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EFFECTS IF
FRAUD IN THE BANKING INDUSTRY (A CASE STUDY OF UNION BANK NIG. PLC)
ABSTRACT
Financial
malpractices in the banking industry simply refer to all forms of ill practices
perpetrated in the banking by the staff or outsiders. Such acts are fraudulent
which erode the capital base of the affected banks and no bank for now is safe
from it only that the magnitude in some cases is mi8nimal compared to others.
Due to diverse effects of these fraudulent acts, various forms of checks are
instituted and penalties noted out to offenders. The activities of the banks
tribunals is a clear instance of such measures.
In getting
facts for this study, lots of works done on related topics are studied and
various journals are used that have authoritative information on the subject .
The journals consulted are mostly that of banks, supervisory authorities and in
some cases view if bank staff are sought on issues that need clarification.
Fraudulent
practices are perpetrated in all sections of any economy, no government will be
sitting idle watching its economy crumble via fraud. Measures are put in place
to check this act but this could only minimize it if it is as well implemented.
Government’s
contribution in checking the practices
in banks is in the provision of laws and institutions with responsibility of
monitoring this financial institution. The banking institution themselves are
much in the war against these malpractices to save the institutions from
collapse.
In
conclusion, large amounts of money are being lost by the banks through fraud.
It is recommended that though there exist laws and checks against this
malpractices, such laws should be enforced in its strict form and reviewed
regularly to avoid certain loopholes that would be taken advantage of.
CHAPTER ONE
1.0 INTRODUCTION
Banks all
over the world have through their unique position in an economy, contributed
immensely to the economic growth and development of a nation. Therefore any
problem that tends to hinder their operation such as ‘fraudulent practices’ is
often viewed with seriousness. For long, Nigeria’s financial system has
suffered from fraudulent practices perpetrated by bank employees, people
outside the banks as well as cooperative bodies. This situation became
worrisome between the periods of 1992 – 1995 with unprecedented upsurge in bank
fraud, particularly with the New Generation Banks (NGBs). These malpractices
have led to unhealthiness and technical insolvency of Banks and total collapse.
Bank frauds
all over the world were perpetrated essentially for selfish economic benefits.
Thus, according to Ajamole (1990) in (Emergence of Computerized Banking) he
defined fraud “as an act or course of deception, deliberately practiced to gain
unlawful or unfair advantage to the detriment of another”. Any act of unfair
dealing whether against the bank by its customers or against the bank by its
officers or against the customers by the bank, (including its officers) is
regarded as fraud. Various fraud practices have been reported and most of these
cases have been tried in various courts and bank malpractices tribunal. Since
the introduction of the Failed Bank Tribunals, some measures of sanity now
reign in the banks.
Economists,
see fraud as leakage in the economic system. Sometimes fund got through
fraudulent practices are not invested into the system, Investors are scared
while funds
from fraudulent practices are not put into productive uses. This project i.e
Bank frauds prevention and control is presented in five chapters whereby
chapter one will cover the introduction, aims and objectives, significance of
the study, limitation and hypotheses. Then, chapter two examines the conceptual
issues and literature reviewed. While chapter three attempts to analyze the
nature and dimension of fraud, reported cases of committed fraud and the
categories of staff or customers involved therein. Chapter four examines
detection, causes, effects of fraud and prevention and control. Lastly, chapter
five shows the summary, conclusion and recommendation against fraud practices
in Nigeria Banking System.
1.1 SIGNIFICANCCE OF THE STUDY
The
significance of this study is in the fact that it highlights the immediate and
remote causes of fraud practices, effects, prevention, and control in Nigeria
Banking System with particular reference to Union Bank. Several attempts have
been made by researchers, writers e.t.c. On how to minimize or eradicate it if
possible. In various organizations but such efforts have been focused mainly on
manufacturing and distributive as well as public finance management, while
little has been done on areas of Banking and other services industries. The
studies have been geared towards finding out causes and consequences,
prevention and control of frauds in Nigeria Banking Industry.
Therefore,
the suggestions that are advanced in this study would no doubt be useful not
only to the banking industry but to all financial institutions be it public or
private sector of the Nigerian economy. The content of this research and the
suggestions to be proffered will serve as resources for further study in the
same or similar areas I
Banking and
other financial institutions particularly in the area of fraud practices (internally)
prevention and control.
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