TABLE OF CONTENTS
Cover Page
Title Page
Approval
Dedication
Acknowledgement
Table of Contents
Abstract
Chapter One
1.0 Introduction
1.1 Background of
the Study
1.2 Statement of
the Problem
1.3 Purpose of the
Study
1.4 Significance of
the Study
1.5 Assumptions of
the Study
1.6 Research
Questions
1.7 Scope/Delimitation
of the Study
1.8 Definition of
Terms
Chapter Two
2.0
Review of Related
Literature
2.1 Types of Bank
Fraud in Access Bank of
Nigeria Plc, Lagos Branch
2.2 Non-Management
Fraud and Its Causes in
Access Bank of Nigeria Plc, Lagos Branch
2.3
Computer Perpetrated
Fraud in Access
Bank of Nigeria Plc, Lagos Branch
2.4 Effects of Frauds on Financial Institutions
and
The Economy
2.4.1
Fraud Detection and
Prevention
2.4.2
Causes of Frauds
2.4.3
Classification of
Banking Frauds
Chapter Three
3.0
Introduction
3.1 Design of the
Study
3.2 Area of the
Study
3.3 Population of
the Study
3.4 Sample of the
Study
3.5 Instrument for
Data Collection
3.6 Validation of
the Instrument
3.7 Distribution
and Receival of Instrument
3.8 Method of Data
Analysis
Chapter Four
4.0 Data
Presentation and Analysis
4.1 Presentation of
Tables
4.2 List of
Findings
4.3 Discussion of
Findings
Chapter Five
5.0 Summary,
Conclusion and Recommendations
5.1 Summary of
Findings
5.2 Conclusion
5.3 Recommendations
5.4 Limitations of
the Study
5.5 Suggestions for
Further Research
References
Appendix
Appendix A: Letter of Introduction
Appendix B: Questionnaire
CHAPTER ONE
1.0 INTRODUCTION
The cancan worm fraud’, is a deluding act of alteration and
manipulation of financial documents in financial institutions (banks) and other
business organisations, perpetrated (Banks) and other business organisations,
perpetrated by fraudsters for egocentriction and personal aggrandizement”
Alteration involves the changing, cancellation of written financial figures and
replacing them with fabricated figures by the fraudsters.
In any economy where fraudsters exist and operate, such an
economy with definitely experience low investment and profit by both home and
foreign investors thereby leading to the under development of such an economy.
However, the 47 years old “Nigeria”
is currently rated as one of the most corrupt countries in the entire world due
to the high rate of frauds operating in her economy.
1.1
BACKGROUND OF THE STUDY
Access Bank as it’s name implies offers both merchant and
commercial banking services at Access, national and local communities.
Internationally, the bank has a network of correspondent Banks located in U.S.A., Australia and Europe.
In Eastern Europe, it has
four (4) branches namely: ANZ Access Bank in London, Swiz Access Citibank in New York and Mid-Land Access
Bank London. These Banks speedily handle all foreign transactions by effecting
foreign remittance through foreign exchange market (FEM) as well as opening and
processing letters of credit within 48 hours of competitive exchange rate and
receipt of documents respectively.
Nationally, with its establishment in Nigeria in
August 1989 and it’s head office located at Access Plaza,
Danmole Street,
Off Adeola Odeku Victoria Island Lagos. Access Bank of Nigeria Plc, now has
about 207 branches throughout Nigeria
such as: Abuja,
Kano, Onitsha, Asaba, Lagos, Aba, Akwa-Ibom, and Port Harcourt State etc.
Locally, out of 47 Local Government Area in Lagos State,
Access Bank of Nigeria Plc has about 78 branches spread across the states.
1.2 STATEMENT OF THE PROBLEM
Generally, financial institutions (banks) have served as
custodisurety and referees to different calibers of institution and individuals
and as such maintained a prestigeous position in the society. But this prestigeous
position occupied by financial institutions (banks) has been lost and being
replaced by certain conspicuous detrimental and deceptive factor leading to the
liquidation of financial institutions, including Access Bank of Nigeria Plc,
Lagos Branch, in the economy. This deceptive and deluding factor is no other
thing that “fraud”, which exist as a result of falsification of financial
documents, direct cash thefts by both bankers and fraudulent customers, banking
operators of electronic devices, forged cheques with forged signatures etc.
It was been observed that fraud is a cancarworm that has
enter deep into the fabrics of financial institutions leaving them with
insufficient liquidity to meet customers demand and reserve requirement by
Central Bank of Nigeria, low investment and profit to be generated, loss of
money belonging to customers and loss of good will and confidence in banks.
This evil known as fraud has penetrated into Access Bank of
Nigeria Plc, Lagos Branch, and based on this, this research work has therefore
summoned the courage of discovering the various ways of detecting and eschewing
the different types of frauds that are existing in Access Bank of Nigeria Plc,
Lagos Branch.
1.3 PURPOSE OF THE STUDY
The major purpose of this study is to determine the various
ways of detecting and preventing the different types of frauds in financial
institutions such as Access Bank of Nigeria Plc, Lagos Branch in order to
ensure financial stability, transparency in banks operations and accurate
financial records.
