Low wages for bank employees on temporary contracts cause them to commit fraud

Low wages for bank employees on temporary contracts cause them to commit fraud
Richard Kumadoe

According to Richard Kumadoe, a Security and Fraud Prevention Consultant, low salaries of contract workers in banks are a major factor in the rising cases of fraud in Ghana’s banking sector.

He made this remark in relation to the recent conviction of Martha Amakye, a contract worker of Stanbic Bank Ghana who stole GHc 1,800,000 and engaged in fraudulent transactions. She was sentenced to 8 years in prison by an Accra High Court.

He told Johnnie Hughes on 3FM Sunrise Morning Show that banks do not treat their contract workers well and do not monitor them closely. He said this gives them access to many accounts and opportunities to commit fraud.

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He also said that banks do not perform “call overs” regularly due to work pressure. This allows fraudsters in the banks to isolate themselves and spread fraud quickly in the financial sector.

He noted that contract workers are also human beings who see the lifestyle and conditions of the permanent staff. He said if banks do not pay them well and supervise them properly, they are leading them to fraud.

He explained that Amakye was a contract worker who targeted dormant accounts with large amounts of money. He said this is a common red flag for bank fraud.

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He advised that banks should educate their customers and stakeholders on fraud prevention and report any incidents of fraud as soon as possible.

He said he was not surprised that Amakye was a contract worker or that she chose the accounts she did. He said this shows that banks need to do more training and education for both their customers and staff.

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