– Fraud Control and Management in Nigerian Banking Industry –
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ABSTRACT
The which is the back bone of Nigeria economy is one of the most profitable of higher performance and could achieved better result in output and obligation to the society. To realize this, the banking industry will have to perform lending role that can reinstate the economy.
The larger society expects greater accountability, fairness, transparency and banks, ensuring that they carry out their responsibilities with and devoid of fraud which is an important ingredient for gaining public trust and goodwill.
The extent to which fraud is prevalent in the banking sector, the nature and causes of bank frauds and proffering possible solutions to the problem is in essence what this research work is all about. Consequently, the study used interview method which is a primary source of data by interviewing the managers, supervisors, employees, customers and regulatory bodies of banks in Nigeria.
Based on the methodology used in the study, the following findings were revealed that when there is a weak internal control system, there is tendency for fraudulent activities to occur and also, the kind of management system has a role to play in the sense that if there is a weak management system, it will not be easy to control and manage fraud.
TABLE OF CONTENT
CONTENTS PAGES
Title Page……………………………………………………………………………… i
Certification…………………………………………………………………………… ii
Dedication……………………………………………………………………………… iii
Acknowledgement…………………………………………………………………….. iv
Declaration…………………………………………………………………………….. v
Abstract………………………………………………………………………………… vi
CHAPTER ONE: INTRODUCTION
1.1 Background of the study………………………………………………………….. 1
1.2 Statement of the problem………………………………………………………….. 3
1.3 Objective of the study……………………………………………………………… 3
1.4 Research question………………………………………………………………….. 3
1.5 Research hypothesis………………………………………………………………… 4
1.6 Significance of the study…………………………………………………………… 4
1.7 Scope of the study………………………………………………………………….. 5
1.8 Limitations of the study…………………………………………………………….. 5
1.9 Organisation of the study……………………………………………………………. 5
1.10 Definition of terms…………………………………………………………………. 6
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction…………………………………………………………………………. 7
2.2 Conceptual clarification……………………………………………………………… 7
2.3 Causes of fraud in Nigerian banking system………………………………………… 14
2.4 Effects of fraud in banking industry in Nigeria…………………………………….. 16
2.5 Measures for controlling in the banking industry in Nigeria……………………….. 19
2.6 Theoretical frame work of fraud in banking industry………………………………. 23
CHAPTER THREE: METHODOLOGY
3.0 Introduction………………………………………………………………………… 25
3.1 Research design……………………………………………………………………. 25
3.2 Research population………………………………………………………………… 25
3.3 Sample and sampling techniques…………………………………………………… 27
3.4 Research instruments………………………………………………………………. 27
3.5 Validity and reliability of instruments……………………………………………… 27
3.6 Method of data collection…………………………………………………………… 28
3.7 Data analysis techniques…………………………………………………………….. 28
CHAPTER FOUR: DATA ANALYSIS
4.1 Introduction…………………………………………………………………………. 29
4.2 Analysis of data collected…………………………………………………………… 29
4.3 Description of research instrument used…………………………………………….. 36
4.4 Summary of data analysis and the result achieved…………………………………… 36
CHAPTER FIVE: SUMMARY OF FINDINGS, DICUSSIONS, CONCLUTION AND
RECOMMENDATION
5.1 Summary of findings…………………………………………………………………. 38
5.2 Discussions of findings………………………………………………………………. 38
5.3 Conclusion……………………………………………………………………………. 39
5.4 Recommendations……………………………………………………………………. 39
5.5 Suggestions for further study………………………………………………………… 40
Bibliography………………………………………………………………………………………………… 41
Appendix…………………………………………………………………………………………………….. 43
INTRODUCTION
Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud. Customers of banks in Nigeria are currently experiencing increase in fraud schemes, Scams to get a customer personal information can occur through many different means such as e-mail and telephone.
Bank fraud is the use of deceitful means to obtain money, assets, or other property owned or held by a financial institution. In its broadest terms, fraud means obtaining of something of value through deception. If fraud were to be described as an industry it would clearly be one of the fastest growing areas of the economy. One hundred criminals who serve several for armed robbery offence were recently reported that he wished he had understood earlier in his criminal career how easy it was to commit fraud.
He now considers that fraud involves less traumas, the reward are far greater and the penalties substantially fewer than in other form of crime. This study will address those forms of fraud that target the and how the industry has responded with some measure successful in controlling this ever increasing problems and other measure that can be geared towards achieving further results.
In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term applies to actions that employ a scheme as opposed to bank robbery or theft. The banking sector in any country plays a fundamental role in increasing the level of economic activity as intermediaries to both suppliers and users of funds, banks are effectively situated in a continuum that determines the pulse of the economy.
BIBLIOGRAPHY
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StudentsandScholarship Team.