EFFECTS OF FRAUDULENT ACT IN THE BANKING SECTOR
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EFFECTS OF FRAUDULENT ACT IN THE BANKING SECTOR
EFFECTS OF FRAUDULENT ACT IN THE BANKING SECTOR
There were numerous difficulties with which this research work was confronted, including bank officials’ reluctance to provide helpful information about the problem, as well as the cost of research and limited time for learning analysis and prop or interpretation of data.
An effort was made by the researcher to personally visit places where the above secondary data were discovered. In the absence of the necessity for primary data, question pair administration was declared unqualified,
thus all materials utilised in the research, including writing, were totally work done by the other person’s own effort, and were only employed in drawing out relevant information required for the assignment.
INTRODUCTION TO CHAPTER ONE OF EFFECTS FRAUDULENT ACT IN THE BANKING SECTOR
The term “fraudulent act in the banking industry” is of particular interest to monetary control and regulatory authorities, who are tasked with ensuring the safety of individual banks and the stability of the banking industry.
Fraudulent acts” are frequent in the Nigeria banking industry, although clients, employees, and temporary staff all commit fraud and forgeries in banks.
The frequent occurrence of fraud eventually diverts management’s attention and leads to an increase in operating costs.
Time and attention that could have been spent improving customer service would instead be spent on fraud prevention. Increasing incidences of fraud and forgery in our banks in recent years, if not addressed, represent definite challenges to the viability and existence of individual banks,
as well as the public image of the industry as a whole. The number of reported cases of fraud in merchant banks decreased dramatically from 16 in 1997 to 9 in 1998. Similarly, the total amount involved decreased from 187-59 million in 1997 to N67.35 million in 1998.
The categorisation of fraud in any loss is unlimited. There could be the presentation of counterfeit checks, the issuance of unauthorised loans, the position of bogus credits, the suppression of checks, fraudulent transfer and withdrawal, and so on in the banking industry.
In his text, Dr. John Orjih described fraud as a purposeful effort to gain an unlawful advantage at the expense of another individual who is the genuine owner of the store.
Awosanya broadly defined fraud as any premeditated activity, written, verbal, or physically, meant to deprive a rightful owner of an asset, property, or right.
Fraud, according to Osborne, is a method of acquiring material advantage through unfair or illegal means that involves some moral duties.
STATEMENT OF THE PROBLEM
Banks operate on the basis of public trust and faith in the bank’s ability to deliver as and when requested. The Nigerian society is poisoned with the desire to become rich quickly in order to feel important,
as they act as if wealth is the measure of power and importance. It is in light of these facts that those looking to make rich quick turn their attention to scamming banks.
Fraud has resulted in enormous sums of money being lost, which has contributed to the liquidation of several banks, as well as unemployment and other problems.
As a result, this work is beset by the actuate problem of determining the genesis and cause of fraudulent acts in the banking industry. The magnitude of fraudulent practises in police records remains concerning, and this has caused a partial paralysis at the base of the Nigeria banking system.
Following a thorough examination of the available secondary data, the researcher uncovered statistical data on members of staff implicated in frauds and forgeries, returns of commercial and merchant banks involved in frauds and forgeries, and so on.
Accidents can happen even in the most tightly controlled homes, as experience has shown. Bank employees should be carefully screened before being employed, and suitable bank education should be developed for bank questioners.
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