1.4 SIGNIFICANCE OF THE STUDY
The findings of this study will significantly contribute to
the understanding of persons in financial institutions (Banks) and other
business establishment, on the major measures of detecting fraud and
irregularities also, major ways of preventing them. It is highly significant to
the entire users of accounting information: shareholders, debenture holders,
creditors, government, management and customers in order to know whether
financial institutions including Access Bank of Nigeria Plc, Lagos Branch is
adequately managed.
Business owners are opportuned to acquire information on
the enormous ways of detecting and avoiding fraud in their business operation,
thereby leaving them with enough money to run their business successfully.
1.5 ASSUMPTION OF THE STUDY
The inherent assumptions of this study includes that fraud
is a deceptive act perpetrated knowingly by fraudsters in financial
institutions (banks) and other business establishment.
Fraud is a virus which has crippled financial institutions
and other business organisation. It is believed that fraud can be eliminated
entirely from financial institution including Access Bank of Nigeria Plc, and
other business organisations through the use of major preventive measures such
as the establishment of inspection units, retention of passport sized
photographs, verification of signatures, placing lending limit, photographing
persons withdrawing large sums of money and the use of close circuit
television.
Generally with the knowledge of major measure of detecting
and preventing frauds financial institutions include Access Bank of Nigeria
Plc, and their business organisations will operate their business successfully.
1.6 RESEARCH QUESTIONS
This study sought answer to a well structure research
question:
1. What types of fraud usually occur in financial institutions
including Access Bank of Nigeria Plc, Lagos Branch?
2. What are the causes of fraud is it caused by the customer or
staffs?
3. Does the introduction of computer predominantly increases or
decreases fraud in the banking business?
4. Are there any mechanical devices used by management in
detecting fraud in Access Bank of Nigeria Plc, Lagos Branch?
5. What measures do the management use in preventing these frauds
in Access Bank of Nigeria Plc, Lagos Branch?
6. What are the effects of frauds in Access Bank of Nigeria Plc,
Lagos Branch and other financial institution in general?
1.7 SCOPE/DELIMITATION OF THE STUDY
The study is delimited to determine the various ways of
detecting and preventing the different types of frauds militating against
financial records in financial institutions including Access Bank of Nigeria
Plc, Lagos Branch and other business organisations. It is focused on the types
of frauds and their causes in conjunction with the perpetrators or fraudsters
of fraud in financial institution and other business organisation.
The study further looked on the effects of fraud in
financial institutions and their business organisations. However, this study
sought for ways of ensuring financial stability, transparency in bank operation
and accurate financial records.
1.8
DEFINITION OF TERMS
1.
Auditor: This is an
academically, professionally, qualified and competent individuals (employee)
who utilizes a systematic process to access the validity of management
financial reports of a firm with the primary aim of expressing his opinions in
accordance with the laid down accounting professional bodies e.g. ICAN, NASB
and Company and Allied Matters Act (CAMA) 1990 Standards, which various users
of accounting information can rely on coupled with a secondary motive of
providing domestic report for corrective measures and control.
2.
Bank: It can be
defined as “the business of receiving deposits on current accounts, saving
account or other similar account, paying or collecting cheques or such other
business as the governor may, by order publish in the gazette, designate as
banking business.
3.
Cheque: A cheque is a
bill of exchange drawn on a banker payable on demand”.
4.
Computer: It is an
electronic device which is capable of receiving data through the input device,
processing the data and producing information through the output device for the
end user.
5.
Fraud: Is a willful
mis-representation of facts and figures with the intention to deceive.
6.
Internal Control: This
is a collection of organisational policies, procedures, rules and regulations
formulated by management to guide the performance of staffs and secure
compliance with health standards. Thus, it employs administrative and financial
control parameters to safeguard assets, promote efficiency, reduce waste, check
fraud, establish acceptable and orderly manner of doing things within the
organisation.
7.
Forged: This is the
commonest source of raw perpetration of fraud in financial institutions. Here,
the bankers within the company, having realized that there is a substantial
amount of credit balances on the company’s accounts colluded with expert fraudsters
and forged signatures of the directors or senior officers of the company
responsible for effecting withdrawal or transfers of funds.
8.
Users of Accounting Information: This comprises legal and natural persons or groups who rely
on published financial reports for various form of decision making concerning
the reporting organisation. They include shareholders, debenture holders, potential
investors, employees, creditors, government etc.
9.
Banking Operation:
This can be defined as the way in which banking business works or operates.
10.
Letter of Credits: It
is a written instrument issued by a bank at the request of it’s customer, in
which the bank obligates itself to pay against presentation of a draft and
documents which evidence shipment and meet all the terms and conditions
stipulated in the credit.
11.
Fraudsters: These
refers to those individual or group of individuals who have colluded to
perpetrate the practice of fraud i.e. falsification of financial documents etc,
in any organisation they found themselves.
12.
Egocentric: This term
refers to the selfish act of an individual.
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