EXAMINING THE DETECTION AND PREVENTION OF FINANCIAL FRAUD IN NIGERIAN BANKS

ABSTRACT: Fraud is an inherent vice. It has been on from time immemorial even before the invention of money. However, in our yet developing world with the quest to become rich quick on the increase, fraud is becoming rather rampant. Banks deal essentially in cash and other financial instruments and because of that it has been exposed to greater risk of fraud. The attention of many have been drawn to the banks either directly or indirectly. Most people/workers look up to the banks to rise up to their problems. With such motives some workers go to the banks disappointed. Not getting so much as thought, most of them decide to make away with what they can at the slightest opportunity. Nigeria’s depressed economy also comes to mind. Fraudulent persons often connive with bank officials to dupe the banks. Telex fraud is also a new dimension. In writing this project I am very conscious of the much work that has been done in this very project. I am going into this research bearing the following objectives in mind, determining actually whether financial fraud exist in Nigerian banks, verifying the effects of financial fraud in banks, finding out how computer aid in the commission, detection and prevention of financial fraud, reviewing the work that has already been done in area of financial fraud. The project will be based on both primary and secondary data interview questions were used to ascertain the true instruments of the analysis. Under secondary data magazines, news papers and published books were used. Responses to the questionnaires were analyzed in percentages, this will enable the researcher to assign and give percentage weight to each alternative in order to make a good comparative analysis and to choose the alternative with the highest percentage.