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Technology curbs financial fraud, crime: Experts

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 Indian experience.
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, apart from 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 precaution 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.