Categories: CryptoNews

Pressured Bankers May Resort To Fraud For Scoring Profits

Fraud is nothing new in the financial sector, as this malpractice has been around since day one. The person responsible rot eh biggest fraud in UK history has warned his crimes are “repeatable”. Bankers are still pressured into making profits regardless of the consequences, and future fraud attempts are not impossible. Not the kind of news most people are looking forward to.

“Stressed” Bankers May Commit More Fraud Very Soon

Albeit very few people in the cryptocurrency world have a positive image about bankers, these people have their own struggles to deal with. The most important task for any banker is to make a profit, and that has become a lot harder in recent years. It is not unlikely more of these individuals will try to cut corners and commit fraud in the long run.

Those sentiments are echoed by Kweku Adoboli, the person responsible for the biggest fraud in UK history. He cost UBS US$2.3bn after trading well beyond his authorized risk limits. Moreover, he also booked fake hedging trades to make sure his actions were covered up.  While Adoboli is not the most favorite person in banking right now, his warning should not be dismissed either.

Many of the younger bankers are under high levels of stress, and they are being scrutinized at every turn. Although some things have changed in finance over the past few years, the same struggles remain. Making profits for the institution they work for has not become easier by any means, yet expectations have never been higher.

Related Post

Most people will acknowledge the banking sector has issues when it comes to learning from past mistakes. Not paying attention to innovation has come to hurt them deeply. The same applies to not fixing loopholes waiting to be exploited by traders, as those some opportunities still exist for those looking to take advantage of them.

Once again, this is a clear warning not to trust the financial ecosystem further than one can throw it. If fraudulent activities like these occur, the people who put their money in the bank will end up taking the brunt of the damage. Diversify your assets before it is too late, as the opportunities are ripe for the picking.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

Top 15 Metaverse Coins With a Unit Price of Under $1

Metaverse coins are the current hype in crypto, and many people are looking to make…

5 hours ago

123 Swap Announces the Launch of a Strategic Partnership With Avalanche With New Addition to Its Cross Chain

123Swap today announced the integration of its unique decentralized, non-custodial cross-chain architecture into Avalanche (AVAX).…

23 hours ago

Top 13 Metaverse Tokens With The Highest Price Gains Today

With Metaverse being all the hype in crypto, there are plenty of projects that are…

1 day ago

Connecting AI with a strong Play2Earn game on Blockchain

How dotmoovs is making you compete against others in the real world by using your…

1 day ago

XYO Price Up 28% After Announces Exclusive Campaign

XYO price is up 28% today, making it the biggest gainer on With a…

1 day ago

Loopring Price Up 26% After Vitalik’s Blog Post Mentions LRC

Loopring price is up over 26% today, making it the second biggest gainer on…

1 day ago

This website uses cookies.