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The Effects Of Bank Fraud In The Nigerian Economic Development (21st Century Experience)
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1.2 STATEMENT OF THE PROBLEM Banks has continued to witness increased
number of fraud and malpractice with varying degree of sophistication.
It was reported by the Nigeria Deposit Insurance Corporation (NDIC) that
“Banking Industry has lost billions of naira to fraudulent activities,
indicating a continuing increase in banking fraud†in the present 21st
century in Nigeria. This shows that while bank management are busy
working out means of checking fraud and malpractice fraudsters on the
other hand in conjunction with some dishonest bank staffs are designing
new methods on how to circumvent those measures. It will then be pointed
out here that the results or implication of these is damaging. Fraud
and malpractice leads to unnecessary loss of huge amount of money. This
loss of money by the bank cripples banks activities and transactions.
Again, every incidence of fraud reduces public confidence on bank; hence
they question the credibility of the banking industry in protecting
their money and meeting up with daily transactions. Banks fraud and
malpractice delay or slow down the development of banking habits in
Nigeria economy. People shy away from banks in fear of losing their
money in case fraud occurs. Banks fraud and malpractice keeps the
management of banks alert and cause them to waste resources and energies
on fraud prevention and detection.
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