FRAUDULENT ACT IN THE BANKING INDUSTRY: CAUSES EFFECTS AND POSSIBLE REMEDIES

ABSTRACT:

The analysis of secondary data revealed significant trends in bank fraud and forgery cases, including the involvement of staff and their impact on commercial and merchant banks. These findings underscore the persistent threat of fraudulent activities within the banking sector, even in highly regulated environments. To address these challenges, the study recommends rigorous employee screening processes before hiring and the introduction of comprehensive banking education programs to enhance operational integrity and minimize fraud risks. This research, however, encountered several constraints. Key challenges included the reluctance of bank officials to provide critical information, financial limitations, and restricted time for data collection and interpretation. Due to these limitations, the study relied entirely on secondary data, as primary data collection through questionnaires was deemed infeasible. Extensive efforts were made to trace and utilize relevant materials from existing literature. By leveraging existing data, the research highlights actionable measures for improving banking security and reducing fraud. It contributes to the understanding of systemic vulnerabilities and emphasizes the importance of proactive measures in safeguarding financial institutions.

Keywords

Bank Fraud, Fraudulent Activities, Banking Security, Financial Crime, Fraud Prevention, Nigerian Banking Sector, Employee Screening, Banking Regulations, Financial Institutions, Internal Controls

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