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DETECTION AND CONTROL OF FINANCIAL FRAUDS IN NIGERIA BANKING SYSTEM, PROBLEMS AND SOLUTION


Project topic for Criminology department

Abstract
The study focuses on the Detection and Control of Financial Fraud in Nigeria Banking System, Problems and Solution ( A Study of United Bank For Africa Plc). The objectives of this research is to find out ways of detecting financial fraud, determine causes of financial frauds, establish problems caused by financial fraud and finally to ascertain measures of controlling financial fraud in Nigeria Banking System. The population of the study consisted of 40 respondents. A sample was obtained from the population using Yaro yamani formular, and the sample was 36 the data for this study was generated from both primary and secondary source, Chi-Square (X2) statistical method was used to test the hypotheses. Findings of the study revealed that proper book of account and call -over reconciliation are ways of detecting fraud. Poor management, staff negligence and poor security management of documents are the causes of financial fraud in Nigeria banking system. Down-turn in the economy, retirement of staff are problems caused by financial fraud. Process,inventory and administrative control are measures use in controlling financial fraud in Nigeria banking system. The study concluded that banks have a duty to promote , maintain adequate and secured banking services for the public thereby restoring banking confidence. The study recommended that all financial institutions should keep proper book of account and call-over reconcilation so that during issues of fraud, they can detect it easily. All financial institution should have a good and effective security management of documents in order to checkmate fraud. Process, inventory and administrative control should be employed as measure in controlling fraud in Nigeria Banking System.


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