The Nigeria Deposit Insurance Corporation has beckoned on law enforcement agencies to tighten their collaboration to curb banking fraud in the country.
The Managing Director/Chief Executive of NDIC, Bello Hassan during the annual capacity-building workshop for law-enforcement agents in Lagos said that the corporation is not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but urge that the agencies involved should relent in their efforts and be rest assured of unflinching support at all times.
Hassan said that ‘The banking system is rapidly evolving with innovations, it is clear that a new phase of the financial technology-driven economy is currently reshaping the global financial services space. With this development, the criminally minded users of the banking system, including the notorious ‘cyber criminals’, are busy perfecting their misplaced skills.
He reassured that the law enforcement officers must acquaint themselves with basic knowledge of the types of fraud prevalent in the banks and also put in place regulatory/supervisory measures to curb the activities of fraudsters in the system.
In his words “The authorities are becoming more proactive with policies and examinations/investigations to ensure that the banks/financial institutions strengthen their risk management practices to prevent loss of funds and maintain depositors’ confidence in the banking system.
“The advancements in information technology that open new possibilities and vistas in banking operations have equally exposed the banking subsector to emerging threats. This situation increases the burden on the regulators and supervisors to enhance their operational capacities. It has also heightened the need for more collaboration between agencies involved in the fight against banking malpractice.
The Managing Director of NDIC also disclosed that the corporation will, in conjunction with law enforcement agencies, commence investigation of directors, managers and staff of the defunct Heritage Bank following its liquidation over a month ago.
