Security in banking operations is a major problem in financial institutions all over the world today. The compromise of banking information and data more often than not leads to fraud. Fraud has become quite a challenge for many banks as any slight breach in the standard operational procedure in the financial institution results in loss of huge monetary assets of the institution in question.
These challenges can be either
(1) Internal – a situation where the culprit, accomplice or both are within the organization
(2) External - instances that the fraud is completely perpetuated by a person or a group of persons that is/are not part of the said institution.
The application of scientific knowledge for practical purposes in basic banking operational procedures is capable of preventing compromises in data and information handling, machinery and equipment use and management of banking instruments e.g Cheque books, Electronic Cards etc.