This project work in basically an empirical intended to find how fraud is being perpetrated in banks and how it can
be prevented or rather eradicated from causing total collapse of banking sector
and how this theory can be
influenced through unscrupulous staff in
banking sector and members of the public to achieve a specific results.
The primary data used in this project was obtained through the use of
questionnaires. The questionnaires were distributed to staff in various banking
sector in Lagos.
The question mainly focused on the issue
of fraud, the causes, the people
involved, types, control or prevention
of this cankerworm called Fraud.
The analysis of the data collected and the testing of the
hypothesis revealed that the more swindle larger sums of money that the larger
the organization is easier for it to believe that its internal control will
protect it against fraud, that the longer the established organization and the
more crime free its experience.
TABLE OF CONTENT
Table of content
1.2 A brief history
of UBC Plc
1.3 Statement of problems
1.4 Objective of the study
1.5 Significance of the study
1.6 General statement of hypothesis
1.7 Scope and limitation of the study
1.8 Definition of terms
2.2 Fraud in
2.3 How fraud are perpetrated
2.4 The effect of fraud
3.1 Types of fraud
3.2 The role of internal control
3.3 Factors that influence bank fraud
3.4 Fraud and its operation
3.5 How to detect fraud
3.6 The role of management in the detection and control of fraud
RESEARCH METHODOLOGY AND DESIGN
4.1 Research approach
4.2 Research strategies
4.4 Types of research instrument
4.8 Sample size
The banking industry has witnesses a
tremendous growth in recent time. This assertion is inform by the number of
banks and branches. Their total investment the industry like any other one is
faced with an arry of problems, one of these
is the issue of large scale of “fraud” while is perhaps very disastrous.
Incessant occurrence of fraud lead to
loss of asset, the winding up of an
organization portrayal of dented image and
crippling of individual negating affected these devastating effects of
frauds are more impant in banking sector than in any other industry.
Fraud has over taken different dimension
and in creased unsophisticated application in the early years, banks were
merely concerned with the forging of signature and falsification of records the
types of highly sophisticated frauds we see today, were not found in 20-30
years ago but today, banks are concerned and carried about the “aids” of banking sectors “ Advance fee fraud”
popularly known as “419”.
The devastating effect of fraud on banks
management the focusing of attention on fraud management so as to reduce the
incidence and enhanced the early detection of already perpetrated frauds. Its
should be noted that prevention is better than cure, banks need to and should always find turn their respective
fraud management strategies so as to make preventive measure receive property
The incidence of fraud in the society
and in financial institution in particular propels the ardent need ad compelling desire for prompt detection, prevention and
control fraud is a societal phenomenon.
1.2 A BRIEF HISTORY OF U.B.A PLC
The united bank for Africa (UBA)is one
of the Nigeria
top three commercial banks.
Its was established in February 25, 1961
by a British and fraud bank limited with assets of over N15.685 billon and over 190 branches speed over Nigeria.
The united bank for Africa
is active in all aspects of commercial banking and provides international
banking trusteeship, shares registration, corporate finance and computer.
1.3 STATEMENT OF PROBLEM
No fraud prevention and
detection, however can itself guarantee
an efficient banking completeness and
accuracy of records, a fraud
error free society this is because of the following:-
Two or more dishonesty
and unscrupulous person working in collusion can override the efficiency of
the best possible prevention.
control can be abused by those in whom authority is vested.
Management is in
position to override the fraud prevention set up by itself.
1.4 OBJECTIVE OF THE STUDY
The main objective of the study is to
establish a reliable control system for the
detection and prevention of fraud. Loss of prevention simply put is to
eliminate or to minimize the opportunity for an embezzlement having said that,
the opportunity to commit a bank fraud
must be prevent and present before a fraud is committed. The best way to
find answer to this situation is one how fraud can be prevented is by uses of the following basically concepts.
What is fraud
(definition of terms)
causes that influence bank fraud.
groups of people involved in perpetrating
The effects of
fraud on the operation and cooperation image of the bank.
However, this research could be
therefore be considered timely and most appropriate in the in strest of banks in particular and overall Nigeria economy
1.5 SIGNIFICANCE OF STUDY
The salient points of this study lies in
its attempt to find out and evaluate those factors responsible fro fraud
prevention in the united bank for Africa
To guide bank
having a weaker fraud management system to embark on effective fraud detection
To enable the researchable finding and to find
out some problems encountered in relation
to fraud prevention in the
banking industry and make necessary recommendation for detection and
To save as a
stepping stone for others who are likely to carry on research on the study in
1.6 GENERAL STATEMENT OF HYPOTHESIS
Here all and alternative hypothesis will
be used for general statement of
hypothesis. The following are the
assuction of previous authors are deducted from review of relevant literature.
That the and more
experienced banks are likely to swindle large sums of money
That the more experienced banker are
not likely to swindle large.
That better condition of services for
bank staff reduces the risk of fraud to its. Minimized
That better condition of services for
bank staff does reduce the risk of fraud to its minimum
That the longer established the
organization and the more crime free
That the longer established the
organization and the less crime free ii experienced.
1.7 SCOPE AND LIMITATION OF STUDY
The concept of fraud covers a wide scope in the economy
of the country. Its related to every
malpractice conducted in all areas of business activities. The cases of fraud are widely known in both the
private of public sector of the economy.
The study will no be able to covers all
area of fraud cases within the economy because of some constraints of limitation
imposed by followings:
constraints: This hinder the research to covers a work scope.
transportation due to an increase in truel price.
location of industries to covers is wide. Therefore concentration is purposed
on UBA Lagos branch.
The attitude of
the respondents towards the answering
returning of questions.
1.8 DEFINITION OF TERMS
FRAUD: Can be describe as a
conscious preme dictated action of a
person or groups of person with the intention of altering. The truth and
or facts for selfish personal monetary gain.
ERROR: This can be defined as unintentional mistation of financial statements for whatever purpose
and also as misappropriation of assets whether or not accompanies by
distortions of financial statements.
BOFIO: Bank and
other financial institution decree.
BANKER:- A person carrying on the business of receiving monies and collection
drafts for customers subjects to the obligations of honour time by the drawn upon
them from time to time by the customers to the extents of the
amount available on their current accounts.
It not an account but a statements
showing the assets and liability of a
bank or company or trader at a given
BANKING: Is the business of receiving money from outside
sources as deposits irrespective of the payments of interest and the
granting of money loans and acceptance
of credits or the purchase of bills and
cheques or the purchase of sales of securities for the account of other
or the inquiring or the obligation to acquire
claims in respects of loans to their maturing or assumptions of
guarantee and others warrantee for other or the
effecting of starter and
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