CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Fraud is an
intentional deception made for personal gain or to damage another individual.
Fraud is a crime and a civil law violation. Defrauding people of money is
presumably the most common type of fraud. Customers of banks are currently
experiencing increase in fraud schemes. Scams to get a customer personal
information can occur through many different means such as e-mail and telephone
Bank fraud is
the use of fraudulent means to obtain money, assets, or other property owned or
held by a financial institution. In many instances, bank fraud is a criminal
offence, while the specific element of a particular banking fraud law varies
between jurisdictions; the term bank fraud applies to actions that employ a
scheme as opposed to bank robbery or theft.
Controlling bank
fraud in the financial sector is a major task for all the stake holders in the
sector. Every year, banks lose billions of naira to fraud which comes in all
size and shapes both from external perpetrators and internal employees.
In its broadest
terms, fraud means obtaining of something of value through deception. If fraud
were described as an industry it would clearly be one of the fastest growing
areas of the economy. One hundred criminals who serve several periods of
imprisonment for armed robbery offence were recently reported that he wished he
had understood earlier in his criminal career how easy it was to commit fraud.
He now considers that fraud involves less traumas, the reward, are far greater
and the penalties substantially fewer than in other form of crime. This study
will address those forms of fraud that target the financial service sector and
how the industry has responded with some measure successful in controlling this
ever increasing problems and other measure that can be geared towards achieving
further results.
1.2
STATEMENT OF THE PROBLEM
As earlier
mentioned, the Nigerian banking industry, the back bone of Nigeria economy is
one of the most profitable of higher performance and could achieved better
result in output and obligation to the society. To realize this, the banking
industry will have to perform lending role that can reinstate the economy.
The low level of
the performance of the Nigerian banking industry is due to an array of
problems, one of which is the issue of fraud which is one of the most
intractable and monumental problem facing the industry. The problem of
accountability is traceable to the root cause of fraud which results from poor
record keeping misappropriation forging, poor internal control, excess power
given to the executive or management etc.
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