Technoligy-enabled banking frauds are being found committed in new ways in recent years and the trend is on the rise. The Nepal police arrested three people involved in recent ATM (automated teller machine) fraud case. The Central Investigation Bureau of Nepal Police has detained Kewal Pratap Rana of Lalitpur, Bir Bahadur Bohora of Badagaun, Salyan and Naresh Kumar Agrawal of Naxal, Kathmandu on the charge of withdrawing money from other people’s accounts by using fake ATM cards.
The bankers in Nepal are not in position to curbing the fraud case because looters are superior than the security measures applied by the banks. It is also difficult to resolve the issue as there is involvement of the bank staffers. There were a series of thefts at varied Banking and Financial Institutions including Kist Bank, H&B Development Bank, Himalayan Bank and Nabil Bank with the involvement of their present or former staffers.
Nepal Rastra Bank and the police have blamed a weak security system in the banking industry for the increase in such incidents. The central bank has issued many circulars ordering BFIs to strenghren their security system and take measures to reduce operational risks. Recently, it asked them to maintain separate assessments of operational risks and submit a report.
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