KEY POINTS:
The digital webcams attached to the screens of ANZ Samoa teller counters may seem miniscule at first sight, but the vision behind the small lenses extends far beyond the virtual reality of the banking business.
It identifies an issue which though not prominent, is persistent in banking in
the Samoa and the region, fraud.
According to popular definitions fraud is intentionally misleading or deceiving another individual or group to attain something for one's own benefit.
Locally the ANZ is targeting the instigators of such activities by installing cameras and other means of monitoring in their local headquarters.
During a phone interview with Managing Director of ANZ, Peter Johnson he said the efforts are all for the protection of customers and clients of the bank.
"The best prevention is deterrence of such activity," Johnson said.
According to the Managing Director fraud is a concern for any bank, and ANZ has invested in ways to ensure that it does not become a big issue in Samoa.
ANZ recently introduced the BEAM Net System which gave the account holder the option of attaching their photograph to their account, making it one of the first in the country with such a feature.
"Having your photograph taken and linked to your ANZ accounts is another way of ensuring that you, and only you, can access your money," Johnson said about the system.
"This means when you bank with ANZ, your money is now even more secure," he added.
According to a regional trans-national crime reports Samoa does not have major organized crime or fraud.
"The most common crimes that generate revenue within the jurisdiction are primarily the result of low-level fraud and theft. The domestic banking system is very small, and there is relatively little risk of significant money laundering derived from domestic sources," the report stated.
In the year 2000 to prevent such crimes, however minimal, the Government of Samoa (GOS) enacted the Money Laundering Prevention Act.
The law criminalizes money laundering associated with numerous crimes, sets measures for the prevention of money laundering and related financial supervision.
Further regulations and guidelines were adopted in 2002 to fully implementing the legislation.
Under the Act, a conviction for a money laundering offence is punishable by a fine not to exceed one SAT$1million or a term of imprisonment not to exceed seven years, or both.
Local efforts by ANZ however reflect an overarching aim formerly expressed by ANZ Pacific Managing Director of ANZ Pacific Mike Guerin.
According to him although the level of money laundering and fraud in Samoa is quite low, it is still a matter of concern.
"There are confidential elements to the methods we use to detect such activities," he said.
The methods known however include anti jump screens which protect staff and customer, and provides a secure environment, there are also CCTV cameras which records activities in the Bank and stores for later retrieval.
Guerin said: "There's also things such as suspicious activity reports and requirements of the Central Bank but also things that help us, because in a normal event there's a normal traffic and a normal pattern to the way we transact with our customers, and sometimes when something looks out of place that can be picked up through suspicious transaction activities that can operate in the backing of our computing systems, so there's a lot of electronic support to spotting things outside the norm," he said.
However Guerin added: "Nothing is full proof in life, but the new measures are an enhancement to have at present."
Last week, New Zealand observed Fraud Awareness Week, a NZ Ministry of Consumer Affairs initiative which aimed at stopping scammers.
There is no such event in Samoa, when told this Johnson said: "There are constant internal activities conducted by the bank to prevent fraud and to create awareness on such crimes."
- NEWSLINE BUSINESS REVIEW
