THE EFFECT OF FRAUD ON CONSUMERS SATISFACTION IN GUARANTEE TRUST BANK, KANO ROAD BRANCH, KADUNA

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ABSTRACT
The theme of the study is “The Effect of Fraud on the Consumers Satisfaction in Guarantee Trust Bank Plc” and it is concerned with digging the root causes and analysis of fraudulent activities that occur in Guarantee Trust Bank, its effect on both the customers and the bank and the possible solutions to this menace. The study reveal that the total amount involved in report fraud cases are reducing while actual loss is rising at an alarming rate. The research also revealed that crucial to fraud prevention is the presence of an effective management control system that must be vibrant and flexible. Questionnaires were the main research instrument used in this project, management staff and key customers were the respondents. The finding revealed that fraud has negative effect on banks and customers. It came out that management staffs were not significantly different in their opinion about the effects of fraud. Finally, the study made useful recommendation that would usher combined efforts by all parties in fraud prevention to practically minimize the incidence of fraud in banks. It is recommended that a forum where bankers and all other stakeholders in banking sector could meet to educate one another on the activities of fraudsters is very much desirable. It is also commended, that internal control measures against fraud should be streamlined and evaluated periodically for maximum effectiveness.

CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The importance of the banking industry in the Nigerian economy cannot be overemphasized. Banks have been credited with an enable image of being an important source of capital for the development of the economy. This recognition drives largely from an assumed role of most banking institution in mobilizing various deposits channeling them towards profitable investment outlets. To the extent of the size, type and level of such investment along with other complementary factors that contribute to the nation’s economic development. Banking system therefore has been seen as an agent of economic growth and perhaps economic development.
However, having known the importance of banking industry to the economic development, there exist various factors that restrain the effective functioning of the banking industry the world over. Among these factors is fraudulent activities that is seen to affect almost every bank world over. An important characteristic of fraud is the intent of doing wrong. Thus, fraud could be an intentional distortion of financial statement and misappropriation which involves the act of criminal deception to obtain unjust or illegal advance for which the penalty may be severe, but it also has a wide implication in law relating to. There is general consensus that fraud is caused by three acronyms called “WOE” i.e. Will, Opportunity and Exit. The will to commit fraud is the individual, opportunity to execute the fraud and exit which is the escape from sanction. However bank fraud may be caused by numerous factors – among which are:
• Absence of detailed, manual and poor internal control;
• Inadequate training and retaining bad management;
• Poor bookkeeping and inadequate job rotation;
• The poor e-banking system through internet facilities;
One of the prime means of fraud in our banks today is internet fraud. Some of the frauds are the handwork of outsiders, others are perpetrated by the and sometimes management of the bank concerned. The most significant percentage of fraud is done by the fraudsters in collaboration with bank staff. As a result of this very serious economic crime, some staff in the industry is either being dismissed or their appointment terminated or prematurely retired.
In the banking industry, fraud is the number one the business world. No company is immune to fraud. It is in all workers of life in the government. In insurance, in export trade, the banking everywhere special organization have been formed to combat it, and international police commission tries to deal with it at international level but it has not and cannot be eradicated. It is waxing in strength, it is an expanding industry. However, the researcher was able to lay hands on some commendable write-ups on the 1998 Nigerian Deposit Insurance Corporation (NDIC) annual report on fraud and forgery cases in commercial banks. However, the number of reported fraud cases increased by about 20 percent from its 17 in 1997 to 564 in 1998 on the other hand the total amount involved in reported loses in 1998 reduced to N3,129.11 million from N3,590.31 million in 1997 though the actual 1 expected loss stop at a higher lecel of N673.5 in relative to N224.54 million in 1997 according to write ups on fraud by the Central Bank of Nigeria – the common forms of fraud are organization fraud, confidence schemes (a.k.a 419) and occupation fraud (management employee, computer, procurement and financial reporting fraud). The smooth of the underworld who are principally involved in bank fraud are always ahead of the bank planning, and it is difficult to predict when and how they would strike. They are people whose Intelligent Quotient (IQ) is much higher than the average banker. The fraudsters think and act fast because that is the stock in trade.
1.2 Statement of the Problem
Frauds in financial institutions vary widely in nature, character are method of perpetration in general, it may be classified into two ways: (i) Perpetration (ii) method used on the basis of perpetrations there are three broad categories, internal, and mix. Internal perpetration of fraud are related to those committed by members of staff (insiders). External perpetration are those committed by non-staff while mixed fraud involved outsiders colluding with staff (insiders).
The most important and common types of fraud highlighted by bank Administration Institute (1989) in fraud prevention and detection series are discussed below:
a) Advance Fee Fraud (419): This involves agent approaching a bank, a company or an individual with an offer to access large fund at below market interest rates often for long term. The purposed source of such funds is not specifically identified as the only way to have access is through the agent who must receive a fee or commission “in advance”.
b) Cheque Kiting: Kiting is defined by the US Comptroller of the Currency’s Policy. Guidelines for National Bank Directors as “method whereby a depositor utilize the time required for cheque to clear to obtain an authorized loan without interest charge”.
c) Account – Opening Fraud: This usually starts when a person might use the account within a short period.
d) Money Transfer Fraud: Fraudulent money transfer may result from a request created solely for the purpose of committing a fraud or the alteration of a genuine funds transfer request. A genuine request can be altered by changing the beneficiary’s name or account number or changing the amount of the transfer. These day “yahoo boys: the name given to scammers in Nigeria that send fake emails to would-be victims asking them to apply for fake contracts or fake lottery thereby winning non-existing money from a dead billionnaire’s account in different part of the world. They connive with fraudulent bankers in the Western Union department to withdraw their ill-gotten hard currencies or without the knowledge of the bank as regard to the authenticity of the beneficiary.