ABSTRACT
There were so many
difficulties which this research work was confronted with bank officials were
so reluctant to give out helpful information of this problem and there was also
the cost of research and limited time for acquisition analysis and prop
or interpretation of data effort was mode bys the researcher to
personally visit places where the above secondary data were located. In the
absence for the need for primary data question pairs administration was deeined
unqualified there fore every material used in the research writing were
completely work done by other people personal effort was only employed in
tracing out relevant information needed for the project.
After due analysis of
the available secondary data the researcher discovered the statistical data of
member of staff involved in frauds and forgeries, retunes of commercial and
merchant bank in frauds and forgeries and so on.
Experience has shown
that even in the most regulated home accident can still happen. Bank staff
should be properly screened before being employed and adequate bank education
should be organized for the banks questioners.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF STUDY
Fraudulent act in the
banking industry” is of a special concern to the monetary control and
supervisory authority who are charged with the safety of individual banks and
the soundness of the banking industry.
Fraudulent act” is
common in Nigeria banking industry, but clients as well as employees, temporary
staff engage in fraud and forgeries in banks.
Frequent occurrence of
fraud ultimately distracts the attention of the management and lead to increase
in running cost.
Time and energy that
would have been spent improving customer service would be expended on
preventing fraud. Increasing cases of fraud and forgeries in our banks
lately if not shoped would pose certain threats to the stability and survival
of individual banks and the performance of the industry as a whole. Reported
cases of fraud in merchant banks dropped significantly from 16 in 1997 to 9
during the year 1998 similarly, there was a reduction in the total amount
involved, from 187-59 million in 1997 to N67.35 million in 1998.
Fraud in whatever loss
is limitless in classification. In banking industry, there could be
presentation of forged cheques granting of unauthorized loans unauthorized over
draft, position of fictitious credits, suppression of cheques, fraudulent
transfer and withdrawal and so on Dr John Orjih in his text, defined fraud as
the deliberate effort aimed at obtaining unlawful advantage at the detriment of
another person who is the rightful owner of the fund.
Awosanya, widely defined
fraud as any deliberate action in whatever from, written spoken, physically
designed to deprive a legitimate owner or his or her asset, property or
right.
Osbarn, defined fraud as
a means of obtaining material advantage by unfair or wrongful means involving
certain moral obligations.
1.2
STATEMENT OF PROBLEM
Banks operate on the pivot of public confidence and trust in the ability of the
bank of deliver as and when demanded the Nigeria society is poisoned with the
desire to get rich quick so as to fell important, as they behave that wealth is
the measure for power and importance. It is in realization of these fact that
those get rich quick minded set of people direct their attention to defrauding
the banks.
Fraud has cause the loss of large amount of money, contributing to the
liquidating of several banks and consequent unemployment and similar problems.
This study is therefore beset bys the actuate problem of discovering the
genesis and cause of fraudulent act in the banking industry the magnitude of
fraudulent practices in the police records remains worrisome, and this has
caused a partial paralysis an the root of the root of Nigeria banking
system.
This study is also besieged by discovering and suggesting ways of eliminating
these frauds before they turn to full paralysis on the banking system and
entire economy.
1.3
THE AIM OF THE STUDY
The objectives of this
study are as follows
1.
To discovered the key interest of involvement in frauds by member of the
public.
2.
To discovered the extent of involvement of Nigerians
in fraudulent practices.
3.
To evaluate the consequences of the frauds in the banking industry.
4.
To discover ways in checking and preventing frauds in out banks
5.
It helps to know the frequent occurrence of fraud and forgeries quarterly and
annually in our banks
6.
It gives information needed to gain good understanding of the concept that will
be highlighted on fraudulent practices.
1.4 RESEARCH
QUESTIONS
i.
How can bank staff be informed in preventing fraud
ii.
What are the ways in checking and preventing fraud
1.5
SIGNIFICANCE OF THE STUDY
This study shall be remarkable in the following ways
a.
It shall inform banks an dissections of the extent of fraud and suggest means
of checking it.
b.
It shall expose Nigerian banks to the extent of fraudulent activities.
c.
It shall discover other problems caused by fraud in the banking industry.
d.
It shall inform the general public on average number of banks rendering returns
total number of fraud cases quarterly and annually total amount involved actual
expected loss and so on.
e.
It shall also serve as a foothold for other researchers who may to go into in
depth study on this issue (fraud)
Department | Banking and Finance |
Project ID Code | BFN0196 |
Chapters | 5 Chapters |
No of Pages | 38 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |