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EFFECT OF FRAUD CONTROL
IN THE NIGERIAN BANKING SECTOR
CHAPTER ONE
1.0 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 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 fraudulent means to obtain money,
assets, or other property owned or held by a financial institution. In many
instances, bank fraud is a criminal offence, while the specific element of a
particular banking fraud law varies between jurisdictions; the term bank fraud
applies to actions that employ a scheme as opposed to bank robbery or theft.
Controlling bank fraud in the financial sector is a major
task for all the stake holders in the sector. Every year, banks lose billions
of naira to fraud which comes in all size and shapes both from external
perpetrators and internal employees.
1.1 BACKGROUND OF
THE STUDY
In its broadest terms, fraud means obtaining of something of
value through deception. If fraud were described as an industry it would
clearly be one of the fastest growing areas of the economy. One hundred
criminals who serve several periods of imprisonment 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 financial service sector 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.
1.2 STATEMENT OF
THE PROBLEM
As earlier mentioned, the Nigerian banking industry, 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 low level of the performance of the Nigerian banking
industry is due to an array of problems, one of which is the issue of fraud
which is one of the most intractable and monumental problem facing the
industry.
The problem of accountability is traceable to the root cause
of fraud which results from poor record keeping misappropriation forging, poor
internal control, excess power given to the executive or management etc.
1.3 OBJECTIVE OF
THE STUDY
The primary objective of the research is to evaluate the
fraud control measures in the Nigerian Banks practical means of reducing the
incidence of fraud in our bank to achieve these objectives, the following
secondary objective have been specified.
To identify the causes of fraud perpetrated in bank
To ascertain the effectiveness of various fraud control
measures adopted by banks.
To determine the effects of fraud in the banking industry and
the economy in general.
By so doing, customer is better informed on the nature, type
modes and various operations of the various frauds and so placed in a better
position to prevent and detect any fraud led activity.
1.4 RESEARCH
QUESTIONS
What are the causes of fraud perpetrated in banks?
How effective is the various fraud control measures adopted
in Nigerian? Bank in the prevention and detection of fraud?
Why are the effects of fraud practices in the Nigerian
banking industry?
Elaborate the concepts of fraud perpetrated in bank?
1.5 STATEMENT OF
HYPOTHESIS
HO: There is no
significant effect of fraud in the banking industry and the economy in general.
HI: There is no
significant relation between greed by bank staff and fraud perpetrated in
banks.
HO: There is no significant relationship between the effectiveness
of fraud control measures instituted by banks and the level of fraud committed
in the banks.
HI: There is no
significant relationship between fraud committed in the banks
and distress experienced in Nigerian banks.
HO: There is no
significant cause of fraud perpetrated in banks.
HI: There is a
significant causes of fraud perpetrated in banks.
H0: There is no
significant concept of fraud in the banking industry and
economy
H1: There is a
significant concept of fraud in the banking industry and economy
1.6 SIGNIFICANCE OF THE STUDY
The significance of the research study is hinged on the fact
that the fate survival of the banking
and financial system, it follows therefore that any serious destruction in the
system will not only affect the system alone but the Nigerian economy and the
public in general and the consequences which could leave the economy in
jeopardy. Therefore, the remediation will help take the problem of fraud
thereby reducing bank failures and stabilize the industry.
The research study will go a long way to show the effect of
fraud in banks, its implication on the industry and possible remedies. It also
shows the impact of those remedy on the economy and society in general. Banks
and other financial institutions are expected to gain double from this study.
First the study will highlight operations, lapses and others that give room for
fraudulent activities in the banks and secondly will also stimulate self
assessments by banks the research work will also go a long way in increasing
the knowledge of students of banking financial management accounting,
administration and other related discipline.
1.7 SCOPE OF STUDY
The scope of this study research will however be limited to
only banking using central bank of Nigeria (CBN) as a case study.
The study is primarily concerned with the investigation and
evaluation of fraud control measure in the Nigerian banking sector with regard
to central bank of Nigeria (CBN).
1.8 DEFINITION OF TERM
Fraud: Fraud is an act of or course of deception deliberately
practiced to gain unlawful or unfair advantage deception directed to the
detriment of another.
Financial Services Sectors:
This involves all financial institutions such as banks, insurance
company etc.
Bank: Is an establishment saddled with keeping money and
valuable safely, the money being paid out of the customer order?
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