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ANALYSIS OF FRAUDS IN BANKS: NIGERIA’S EXPERIENCE
Abstract:
This paper assesses the nature, causes, effects, detection and prevention measure for bank frauds in Nigeria. The methodology employed for data collection is only primary source, which involved the use of questionnaires, in which 100 questionnaire were administered to the selected bank staff, out of which 92 questionnaires were completed and returned. Also this study make use of
Nigerian Deposit Insurance Corporation (NDIC) annual reports for data relating to total amount involved in frauds and forgeries, ten banks with the highest fraud cases and categories of bank staff involved in frauds and forgeries. The paper concludes that If fraud is discovered or there is a reasonable basis to believe that improprieties have occurred, the audit committee should be notified immediately and is responsible for ensuring that an investigation is conducted. in the fight for the prevention of fraud, banks should have in place sound/effective internal control mechanism/checks and balances. There should be steadfastness in punishing offenders and adoption of zero tolerance to corruption. The society should imbibe cultural value system of treating fraudsters with contempt.
Key words: fraud, detection, prevention, NIDC, management fraud, Insiders fraud, KYC, SAS