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Sophia: An African Journal of Philosophy (2008)
  • ThankGod C Agwor, Dr
The paper examined the numerous frauds that banks have sustained over the years in offering funds transfers services. In many instances, banks have not just suffered financial losses but have also faced tremendous amount of negative publicity. The study showed that most of the losses are due to poor internal accounting and administrative controls. Banks should identify components involved in providing an ideal, risk-free funds transfer and consequently ascertain deviations from the ideal and then evaluate the acceptability of assuming increased risks. The study outlined fifteen steps to such an ideal funds transfers. Guidelines for transfer system processing and incoming credit transactions have also been suggested. Management must decide either to tighten controls over funds transfer to an acceptable level of risk or accept the potential exposure to fraud and avoidable errors.
Publication Date
August, 2008
Citation Information
ThankGod C Agwor. "RISKS EVALUATION IN ELECTRONIC FUNDS TRANSFER" Sophia: An African Journal of Philosophy Vol. 10 Iss. 1 (2008)
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