Pin sharing a concern
BANKERS should refrain from sharing their cards and pin numbers as this could put them at a risk of fraudulent activities.
This was highlighted by the Association of Bankers president Rakesh Ram as a challenge during their submission to the Standing Committee on Economic Affairs on the Fiji Financial Intelligence Unit 2018 Annual Report in Suva yesterday.
“They don't update their system regularly and they do not change their internet passwords on time,” he said.
“They continue financial transactions from unsecured sites despite being fully aware of the risk and the frauds etc.”
Mr Ram added he came across a number of fraud cases where owners had issued cheques without the amounts being written or their cheque books were left unattended to.
This created an environment where the criminal elements were growing every day and according to the president of the AOB exposed the customers to risk and fraud etc.
“So we will continue to create that awareness and we will continue to inform our customers that the ability to manage their risk so that we can all work together to make Fiji a safe banking environment and financial transaction place,” he said.
Other challenges for the AOB were that criminals were getting smarter, sophisticated and better equipped in terms of the crimes they committed.
“What this means is that banks in particular need to be one step ahead of these criminal minds.
“This includes millions of dollars of investment in better technology, in better system upgrading our systems processes and capability to fully protect our customers.”
He said while the customers were fully aware of these risks they could definitely help the banks to better manage and control these risks.
“Banks continue with ongoing customer education and awareness through delivering financial literacy and risk management courses and programs.
“We continue to upgrade our compliance framework and upskill our staff to maintain sound governance and compliance required.
“We further enhance digital security and footprint to increase customer accessibility to electronic banking channels but most importantly AOB, constantly monitors market conditions to maintain a healthy and sustainable banking environment and support Reserve Bank of Fiji monitory and fiscal policy to encourage economic growth,” he said.