FRAUD DEFECTION AND PREVENTION IN COMMERCIAL BANK
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FRAUD DEFECTION AND PREVENTION IN COMMERCIAL BANK
1.0 INTRODUCTION TO CHAPTER ONE
1.1 THE BACKGROUND OF THE STUDY
Fraud has been or is becoming a widespread occurrence in all facets of Nigerian corporate life. It has taken on such a dominant role in the financial industry that it now poses a severe threat to the proper practise and spread of Nigeria.
Millions of naira are lost through the machine to account holders, bank officials, or account holders working with bank authorities. The infraction goes from manipulation of entries to forging of account holders’ signatures to that of bank cushions and customers.
The most significant dimension to this practise has been introduced by so-called relax frauds, which include sending bogus tele-messages worth millions of naira.
Are transacted or forwarded to forged bogus accounts overseas, cashed only by overseas collaborators, and thereby draining Nigeria’s foreign exchange revenues.
Because of the increase in the number and amount of frauds, as well as the supplication with which they are carried out, as well as the higher status of bank officials involved,
there is a need for the industry to conduct a comprehensive study of the types and causes of frauds in order to offer remedies to the banker worm.
1.2 sSTATEMENT OF THE PROBLEM
The frequent occurrence of frauds diverts management’s attention and raises operating costs. Time and resources that should be spent on improving customer service equipment operations are instead being spent on establishing fraud control procedures and systems, or on establishing fraud ease out of court.
1.3 OBJECTIVES OF THE STUDY
1.3.1 GENERAL OBJECTIVES
This study is the first of its kind, and it is intended to provide insight into the effective investigation of fraud cases so that banks may take appropriate measures to correct the situation.
At the top of this recommendation, information is provided on how the subject matter (frauds) can be discovered and controlled when they occur. This will ensure that the bank’s operations function smoothly and help to avoid unnecessary waste.
1.3.2 SPECIFIC OBJECTIVES
1. The purpose of this research is to address numerous types of fraud in commercial banks, as well as the prevention and detection of such fraud.
2. It also outlines the variables that may lead to fraud, so that banks are aware of them and can take remedial action against them.
3. Another subject covered by this study is how to treat a fraudulent situation in which the banks act quickly after the dictation of frauds. Of course, every research activity is bound to be confined by some limiting variables.
The time available will not allow for a thorough examination of the subject. Furthermore, by selecting First Bank of Nigeria, plc, a lending financial institution in the country, the researcher hopes to have access to the necessary information at a lower cost and with less energy and waste.
4. The study also provides a greater suggestion on how the subject matter (frauds) might be recognised and regulated when they occur.
1.4 RESEARCH QUESTIONS
Fraud is an international distortion of financial statements for whatever reason, and it is asset misappropriation whether or not it is accompanied by financial statement distortion.
Fraud has become a common activity in the Nigerian banking sector, and it has become such a dominant dimension in the banking industries that it now poses a serious threat to the proper practise and spread of in the Nigerian banking industry, which is why the researcher is interested in the following question:
i. How are fraud patterns being addressed and eliminated in the Nigerian financial system?
b. What are the most important factors or measures for detecting and controlling fraud?
Is there any contribution from bank management or officials to the reduction of fraud?
iv. Does the staff’s effort contribute to the reduction of fraud?
v. To what extent does the government assist in discovering or combating fraudulent activity in the financial sector?
vi. What are the most recent fraud detection procedures or preventive measures in the Nigerian banking industry?
These are some of the questions that the researcher intends to address at the conclusion of the study.
1.5 THE SIGNIFICANCE OF THE STUDY
Aside from the significance of the study, it will also raise awareness among negligent banks (if any) about the consequences of allowing the fraud to occur.
Also, for the banks that are already taking care to give them additional suggestions on how to strengthen their preventive/control measures, and that is the research that has been discussed to broad limitation.
The study will also assist lenders in understanding their legal right to recover money paid to a forger.
1.6 SCOPE OF THE STUDY
This study is intended to examine fraud in various types of commercial banks, as well as its prevention and detection. It also addresses the variables that may contribute to fraud so that the
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