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
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To evaluate the effectiveness of anti-fraud mechanisms at Polaris Bank.
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To identify weaknesses in Polaris Bank’s anti-fraud systems.
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To recommend strategies for improving anti-fraud mechanisms in Nigerian banks.
Research Questions
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How effective are the anti-fraud mechanisms at Polaris Bank?
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What weaknesses exist in Polaris Bank’s anti-fraud systems?
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What strategies can improve anti-fraud mechanisms in Nigerian banks?
Research Hypotheses
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Anti-fraud mechanisms significantly reduce fraud at Polaris Bank.
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Weaknesses in anti-fraud systems increase the risk of fraudulent activities.
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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
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Anti-Fraud Mechanisms: Strategies and tools used to detect and prevent fraudulent activities.
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Polaris Bank: A Nigerian commercial bank.
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Fraud: Deceptive practices aimed at gaining unlawful financial advantage.
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