Financial institutions urged to guard against fraud

Officiating at Barclays Bank's Eagle Awards in Selebi-Phikwe on Saturday, the Minister of Lands and Housing Nonofo Molefhi said fraud and loss of clients' money militates against efforts designed to attract new investment that can grow the economy.

Molefhi said electronic crime requires vigilance and strict internal controls to assure clients that their savings are safe and secure. He said the banking industry should continually assess the value of capital allocated for market risk in addition to capital required to credit risk.