Fraud Prevention Through Self Regulation: A Study of Some Selected Banks
Posted: 22 Jun 2007
Date Written: July 2004
This paper assesses the efforts made in preventing the occurrence of fraud in the Nigerian banking industry, through self regulation. The paper reviews literature on the various control measures in operation and their effectiveness in controlling fraud in the banking industry. Questionnaires were issued to the staff of ten banks. The questions asked centered on the effectiveness of the regulatory measures used by the banks in detecting and preventing fraud in the banking operations. In all, seventy three staff responded, and the paper is able to establish that adherence to the various disclosures requirements by the regulatory authorities and effective control measures will help in the detection and prevention of fraud cases in the Nigerian banking industry. It is the recommendation of the paper that management must be on alert to always review the internal control system operating in the bank in such a as to make it difficult for the possibility of the occurrences of fraud, and to always make adequate and relevant disclosures to the relevant authorities of their returns.
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