Cases of frauds and foreign in banks have not only become incessant but have also been on the increase in recent years. Although frauds and foreign in banks are global phenomena, their growth in Nigeria Deposit Insurance Corporations (NDIC) annual report for instance, presents a disturbing picture of rising trends of fraud in banks from N360.2 million in 1992 to N351.9 million in 1991. The amount unloved in frauds in commercial banks alone rose to N1, 377.15 million in 1993, whereas the actual expected loss rose from N64.8 million to N241.0 million.
Fraud, in banks is clearly unacceptably something’s drastic ought to be done to gently stem the tide in view of its image implications for the banking industry and the adverse effects it will have on the economy. The study emerges in response to this development. In carrying out this research work, questionnaires were distributed to the respondents for their reactions. Equally oral interviews were also carried out and some texts written by eminent scholars were consulted. The researcher believed all these would give enough information for a sound report
TABLE OF CONTENTS
BACKGROUND OF THE STUDY
STATEMENT OF PROBLEMS
PURPOSE OF THE STUDY
SIGNIFICANCE OF THE STUDY
SCOPE AND LIMITATION
2.1 MAJOR CAUSES OF BANK FRAUD
2.1.0 INSTITUTIONAL CAUSES OF FRAUD
VOLUME OF WORK
NUMBER OF STAFF
NATURE OF SERVICE
INADEQUATE / LACK OF STAFF TRAINING
POOR SECURITY ARRANGEMENT FOR DOCUMENTS
USE OF SOPHISTICATED ACCOUNTING MACHINES
LAPSES IN THE MANAGEMENT
CONTROL SYSTEM OF CORPORATE CUSTOMERS
2.1.1 ENVIRONMENTAL / SOCIAL CAUSES
PERSONALITY PROFILE OF DRAMATIZE PERSONNEL
SLOW LEGAL PROCESS
LACK OF EFFECTIVE DETERRENT PUNISHMENT
2.2 EFECTS OF BANK FRAUDS
2.2.0 EFFECTS OF BANK FRAUD ON THE BANKING INDUSTRY
CRISES OF CONFIDENCE AMONG BANK CUSTOMERS
2.2.1 EFFECTS ON OUR ECONOMY
2.3 NATURE AND TYPES OF FRAUD
2.3.0 ADVANCED FEE FRAUD
2.3.1 CHEQUE KITTING FRAUD
2.3.2 ACCOUNT OPENING FRAUD
2.3.4 MONEY TRANSFER FRAUD
2.3.5 LOANS FRAUD
2.3.6 COUNTERFEIT SECURITIES
2.3.7 CHEQUE FRAUD
2.3.8 MONEY LAUNDERING FRAUD
2.3.9 CLEARING FRAUD
2.3.10 COMPUTER FRAUD
2.3.11 TELEX FRAUD
RESEARCH DESIGN AND METHODOLOGY
3.1 AREA OF STUDY
3.3 SAMPLE SIZE
3.4 SAMPLING METHOD
3.5 INSTRUMENT FOR DATA COLLECTION
3.5.2 PERSONAL INTERVIEW
3.5.3 SECONDARY DATA
3.6 ANALYTICAL TOOLS
DATA ANALYSIS AND INTERPRETATION OF RESULT
ANALYSIS OF OPERATIONAL QUESTIONS
SUMMARY OF FINDINGS
5.2 OTHER CONTROL MEASURES
BACKGROUND OF THE STUDY
The level of fraud in the present day Nigeria has assumed on epidemic dimension. It has eaten deep into every aspect of our life to the extent that a three years old child talks about 419, the name given to the newly discovered fees fraud that is hunting us a nation. Fraud is defined as “deceit or tricking deliberately practiced in order to gain some advantages dishonestly.” For an action to constitute fraud therefore there must be a dishonest intention and the action must be intended to benefit the perpetrator to the detriment of another person.
Going by this definition, frauds in the Nigeria economy cannot be restricted to the banks alone. Although frauds cut across all sectors of the economy and that size of an enterprises usually determines the volume of frauds perpetrated, such problems as inadequate manpower, poor internal control system, inadequate incentives and unsuitable legal framework for dealing with offenders, downturn in the economy, recognition being accorded the wealthy people regardless of their sources of wealth play a major role in the perpetration of frauds. The fear now is the threats which this devilish and unscrupulous act will pos to the stability and survival of individual financial institution and the performance of the industry as a whole for one things, frauds result in huge financial losses to financial institutions and their customers, depletion of shareholders frauds and capital base as well as loss of confidence in financial institutions.
Frauds and foreign also have negative effect on the banking industry. Today, various banks cannot withstand the growing pressure of competition among various banks due to the monster called bank frauds. Equally, the confidence place on banks are fast eroding because some people new prefer keeping their money at their homes instead of keeping them in the banks. The fear is now ………….. that if this act is not arrested, it might deplete our resources because foreign investors might not find it wise to transact business via our banks.
1.2 STATEMENT OF PROBLEMS
The problems of this research work will revolve around finding out the continuous cases of bank frauds in virtually all banks and other financial institution. Other problems include why banks have not been able to find solution that will help in curbing the banks and financial institutions frauds.
Furthermore, the research is aimed at finding the economic effects of frauds to the total economy of the nation, and the consequences of these frauds to our international relationship on global market economy.
1.3 PURPOSE OF THE STUDY
The purpose of this study is to identify the efforts of government and its agencies in the prevention and control of fraud. By so doing, one would have emphasized the tripartite segments involved in fighting this economic crime which is threatening the very foundation of the financial system. To be able to do this, this research seek to identify the following:
The causes of banks fraud in Nigeria.
The nature of bank frauds.
The extent of bank fraud in Nigeria and
Ways of minimizing or eliminating bank fraud in Nigeria.
1.4 RESEARCH QUESTIONS
The following research questions guided this study:
Does lack of effective internal control lead to banking fraud?
Does lack of enough motivation or incentive causes banking fraud?
Is bank fraud common in all banks?
Do societal values contribute to bank fraud?
Do bank frauds contribute to the dwindling economy fortune of our country?
1.5 SIGNIFICANT OF THE STUDY
The research work will be beneficial to bank and financial institutions who are directly facing extrication as a result of financial losses due to fraud. It will also be beneficial to the government and other public factors who are gradually bank confidence in banks, and the customers banks relationship that are greatly hampered as a result of frauds.
This project will also be beneficial to the general public who are losing huge sums of money to banks that are declared distress without adequate compensation. It will enable them know the various ways frauds are perpetrated. This can give them on insight to detect frauds easily. The general public will also benefit, as this will enable them know the role of the organizations or the management in checking frauds.
1.6 SCOPE AND LIMITATIONS
Bank fraud and its effects on our economy, is an extensive topic that may involve commercial banks and community banks. The researcher would like to touch all aspects of banking activities, but for want of time and financial constraints, the researcher limits his work to frauds in the commercial banks
Most importantly, records and publications could be reached easily and frauds traced in the commercial banks than other banks. Though the writer dwelled a little into fraud in merchant Banks emphasis is place more on commercial banks.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount into our bank Account below, send the following information to
08140350866 or 08058580848
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
Account Name: AKINYEMI OLUWATOSIN
Account Number: 3022179389
Bank: FIRST BANK.
Account Name: AKINYEMI OLUWATOSIN
Account Number: 2060566256
Account Name: AKINYEMI OLUWATOSIN
Account Number: 0042695344
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
YOU CAN ALSO VISIT: