Bank Fraud Causes And Prevention
Abstract
The need for an effective and prudent banking assiduity for banking deals in this country need not be over emphasized it’s an accepted fact that maturity of the crowd of this country have this station of getting rich hot without really working veritably hard for it one their dream ways of achieving this lack luster dream is through fraud performance. And with the belief that banks keep so slush plutocrat with them the act how goods the banking goods and forestallment of bank fraud they will also be suitable to have lake on how similar bank frauds are executed and the major performances of similar frauds this is to keep them at alert because one don’t know whose account in the bank that might be affected hereafter.
Chapter One
Preface
Background Of The Study
fraud is the number one adversary of the business world no company is vulnerable to it’s in all workshop of life in government in the import trade in sifting transacting in the banking in insurance every where special associations have been formed to combat it and Interpol tries to deal with it at the transnational position but it has not and can not be canceled it continues and its bearing in strength it’s an expanding assiduity.
The banking assiduity in its part constitute one of the pillars on which the frugality of any nation can be erected it’s the central part of the banking sector as the grease that lubricates the profitable machine of any nation that frequently prompt regular and at time maintainable hunt light on also performance or perpetration of the assiduity one thing is still certain when the banking assiduity sneezes the entire frugality catches cold it’s sufficient to state that whatever happens to the sector is bound to have some impact on the possessors of shareholders o the investing public still the significance of the banking assiduity isn’t limited to public boundaries banks also play a major part in transnational trade and payments goods and services the station of a nations banking assiduity plays significant part in its balance of payments fortunes or mischances it’s in view of all these that the integrity of the banking sector should give any government a great concern and indeed the transnational community.
The banking assiduity has been seriously affected by the prevalence of fraud most severe set back in their business is due to adding fraudulent conditioning being carried out by some their workers.
No wonder utmost of these establishments have come to realize the significance of chancing out causes of frauds and ways of precluding their still it’s also necessary that acceptable step and provision should be made to dock the act of fraud in our banking assiduity.
Statement Of The Problem
The issue of bank frauds fiddles thefts defalcations and phonies have in recent time assumed unknown proportions and dimension in our public psych. The increase in these problems in the banking system in able of seriously undermining the growth development and stability banks in Nigeria.
The study thus intends to find out results to these problems.
i The possible breakdown or loopholes in the fiscal control of banks that brought about the circumstance of frauds.
ii. Why the number of banks staff negotiating frauds the banks adding .
iii. The reason for the increase in bank frauds generally.
Ideal Of The Study
The main ideal of the study is to estimate the cause of banks frauds the effect and forestallment medium being hole in place to curtain similar fraud is banks to achieve therefore objective attention would be paid to the following.
To identify the different cause why bank frauds and executed.
ii. To critically dissect empirically the colorful control being put in place to dock frauds in banks.
iii. To identify styles of fraud operation in banks.
iv. On the total the suggest and make applicable recommendation in reducing the galettes of bank frauds.
Significance Of The Study
Through the deregulation of the banking system in 1986 redounded in the proliferation of banks relative growth of the assiduity.
Provision of bettered services and advanced stipend of bank workers among other still one significance problem that followed up incontinently is the issue of bank frauds this study will significant in the following ways.
i. The study will be of help to banks by aiding them further to rethink their internal control system and programs with view of creating an terrain where the perpetrators of banks fraud will be on the drop.
ii. It’ll be of significant help to the Nigeria programs as it’ll help them further in under standing the routine in banks enhance their disquisition of frauds and make them to be better perceived by the assiduity as mates in fight against fraud.
iii. In addition this study will be helpful to the central bank of Nigeria and Nigeria deposit insurance pot which will bring to light the loopholes in the banking assiduity that encourages fraud and the possible ways they can help in reducing similar acts especially in the area of policy expression for the assiduity.
iv. This study will be particularly precious to all bankers company administrative possessors of business outfits academic especially pupil of banking and finance accountancy etc and the general public on causes types and recrimination of banks frauds and other affiliated matters.
Limitation Of The Study
In the cause of carrying out this exploration a lot problems were faced especially on the side of bank inferior staffs who are hysterical to grant the experimenter an interview tearing that information bared may be used against the bank in term of fraud performance or bad image against their hand.
There’s also the problem of time constrain strain and stress involved in the exploration work.
This is more in the area of time in carrying out contemporaneously the exploration work with lectures assignment and test still due to time factor numerous people and banks couldn’t be visited to gain applicable information that will enhance this exploration work.
Eventually the experimenter wo n’t fail to fete the fact that his exploration was limited to the available fund with respects to the present profitable conditions of country it wasn’t easy for one to get the necessary finances.