FRAUD DEFECTION AND PREVENTION IN COMMERCIAL BANK (A case study of First Bank Nigeria plc Kaduna Regional Office Kaduna)

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FRAUD DEFECTION AND PREVENTION IN COMMERCIAL BANK

(A case study of First Bank Nigeria plc Kaduna Regional Office Kaduna)

TABLE OF CONTENT

Title page - - - - - - - - - i

Approval page - - - - - - - - ii

Declaration - - - - - - - - - iii

Dedication - - - - - - - - iv

Acknowledgment - - - - - - - - v

Abstract - - - - - - - - - vi

Table of content - - - - - - - - vii

CHAPTER ONE

1.0 Introduction - - - - - - - - 1

1.1 Background of the study - - - - - - 1

1.2 Statement of the Problem - - - - - - 2

1.3 Study Objective - - - - - - - 2

1.3.1 General Objective - - - - - - - 2

1.3.2 Specific Objective - - - - - - - 3

1.4 Research Questions - - - - - - 4

1.5 Significance of the Study - - - - - - 5

1.6 Scope of the Study - - - - - - - 6

1.7 Historical background of the case study of first bank Nigeria 7

CHAPTER TWO

2.0 Literature Review - - - - - - - 10

2.1 Definition of Fraud - - - - - - 10

2.2 Parties of fraud - - - - - - - 11

2.3 Various Types of Bank Fraud - - - - - 12

2.4 Factors That Facilitate Frauds - - - - - - 14

2.5 Detection of Frauds - - - - - - 16

2.6 Trends of Fraud In Modern Terms - - - - - 17

2.7 Treatment of Fraudulent Situation - - - - 18

2.8 The Right of A Banker To Recover Of Money

Paid Against A Forger - - - - - - 19

2.9 Effects of Fraud on Economy - - - - - 23

2.10 Prevention of Fraud - - - - - - 23

2.11 Limitation to the Various Control/Measures - - - 27

CHAPTER THREE

3.0 Research Methodology - - - - - - 29

3.1 Introduction - - - - - - - 29

3.2 Method of Data Collection - - - - - 30

3.3 Population and Sample Size - - - - - 31

3.4 Sampling Techniques and Limitation - - - - 32

3.5 Method of Data Analysis - - - - - 32

CHAPTER FOUR

4.0 Data Presentation and Analysis - - - - - 33

4.1 Introduction - - - - - - - 33

4.2 Data Presentation - - - - - - - - 33

4.3 Data Analysis - - - - - - - 40

4.4 Testing of Hypothesis - - - - - - - 44

4.5 Research Findings - - - - - - - 47

CHAPTER FIVE

5.0 Summary, Conclusion and Recommendation - - 48

5.1 Summary - - - - - - - - - 48

5.2 Conclusion - - - - - - - - 50

5.3 Limitation of the Study - - - - - - 51

5.4 Recommendation - - - - - - - 52

Bibliography - - - - - - - 54

Appendix - - - - - - - - 55

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE PROBLEMS AND STUDY

Fraud have been or become a common feature in all aspects of business life in Nigeria. It has assumed a predominant dimension in the banking industry such that it now constitutes serious threat to the proper practice and spread of the Nigeria. Millions of naira are lost through the machine of either to account holders or bank officials or account holders in collaboration with bank officials. The offence ranges from the falsification of entries, forgery of signatures of accounts holders, to that by banks cushions and customers.

At most serious dimension has been added to this practice by so called relax frauds, where by false tele-message in respect of million naira. Are transacted or transmitted to forger fictitious account over-seas, cashed only overseas collaborators, and there by draining Nigeria of her foreign exchange earnings.

Because increase in number and amount involved in these fraud and the supplication with which they are carried out complied with the higher status of banks officials involved, there is need for the industry to carry out a comprehensive study of the types and cause of frauds with a view to proffering remedies to the banker worm.

1.2 STATEMENT OF THE PROBLEM

Frequent occurrence of frauds, distracts attention of the management and lead to increase running cost. Time and emerge that should be spend on improving customers service equipment activities are spent in setting up fraud control procedures and systems or setting fraud ease out of court.

1.3 STUDY OBJECTIVE

1.3.1 GENERAL OBJECTIVE

This research work is the first and for most meant to give an insight to the effective investigation of the treat of fraud so that banks can take necessary action to remedy the situation. In the high of this suggestion are given on how the subject matter (frauds) can be detected when it occurs and also on of the how it can be controlled. This will ensure efficient running of the operation of the bank and will help eliminate necessary wastages.

1.3.2 SPECIFIC OBJECTIVES

1. This study is designated to cover frauds of various kind of fraud in the commercial bank, visa-visa it prevention and detection

2. It also covers the factors that may lead to frauds, so that bank can be aware and take necessary corrective measures against those factors.

3. Another area covered by this study is to low a fraudulent situation could be treated in which the banks does immediately after the dictation of frauds of course of any research work is bound to be constrained by certain limiting factors.

The time will be not sufficient enough to record the topic an extensive coverage. More so by choosing first bank of Nigeria, plc being a lending banking institution in the country the researcher hope to have access to the require information and necessary at lesser cost without much energy and wastage.

4. The study also give a higher suggestion and how the subject matter (frauds) can be detected when it occurs and also an how it can be controlled.

1.4 RESEARCH QUESTIONS

Fraud is an international distortion of financial statement for whatever purpose and it is a misappropriation of assets whether or not it is accompanied by distortion of financial statement.

Fraud has become a common activities in the banking sector in Nigeria it has become a predominant dimension in the banking industries such that it now constitutes serious threat to the proper practice and spread of in the Nigerian banking industry, that is why the researcher have the following question in mind:

i. How does the fraud trends be tackled and elimination in the Nigerian banking system?

ii. What are the most significant factor or measures of detecting and controlling the frauds?

iii. Does the management of the banks or officials make any contribution in the reduction of frauds?

iv. Do the staffs effort make any impact to the reduction of fraud?

v. To what extent does the government helps in detecting or fighting against the fraudulent act in the banking sector?

vi. What are the modern techniques or preventives measures of fraud detection in Nigerian banking industry?

This are some questions does the researcher have in mind with the view to answer them at the end of the research.

1.5 SIGNIFICANCE OF THE STUDY

Apart from the importance of the study, it is also the fact that it will create awareness for the careless bank (if any) on the consequence of allowing the fraud to occur.

Also for the banks already taking care to give them additional suggestion on how to improve more on their preventive/or control measures and that is the research have discussed to general limitation.

The study will also helps the bankers to be informed on the right they have to cover money they have paid against a forger.

1.6 SCOPE OF THE STUDY

This research is designated to cover frauds in various kind of commercial banks, it prevention and detection. It also covers the factors that may leads to fraud so that the

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