind to get rid of the archaic model of saving money and other valuables, thus avoiding many problems usually characterized by said method.

Banking as a sector has obviously contributed in recent times to countless economic growths recorded by individuals and entities, especially a given country or bloc, as may be the case.

With regard to savings, banking creates an unquantifiable opportunity for the human race, businessmen and merchants in particular, to keep their money and assets safe daily to enjoy better ease of do business or negotiate.

So far, the bank has arguably saved people from a lot of strain because it has created and maintained an avenue where anyone, regardless of status, can easily deposit their money without exercising any element of fear regarding Security.

With the introduction of the ongoing Consolidation Policy of the Central Bank of Nigeria (CBN) competently initiated during the reign of Professor Charles Soludo, it is now certain that any amount of money/asset kept or deposited in a commercial bank domiciled in the country is certainly safe.

The reliability of commercial banks is currently well guaranteed and can be proven by any financial or political analyst at any time. This is the only reason why people from all walks of life can be seen currently going to banks to deposit valuables.

And with the existence of apex bank’s newly introduced cashless policy, people can now transact from the comfort of their respective rooms with ease.

The cashless policy, with the help of technology-driven measures, has really helped the banking industry to reduce several inconveniences and constraints faced by their staff as well as customers.

The above-mentioned policy has also so far helped the industry to alleviate all kinds of physical social ills usually suffered by the banking industry, such as but not limited to armed robbery, to a reasonable extent.

Previously, with plenty of cash in circulation, armed robbers had more opportunities to physically invade people’s privacy, be it offices, stores, residences, or on the roads, forcefully taking away their hard-earned cash. .

On the other hand, the advent of information and communication technology (ICT) mechanism in the banking sector has constituted enormous unbearable non-physical evils, commonly known as electronic frauds (e-frauds). These crimes are not perpetrated physically as in the case of an armed robbery.

Electronic fraud, as the name suggests, relates to all sorts of evils emanating from the use of electronic gadgets or equipment to include computers and cell phones, among others.

ICT remains the major aid of the current modern banking system. It should be noted that said mode of technology cannot be possible without the use of electronic devices and mechanisms such as computers and the Internet, as well as networking.

This electronic methodology, since its inception in the banking sector, has been abundantly characterized by countless frauds. It should be noted that electronic evils can only be possible through a manipulation called hacking.

Only when their electronic affairs – including personal and bank accounts – are hacked, would the criminal have the opportunity to carry out any type of intentional crime that could cost the unsuspecting person a fortune. We must understand that anyone can be a victim of this despicable act.

Thus, we can at this point fully understand that, although the advent and maintenance of ICT in the banking sector has greatly contributed to solving many problems and crises, it has caused millions of victims.

In various forums and platforms, I have thoroughly analyzed several problems and ailments related to electronic (internet) piracy. In my candid words (analyzes), I have taken the time to say that for us to enjoy or appreciate the use of electronics, we must be well and appropriately prepared to develop, introduce and maintain sound policies, either as separate individuals or entities.

As a group of people called Nigeria, the corporate body that is in charge of the entire banking system of the country must in this digital age be more concerned about how to strategize to ensure that the existence Technology-driven measures only end up doing more harm than good to the system as a whole.

The above can only be duly achieved by introducing and maintaining a sound and reliable policy-making unit within the institution. Therefore, the CBN should not hesitate to make this happen in its jurisdiction.

As these merchants try to make a profit in the lucrative banking industry while helping the public to protect their wealth or treasures, they must also, as an institution, create corporate guidelines that would help their customers avoid various problems that may befall them.

In terms of corporate policy, banks should be well aware of the compelling need to create more secure online applications or software by hiring reputable IT experts. Likewise, a standard ICT unit should be maintained in their respective branches.

On an individual level, users of computer applications, on the other hand, must be fully aware of the best way to protect their identities and online transaction details at all times. This measure must also involve respected and reliable professionals.

The bitter fact remains that as sophisticated technologies evolve, criminal-minded people or entities in the system would strive to take advantage of the development at the expense of unsuspecting users.

This is the reason why corporations and individuals are regularly advised to strive to be wiser than criminals, just as mankind is advised by the Holy Scriptures to be wiser than the devil.

Therefore, educational institutions, for their part, must invariably be ready to instill the required expertise in ICT learners or trainees who are undergoing various training courses within their jurisdictions.

Although the Nigerians have started where they left off, there is still a huge distance to cover in an attempt to get to the necessary point.