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Fraud Prevention And Control In Banking System
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1.6 SIGNINFICANCE OF THE STUDY
Although
this research work is not exhaustive one because of the non
availability of some important information and limited time all part of
this work is to financial institution.
Moreover, this study is
prepared for these who may be interested or willing in carrying out
further investigation on fraud with special reference to financial
institutions. However the banks will benefit greatly from this research
work in preventing and controlling of frauds in their banks and this
they cab achieve by adopting and implanting the different ways suggested
by this study in management control system.
1.7 SCOPE OF THE STUDY
Due
to financial and time constraints usually associated with studies of
this nature, the scope of this study is Access bank plc, Spring bank
plc and first bank plc; all are selected banks in Nigeria.
1.8 LIMITATION OF THE STUDY
Finance
was one of the major constraints that limited the work intended to be
undertaken by the researcher. The fact that there is inadequate fraud at
my disposal accounted for the un-intensive fact finding in the course
of my study.
Time constraints are also another factor that limited
this research work. The purpose of this study is so small but above all
the result of this work falls above the mediocrity.
Finally the
unco-operative attitude of staff of the selected banks become
problematic, as three was no access to source for information required
for the study.
1.9 DEFINITION OF TERMS
Control: Control in the context implies taken to minimize occurrences such as fraud.
Document:
A document according to 5.467 of the commercial code include, register,
and paper paramount or other material whatsoever used for writing,
printing , which is marked with and letter or any letter or any other
signs capable of conveying definite meaning to persons conversant with
them but does include trademarks on goods. A document is not only in
writing papers and in voucher, cheques etc but include writing based on
words stone or metal etc.
E-fraud: these are financial fraud committed through the use of bank information technology facilities.
False Documentation: Documentation is said to be false if it contains alteration in any material part.
Fraud: This is a legal term for a purposeful deception that results in financial loss to another.
Fraudster: these are persons who professionalized in defiantly people of their earned income and legal acquired properties.
Forgery: This is falsification of document or instrument purport to be real when it is not.
Prevention: This refers to measures taken to avoid occurrence e.g something.
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