Fiji Banking and Finance Fraud Cases Under Scrutiny

Reserve Bank Warns of Widespread Problem

According to the Reserve Bank of Fiji’s (RBF) latest quarterly Complaints Management Bulletin, a staggering 50 percent of complaints escalated in the first quarter of this year were related to banking and finance fraud cases. This alarming statistic has sparked concerns about the lack of accountability among commercial bank staff members.

Rampant Fraudulent Transactions

The bulletin reveals that fraudulent transactions by tellers and supervisors are widespread, with banks unwilling to accept liability for these wrongdoings. The RBF notes that a significant proportion of these complaints could have been resolved at the institution level if only frontline staff had provided satisfactory customer service.

Disturbing Case Examples

• An elderly customer discovered a substantial reduction in her account balance despite having made no withdrawals herself. An internal investigation by the relevant bank led to two former employees being charged by police, with the matter now before the courts.
• Another ATM withdrawal case has also been reported to the authorities.

Dormant Accounts and Awareness Campaigns

The RBF notes that it has seen an increase in complaints related to dormant accounts, mainly belonging to customers such as sugarcane farmers or those who use their accounts solely for savings and do not make withdrawals. In response, the concerned bank has agreed to create awareness among customers on how to prevent their accounts from becoming dormant.

Preventing Further Occurrences

The RBF’s findings suggest that banking and finance fraud cases are a pervasive problem in Fiji, with many cases going unreported. As such, it is crucial that both banks and customers take steps to address this issue and prevent further occurrences of fraudulent activity.

By working together, we can reduce the risk of financial losses and promote a safer and more transparent banking environment for all Fijians.