CONTENDING THE RATE OF FRAUD IN THE BANKING INDUSTRY
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CONTENDING THE RATE OF FRAUD IN THE BANKING INDUSTRY
ABSTRACT
Because of the impacts on banks and the finance industry in general, much effort and research is being aimed at the study of the causes of fraud in banks.
There are no accurate figures (in any public report) on the value of successful and unsuccessful fraud in the banking business.
The facts presented in this research are the first of their kind on the study of how the rate of fraud on the banking industry is to be contended.
The research delved into various issues on sources of fraud, types of fraud, causes of fraud, effects of fraud on banking business, and the effectiveness of fraud prevention measures.
Fraud detection and prevention should be a collaborative effort between banks, their clients, and the government. Fraud in the financial system should be prevented as much as possible because it kills the bank and damages a nation’s economy.
1.0 INTRODUCTION TO CHAPTER ONE
1.1 BACKGROUND TO THE STUDY:
Banks are well-known for operating on the pinnacle of public trust. Today, the premise is no longer valid because bankers either instigate or actively participate in fraudulent operations against their banks (workers).
According to the Nigeria Deposit Insurance Corporation (NDIC) Annual Reports (2001), most banks were run into the ground by a few greedy directors and staff who perpetrated fraud and other unethical practises against their organisations. This is an anomaly that continues to erode public trust in banks.
This scenario has contributed to the failure of numerous banks.
Given that one cannot escape examining the reality that the hardship in the banking industry was caused by fraud, there is a need to investigate the problems related with fraud, their impact on the economy, and how they are to be addressed.
1.2 STATEMENT OF THE RESEARCH PROBLEM
Though the banking industry is one of the most profitable in the economy, improved performance in terms of private returns and societal obligations might be achieved.
This must be the case if the banking industry is to take the lead in reactivating the economy.
The Banking Industry’s subpar performance is attributable to issues. The issue of fraud in the banking business is one of the most difficult and involved of these issues.
The size of this problem, as well as its repercussions for the sector, prompted this study on “contesting the rate of fraud in the Banking Industry.”
1.3 OBJECTIVES OF THE STUDY
The fundamental goal of this research is to identify realistic methods for reducing or eliminating the occurrence of fraud in our banks.
The following secondary objectives have been stated in order to attain this goal.
i. Identifying the source(s) of bank fraud
ii. Identifying the forms of fraud committed in banks
iii. To ascertain the impact of fraud on the banking industry.
iii. To make recommendations for lowering the occurrence of fraud in the financial industry.
v. Identifying the means through which the recommended steps can be effectively implemented
vi. To understand why bank employees commit fraud.
1.4 THE SIGNIFICANCE OF THE STUDY
Because fraud has caused failure in the banking industry, the government, monetary authorities, economic policymakers, and management must all work together to combat the rate of fraud in the banking industry.
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