An Evaluation of Internal Enforcement Mechanisms on Curbing Fraudulent Activities in Banking: A Case Study of Guaranty Trust Bank
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Internal enforcement mechanisms play a pivotal role in safeguarding banks against fraudulent activities. Guaranty Trust Bank (GTBank) has implemented a robust internal enforcement framework that combines advanced fraud detection technologies, regular internal audits, and stringent compliance policies to mitigate fraud risks (Ibrahim, 2023). The bank’s approach integrates real-time data analytics with established control measures to monitor transactions continuously, identify anomalies, and trigger immediate remedial actions. This multi-layered strategy not only deters potential fraudsters but also fosters a culture of accountability among employees. Research has shown that banks with effective internal enforcement mechanisms experience lower incidences of fraud, improved operational efficiency, and enhanced customer trust (Chukwu, 2024). Despite these benefits, challenges such as data integration with legacy systems, uneven enforcement across branches, and resistance to procedural changes persist. GTBank’s initiative exemplifies the need for continuous improvement in fraud prevention measures, particularly as fraud schemes become increasingly sophisticated in the digital age.
Statement of the Problem
Despite the implementation of advanced internal enforcement mechanisms, GTBank continues to experience instances of fraudulent activities that result in financial losses and reputational harm. Disparities in system adoption across different branches, integration challenges between new and legacy systems, and occasional lapses in internal communication have compromised the overall effectiveness of the enforcement framework (Uche, 2024). Additionally, the high rate of false positives generated by automated systems can lead to delays in fraud resolution and customer inconvenience. These issues suggest that while the internal mechanisms are robust on paper, practical challenges hinder their full potential. This study seeks to identify the key operational and technological barriers that limit the efficacy of GTBank’s fraud prevention measures and propose targeted strategies to optimize internal enforcement, thereby reducing fraud-related losses.
Objectives of the Study
-
To evaluate the impact of internal enforcement mechanisms on curbing fraudulent activities at GTBank.
-
To identify operational and technological challenges affecting enforcement effectiveness.
-
To propose strategies for optimizing internal controls to better prevent fraud.
Research Questions
-
How effective are internal enforcement mechanisms in curbing fraudulent activities at GTBank?
-
What challenges impede the consistent application of internal enforcement measures?
-
What strategies can optimize internal controls to reduce fraud?
Research Hypotheses
H₀: Internal enforcement mechanisms do not significantly curb fraudulent activities at GTBank.
H₁: Internal enforcement mechanisms significantly reduce fraudulent activities at GTBank.
H₀: Operational challenges do not affect enforcement effectiveness.
H₁: Operational challenges significantly hinder enforcement effectiveness.
H₀: Additional optimization strategies will not further reduce fraud.
H₁: Additional optimization strategies will significantly reduce fraud.
Scope and Limitations of the Study
This study focuses on GTBank’s internal enforcement measures and their impact on fraudulent activities. Data will be obtained from internal audit reports, fraud incident records, and interviews with compliance officers. Limitations include restricted access to sensitive internal data and rapidly evolving fraud tactics.
Definitions of Terms
• Internal Enforcement Mechanisms: Policies, procedures, and systems designed to detect and prevent fraud.
• Fraudulent Activities: Illicit actions that result in financial losses for the bank.
• Data Integration: The process of combining data from disparate systems to ensure cohesive monitoring.
Related Project Materials
IMPACT OF COOPERATIVE LEARNING STRATEGY ON STUDENTS’ ACHIEVEMENT AND RETENTION OF SOCIAL STUDIES CONCEPTS IN JUNIOR SECONDARY SCHOOLS
ABSTRACT
The study examined the Impact of Cooperative Learning Strategy on Students‟ achievement and retention of Social Studies Concepts...
The role of after-school physical activity programs in improving students’ overall well-being in Gusau Local Government Area, Zamfara State
Background of the Study
After-school physical activity programs have emerged as a vital supplement to traditional classroom education, pl...
An evaluation of the impact of girl-child education programs in rural communities in Ogbomosho South Local Government Area, Oyo State
Background of the Study
Girl-child education programs have emerged as pivotal initiatives aimed at empowering young women...
An Investigation of AI-Based Smart Question Bank for University Lecturers in Federal Polytechnic, Bida, Niger State
Background of the Study
Assessing students' learning progress and understanding is a central function of university lec...
FACTORS THAT INFLUENCE THE UTILIZATION OF MATERNAL HEALTH CARE CENTERS, A CASE STUDY OF JABI VILLAGE FCT ABUJA
Background Of The Study
In the child of bringing new life into the world, childbearing is one of the pe...
THE PROBLEM AND PROSSPECTS OF COCOYAM PRODUCTION
ABSTRACT
It is a common practice in Nigeria and other West Africa Countries especially in area lying within the ra...
FEDERAL CHARACTER PRINCIPLES AND THE CHALLENGES OF SOCIAL JUSTICE AND NATIONAL INTEGRATION IN NIGERIA
Background of the Study
Federal character principles or quota system of representation became an issue and as a part of...
SURVEY ON SOCIETAL BELIEVE ON EARLY MARRIAGE IN NIGERIA (A CASE STUDY OF NINGI)
CHAPTER ONE:
INTRODUCTION
Background...
ASSESSMENT OF MONETARY POLICIES EFFECT ON NIGERIA COMMERCIAL BANK (A CASE STUDY OF ZENITH BANK PLC)
BACKGROUND OF THE STUDY
Credit has remained the backbone of banking operations, hence the majority of banking activities...
The effect of educational policies on students’ performance in Ovia North-East Local Government Area, Edo State.
Background of the study:
Educational policies are pivotal in shaping academic environments and influencing student performa...
