Managing Fraud in Banking Industry: A Comparative Study between Diamond and Guarantee Trust Banks in a West African Country
Abstract
Fraud, by definition, is the crime of acquiring money or some other profit by deliberate deception and also the act of deliberately deceiving somebody else usually for financial gains. Management on the other hand is a process of planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively. This study focuses on Nigeria as one of the most populous West African countries with a high rate of bank fraud. Banks and other financial institutions are running at a loss because of poor management. In current years the extent of fraudulent activities in Nigerian banks has been on the increase. According to the Nigerian deposit Corporation (NDIC), “the level of reported fraud in banks rose from 804m in 1990 to 3,199m in 1998â€. This is not surprising because the country on its own is profiled as a corrupt and fraudulent nation. The purpose of this study is to investigate and examine some of the techniques managers use in managing frauds within the banking industry in a West African country of Nigeria in an attempt to find a possible solution to alleviate fraudulent practices in banks.
Keywords: Nigerian banks fraud, Bank misconduct.
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