FRAUDULENT ACT IN THE BANKING INDUSTRY CAUSES EFFECTS AND POSSIBLE REMEDIES
Abstract
There were so many difficulties faced by this study that bank employees were very reluctant to provide any useful information on the matter. There was also the cost of the study and limited time for acquisition analysis and data investigator support or interpretation. Personal visits to the locations where the above secondary data were located. All material used to write the research paper was edited by others, as administrators were considered ineligible if primary data question pairs were not required. It was spent only finding relevant information.
After careful analysis of available secondary data, researchers found demographics of employees involved in fraud and counterfeiting, referrals to fraud and counterfeiting from commercial banks, and more.
Experience has shown that even the most regulated households can have accidents. Bank employees must be properly vetted before being hired and have appropriate banking training for bank inquiries.
chapter One
Foreword
1.1 Research background
Fraud in the banking industry” is a particular concern for currency controls and regulators, who are responsible for the safety of individual banks and the health of the banking industry.
“Fraud” is common in the Nigerian banking industry, but customers as well as employees and temporary workers are involved in fraud and counterfeiting at banks.
Excessive fraud ultimately distracts management and increases running costs.
Time and energy that would otherwise be spent improving customer service will be spent preventing fraud. The recent rise in fraud and counterfeiting in banking, if left unresolved, poses a certain threat to the stability and viability of individual banks and the performance of the industry as a whole. Reported commercial bank fraud cases decreased significantly from 16 in 1997 to 9 in 1998, from N187 million in 1997 to N59 million in 1998 to N67.35 million.
Fraud knows no bounds in classification, regardless of loss. In the banking industry, fraudulent check submissions, unauthorized credit extensions, unauthorized overdrafts, fictitious loan placements, check suppression, and unauthorized transfers and withdrawals are possible. John Orjih, in his writings, defines fraud as any willful effort to obtain an improper advantage to the detriment of another person who is the rightful owner of the fund.
Awosanya, a fraud broadly defined as any deliberate act intended to deprive the rightful owner of or their property, property or rights.
Osbarn defined fraud as a means of obtaining material gain through unjust or dishonest means that entails certain moral obligations. 1.2 Problem definition
Banks operate on a fulcrum of public trust and confidence in their ability to deliver when needed. Nigerian society is poisoned by the desire to get rich quickly because it behaves in a way that wealth is a measure of power and importance. With this in mind, get-rich-quick schemers turn their attention to cheating banks.
Fraud causes large monetary losses and contributes to several bank liquidations and consequent unemployment and similar problems.
Fraud causes large monetary losses and contributes to several bank liquidations and consequent unemployment and similar problems.
This study therefore faces the current problem of discovering the origins and causes of fraud in the banking industry. The extent of fraudulent activity in police files remains a concern and this has caused a partial paralysis and root cause of Nigeria’s banking system.
This research is also encircled by discovering and suggesting ways to eliminate these scams before they completely cripple the banking system and the economy as a whole.
1.3 Purpose of the survey
The purpose of this research is as follows.
1. Finding a primary interest in engaging in fraud by members of the public. 2. To clarify the extent of involvement of Nigerians in fraudulent activities.
3. Assessing the impact of fraud on the banking sector.
Four. Find out how to check and prevent bank fraud
5. Helps to know frequent cases of fraud and counterfeiting in banks quarterly and annually.
6. Contains information necessary to better understand concepts focused on fraud.
1.4 Research question
Me. How can I provide information to bank employees to prevent fraud?
ii. What are the ways to check and prevent fraud?
1.5 Importance of research
This study is notable for
a. She informs the bank and the bank of the extent of the fraud and suggests means of verification.
b.She aims to expose Nigerian banks to a range of fraudulent activities.
c. It aims to expose other problems caused by fraud in the banking industry.
i.e. to inform the public about the average number of banks filing reports, total number of fraud cases, quarterly and yearly amounts involved, actual expected losses, etc.
e. It is also intended to serve as a base for other researchers to delve deeper into this topic (fraud).
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