FRAUD DETECTION AND PREVENTION IN BANKS

A CASE STUDY OF FIRST BANK OF NIGERIA PLC ENUGU MAIN

 

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CHAPTER ONE 

Introduction                                                                                 1

• Background of study 1
• Statement of problems 3
• Objectives of study 3
• Research questions and hypothesis 4
• Scope of study 5
• Significance of study 5

CHAPTER TWO

• Concept of fraud 7
• Types of fraud 8
• Bodies responsible for detection and prevention of fraud 9
• The role of bank managers in

detection and prevention of frauds                                               11

• System of fraud prevention and detection 12

CHAPTER THREE

• Design of study 14
• Instrument for data collection 14
• Population of study 15
• Method of data collection 15
• Method of data analysis 16
• Validity / reliability of instrument 16
• Collection of data 16

CHAPTER FOUR

• Presentation and analysis of data 17
• Hypothesis testing 24

CHAPTER FIVE

• Summary of finding 27
• Conclusion 28
• Recommendations 29
• Suggestion for further study 31
• Limitation of study 31

Reference                                                                           32

Appendix                                                                           33

 

ABSTRACT

 

Fraud in this study is shown as any dishonesty acts intended to deceive and deprive someone of his legitimate possession.

This study was aimed at finding out how fraud could be detected and prevented in the Nigerian banking industries.  The major findings in this study include the followings:

(a)      Frauds in banks very often

(b)     Frauds in banks occur with active connivance of internal bank staff.

(c)      Frauds in banks include forgeries of signature of customers, illegal granting of loans and advances and illegal foreign exchange transactions etc.

(d)     The major fraud prevention and protection measure adopted by banks were provision of operational manual establishment of inspectorate unit, internal audit units use external auditors, segregation of duties and establishment of good internal checks and control system.

(e)      Majority of bank workers believes as follows.  The punishments noted to fraudsters are grossly inadequate.  The antifraud law in Nigeria is highly inadequate and that those responsible for checking frauds in Nigerian banks were not living up to expectations.

 

The major finds in this study includes among others.

(a)      The establishment of a good salary structures and condition of services.

(b)     A change in our value system that will de-emphasize money.

(c)      The law enforcement agents must be move properly educated about procedures, instrument and practices.

(d)     Installation of good hiring and training policies and procedures that can go a long way to help reduce the incidence of fraud.

(e)      Adequate punishment for fraudsters that could serve as a good deterrent to frauds in banking.

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF STUDY

Banking system of any country holds the key for the success or otherwise of the economy of that country. There is no doubt about the axiom that the frauds in such key area of the economy as banks is going to be a matter of concern to bankers, the monetary / political authorities and the generality of a country and population.

In Nigeria today, frauds in all sectors of the economy and more specifically in banks has acquired sophistication by day.  The sizes increase in geometric progression.  All people in all sectors of economy and involved, respectable members of churches, mosques, political leaders.  It cuts across the generality of the community.

The resultant effect is more damaging leading to wholesome losses on banks and progressively eroding into the public confidence on these banks.

Damaging losses upon losses to banks through organize frauds has been reported.  For instance, in 1990, the Nigerian deposit insurance company in its report on banks lost a staggering sum of N840 million through fraud and sacked a total of 417 staff because of fraud perpetration.

It is no gain saying the fact that no fraud will success without the active connivance of the bank staff with customers of doubtful integrity.  What is required is a system and action plan that will ensure earthly detection.  However, one has to say that prevention is better than cure in medicine.  It is better to stop a disease from coming at all.  Whatever plans for fraud control in banks must embody fraud prevention technique.

In this paper we will search for early fraud detection and control in Nigerian banks.  We will also recommend at the end of this paper an action plan that will, if well employed, help reduce the incidence of frauds in Nigeria banks.

First bank of Nigeria Plc is chosen for this study, because it is one of the oldest banks in Nigeria with a work force of over (6,566) and (328) branches through out Nigeria.  The head officer of the banks if in Lagos.  The bank was founded by Sir Alfred Jones in 1894 at Liverpool.  The second branch of the bank in Nigeria was in the old Calabar in 1900.

 

1.2     STATEMENT OF PROBLEMS

Nearly all banks in Nigeria including the Apex banks, the Central bank of Nigeria, seem to be under siege by men of under world, on most occasions, with the connivance of bank staff.  Banks in Nigeria cost a whipping sum of N840 million in 1992 and a total of 417 staff due to fraud.

In this syndrome one if likely going to witness more of this frauds and loses in the