Assistant –Inspector General of Police, in charge of Zone 5, Hashimu Salihu Argungu has identified disregard for operational ethics, unhealthy rivalry and poor recruitment policies as major causes of fraud and insecurity in banks and other financial institutions in the country.
Argungu also linked bank insecurity to unguarded, misuse and leakage of critical bank information to unscrupulous individuals by bank employees.
Argungu spoke yesterday in Asaba , the Delta State capital , during the 7th annual retreat for heads of security of bank and other financial institutions , organised by the Chartered Institute of Bankers of Nigeria (CIBN).
In his twenty page presentation, titled “Security Challenges in Today’s Nigerian Financial Institutions”, Argungu argued that, the current insecurity challenges faced by banks and other financial institutors occasioning fraud and other vices stem from disregards of operational and professional ethics.
He said bankers now open accounts for customers in their bedroom and through telephone conversations without recourse to due process in their bid for customer drive and to meet financial targets.
He said the drawbacks of these unprofessional conducts finds expressions in corporate and identity theft, workplace violence, bank robberies, acts of terrorism, stalkers and computer fraud among others banking vices .
Argungu pointed out that most of the bank robbery operations, according to investigation were traced to the insiders who were bank officers, adding that banks do not pay adequate attention to recruitment policies as casualisation and out sourced staff were potential dangers.
He therefore advised banks and other financial institutions to strive towards ensuring adequate security arrangements for their staff, materials and building environment at all times with the provision of enough illumination and installation of closed circuit cameras and other surveillance systems.
Director, Security Services, CBN, Mr. Tayo Amu, in his presentation, acknowledged that banks were passing through uncertain times arising from the large scale fraud and violent robbery in the banks , adding that these uncertainties were affecting banking operations nationwide.
Amu, who was represented by CBN Asaba branch controller, Dame Elizabeth O. Agu, noted that , today , beyond physical security challenges , the financial sector in Nigeria was faced with deep cyber security challenges which threatens to greatly undermine the business growth potentials of banking sector business.
“The issue of identity theft coupled with insider abuse , occasioned by lack of sound background profiling system , are also confronting the banking sector”, he said .