Technology
has bee able to reduce the amount of fraud, though the number has seen rise,
according to the experts.
Despite rising
number of frauds in recent days, the amount cheated has been less thanks to
technology, they said sharing the Indian experience, adding that the number of
cases of fraud is less in non-technology cases, the amount was more.
Likewise,
the banks and financial institutions in Nepal has also been facing rising
challenges from fraudsters, said central bank governor Dr Yuba Raj Khatiwada, addressing
the inaugural session of the workshop on Financial Fraud Investigation organised
by Nepal Banking Training Institute (NBTI), here today.
With the
modernisation of banking system, the need to coordinated approach between the
major regulatory and law enforcement agencies in curbing financial crimes is more
important, he said, adding that protection of financial sector from fraudsters
has become a challenge. "The cases needs better handling with institutional
and policy backup as more financial crimes have been motivated due to absence
of proper laws and loopholes in the investigation system, apartfrom impunity.
Chief executive
of Lumbini Bank and vice president of NBTI Shovan Dev Pant, on the occasion,
said that the banks and financial institutions must bring code of ethics for
the employees and management to help check unethical practice.
We cannot
assume that the employees remains honest all the time as the motivational
level, circumstances and their requirement might change, he added, justifying
the need of code of ethics to deeply inculcated among the staff as a pre-caution
that can help stop big financial crime.
The bankers, officials of
Commission for the Investigation of Abuse of Authority (CIAA), Central
Investigation Bureau (CIB), and Department of Revenue Investigation took part
in the workshop, where the Indian experts gave presentation on their experience.
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