As much i dont reside in ?Nigeria, it is quite frightening on the new wave of banking fraud that goes on over there. There are 2 point agenda that i think the Federal govt can/should implement IMMEDIATELY to combat banking fraud.

1. All bank accounts should be linked to Fingerprint!. If you wanna open an account, all information should be linked to your fingerprint. If by any chance you "pulled a fast one" in bank A, it be automatically relayed to other banks where you might have an account.

It will be up to the other banks to decide if they want to keep doing business with you. However the banks can reach a "gentleman's agreement that will drop any customer that has been flagged. So it will not be easy to fraud lets say Zenith bank and run to Oceanic to continue your evil deeds.

2. All ATM card should have 2-3 pin numbers (at the request of the Customer) Each pin number will be good for a certain limit of funds. Example, pin number 1234 can be only good for about N5,000. Then 4567 for only about N20,000 and so on.
In the event that you are accosted at gun point at the ATM, you just provide the low pin number to minimize your loss. It can be programmed that balance may not show on the printout receipt.

These are just what i think in my little mind that at least will cut down the problem. We all know that the banks will not cover your losses.

Or better still, DON'T REQUEST FOR ATM CARD!. Do ur banking as in old times. Walk in! Desperate times, Desperate measures!

nigeria,s fraud problem is both internal and external

Starting with the internal problems.

Recruitment: Every would be bank employee must be heavily scrutinized. (criminal records, background, countersignatories to act as grarantors.

Establishment of controls and checks in the banking system whereby authorisation processes will be effective from top to bottom.

Establishment of a reconciliation department : Every bank from branch level to regional and national should have a department whereby the banking input system will be reconciled everyday - at least 3 times a day. any discrepancy should be flagged and investigated.

There must be an internal auditing team which will be reporting to the regional office who will also be reporting to head office - These auditing teams will be working a different locations from the bank. They do not even have to know the bank branch they are working on. All they deal with is the data and pass it on for completion.

Then there will be an external auditing team which will be working on behalf of the shareholders that will oversee all of the above at varied times during the year.

Employees should be trained periodically key skills to detect fraud -

Task segregation and alteration-


External problems

There must be an ID system that will be able to profile and anthenticate every customer that deals with a bank.
Every transaction over 100K should be verified for it source.
Every Transaction over 250k should go through the banking system via a process that will enable an audit trail.
Govt should minimize the cash in circulation.

Recruitment: Every would be bank employee must be heavily scrutinized. (criminal records, background, countersignatories to act as grarantors.

never heard of anyone with a criminal record in nigeria, i heard you pay about 5k to the police you get a police report

very good ideas though, the fingerprinting is a bit heavy handed plus the cost of implementation might be too high!