Curb fraud in financial institutions!

In recent times it has emerged that fraudulent activities in many financial institutions are on the increase and that some members of staff of these financial institutions are involved in such unfortunate acts.

Consequently, the Bank of Ghana has advised all banks as well as savings and credit institutions, to take proactive measures aimed at preventing such negative practices.

The banking sector constitutes an important part of the economy, so fraudulent activities involving some banking staff tend to downgrade the confidence that people have in the financial sector. This can create serious problems for any country.

The banks are institutions for the mobilisation of financial resources to facilitate business growth in the economy.

Such fraudulent acts, therefore, have the tendency not only to destroy financial institutions in the country, but to throw economic growth out of gear.

For that reason, The Spectator is appealing to all financial institutions to up their game in terms of security measures to ensure that fraudulent deals are prevented if not minimised.

One way of doing this is to ensure that prospective employees are properly screened so that would-be fraudsters are not engaged under any circumstances to enter the financial institutions.

Another measure is to ensure that those who are caught in fraudulent deals are given severe punishment to deter others from engaging in such unpleasant activities.

As many people are in need of employment, prospective employees should not be selected based on whom you know. If people are recruited on the basis of whom you know, prospective fraudsters cannot be weeded out.

It is, therefore, important that honest people are scrutinised and employed to work in our financial institutions, be it the banks or savings and loans institutions.

This is how we can protect ourselves against fraud to ensure that decent jobs are carried out by all the financial institutions in the country.