Stakeholders dwell on detection and mitigation of financial fraud

Kathmandu, April 27

National Banking Institute (NBI) in association with Fintelekt, India, organised a one-day conference on ‘Financial Fraud’, in the Capital, today.

Inaugurating the conference, Sanjib Subba, CEO of NBI, highlighted the need for banks and financial institutions to focus on innovations that would be required to contain the increasing trend of banking frauds on all fronts. He also added that the objective of the conference was to raise awareness about various banking frauds and to provide information to the participants on the best prevailing strategic interventions in fighting fraud cases.

Speaking in the inaugural session, Anil Keshary Shah, president of Nepal Bankers’ Association and chief executive officer of Mega Bank Nepal, emphasised on the need to upgrade technically to combat the risks of frauds before they can actually take place causing a huge financial loss.

Also speaking in the programme, Ajaya Shrestha, chairman of NBI and CEO of Bank of Kathmandu Lumbini, said that fighting fraud is a continuous process and that banks need to keep abreast with the latest technical knowhow to mitigate the chances of fraud.

In the sessions that followed, experts made deliberations on various types of banking frauds like cyber fraud, ATM and card frauds, skimming, among others. The sessions also highlighted the prevailing practices of detection of fraud events and fraud mitigation strategies.

There was also a panel discussion on the theme ‘Vulnerability and Interventions Strategies of Banks’, which was facilitated by a pool of local industry experts.