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Fraud Prevention And Control In Banking System
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1.2 STATEMENT OF THE PROBLEM
Many banks today have suffered a great
financial loss in the end of numerous financial transaction and unsecure
loan. Fraud has become sophisticated as to make a forged cheque look
good for the owner to confirm it was his own signature, frequent
occurrence of fraud ultimately distracts the attention of the management
and leads to increased running cost. However, the major problem face in
this study is that
Fraud brings about unwanted
losses for bank and equally put the
management on a confused state of mind
and also effects the economic growth
of Nigeria while spending hard earned control.
Any
case of bank fraud clips of a bit of public truth in financial
institution and as well, so down the development of banking habits.
Moreover, it can easily be noticed that if nothing is done to control
these ugly incidence, sooner than letter fraud could lead to total
collapse of the economy as a whole and the wind up of bank if care if
were not taken
1.3 OBJECTIVE OF THE STUDY
Having
successfully indicated the numerous problems obtained on finance fraud
in the Nigeria banking system, the main objectives in caring out this
research work will now be stated.
I. To study critically how fraud in banks could be prevented and controlled.
II.
To evaluate the easiest way ration of fraud and other fraud committed
could be electronically captured.
III. Ways to
reduce the spread of fraud in our banking system, through effective
monitoring control procedure and efficient monitoring electronic
transaction until properly executed.
1.4 RESEARCH QUESTION
Considering the importance of this study, it has become imperative for the researcher to postulate the following question.
I. Is it true that fraud is inherent in banking operation?
II. Does fraud have any impact on the bank?
III. Why is it that it takes months for fraud to be dictated?
1.5 RESEARCH HYPOTHESIS
The
research on fraud prevention and control in the banking system is a
fact finding one therefore, the research hypothesis did not just emerge
from the blue was draw from the nature of the problem at hand for
emphasis purpose, it is described as a tentative statement about the
variable stated below. Therefore the hypotheses are as follows:
Ho1: financial fraud in banking system is difficult to be prevented and controlled in banking system.
Ho2: bank fraud has negative effect on the profitability of the banking system.
Ho2:Bank fraud has significant impact on depositors confidence in banks
Ho1:Bank fraud has no significant impact on depositors confidence in banks
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