ASSESSMENT OF FRAUD PREVENTION DETECTION AND CONTROL IN NIGERIA BANKING INDUSTRY
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ABSTRACT
This work is all about fraud prevention, detection and control in the banking sector of Nigeria. This study has Habib Nigeria bank Limited, Enugu as a case study. From the study, such factors like poor staffing, poor remuneration, weak internal control among other factors contributed immensely to the incidence of fraud in banks. The study revealed that the most effective way of preventing fraud in banks is through an effective in-built control mechanism. This internal control mechanism is designed in such a way to designate responsibilities so that a staff’s activities are checked by another which is in turn checked by a higher officer. This calls for a strong and independent inspection and audit department in every bank comprising of staff with impeccable integrity. This study applied necessary data collection techniques such as questionnaires. The study therefore recommends that banks should have in place sound/effective internal control mechanism/checks and balances and provide adequate remuneration and reward for excellence and good conduct while the incessant and periodic downsizing of bank staffs should be discouraged. There should be steadfastness in punishing offenders and adoption of zero tolerance to corruption. The society should imbibe cultural value system of treating fraudsters with contempt.
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