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An Evaluation of Anti-Fraud Mechanisms in Nigerian Banks: A Case Study of Polaris Bank

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Background of the Study

The Nigerian banking sector has faced significant challenges with fraud, which undermines financial stability and public trust. To combat these challenges, banks have implemented various anti-fraud mechanisms, including whistleblowing policies, fraud detection software, and robust internal audits (Okoro & Adegbite, 2023).

Polaris Bank, as a key player in the Nigerian banking sector, has been at the forefront of adopting anti-fraud measures. However, despite these efforts, instances of fraud persist, raising questions about the effectiveness of these mechanisms. This study evaluates the anti-fraud mechanisms implemented by Polaris Bank, identifying their strengths and weaknesses.

Statement of the Problem

Fraud continues to pose a threat to the Nigerian banking sector, with banks losing billions annually to fraudulent activities. Although Polaris Bank has implemented various anti-fraud mechanisms, the effectiveness of these measures remains unclear.

This study examines the anti-fraud mechanisms at Polaris Bank, identifying areas for improvement and proposing strategies to enhance their effectiveness (Adebayo & Olanrewaju, 2024).

Objectives of the Study

  1. To evaluate the effectiveness of anti-fraud mechanisms at Polaris Bank.

  2. To identify weaknesses in Polaris Bank’s anti-fraud systems.

  3. To recommend strategies for improving anti-fraud mechanisms in Nigerian banks.

Research Questions

  1. How effective are the anti-fraud mechanisms at Polaris Bank?

  2. What weaknesses exist in Polaris Bank’s anti-fraud systems?

  3. What strategies can improve anti-fraud mechanisms in Nigerian banks?

Research Hypotheses

  1. Anti-fraud mechanisms significantly reduce fraud at Polaris Bank.

  2. Weaknesses in anti-fraud systems increase the risk of fraudulent activities.

  3. Implementing advanced anti-fraud strategies enhances fraud prevention in banks.

Scope and Limitations of the Study

The study focuses on Polaris Bank’s anti-fraud mechanisms from 2015 to 2025. Limitations include restricted access to sensitive fraud-related data and the reliance on staff perceptions for evaluations.

Definition of Terms

  • Anti-Fraud Mechanisms: Strategies and tools used to detect and prevent fraudulent activities.

  • Polaris Bank: A Nigerian commercial bank.

  • Fraud: Deceptive practices aimed at gaining unlawful financial advantage.





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