According to 2018 report of the Nigeria Deposit Insurance Corporation(NDIC), bank managers and supervisors were involved in fraud and forgery cases in banks which led to the loss of N15.15bn in 2018 alone. The report also has it that a total of 899 bank workers were involved in frauds and forgery cases in 2018 compared with the 320 reported in 2017.
The report further noted that 37,817 fraud cases were reported in 2018 against the 26,182 in 2017. The report, however, showed that the actual amount lost to fraud incidences in 2018 stood at N15.15bn as against the N2.37bn and N2.40bn in 2017 and 2016 respectively.
This is a confirmation of the notion that many of the frauds perpetuated in our banks, against innocent depositors, were done with the collaboration and connivance of criminally minded, disgruntled or former banks staff.
They mostly commit these frauds through internet, web, ATM and POS platforms by unauthorized use of customers’ info within their disposal to steal customers’ deposits. Many of the cases of unkwon persons deploying ATM card numbers, phone numbers and OTPs to make cash withdrawasl or make purchases are intrinsically linked to insider collaborators in the banks who take advantage of banks’ weak cyber security, supervision and negligence to freeze depositors.
The banks, out of their own selfish interests, seek more to protect their public image than to address the problem squarely. They would rather blame the victim (customer), act at a snail speed on fraud complaints or at worst case, quietly sack the indicted staff than to come out clean by admitting their negligence and seek for ways to up their systems to minimize future occurrences.
As it is today, all armed robbers put together cannot steal a quarter of what banks staff and their outside collaborators steal from banks customers.