CHAPTER ONE
1.0
Introduction
1.1 Background
to the Study
Fraud
is an intentional deception made for personal gain or to damage another
individual. Fraud is a crime and a civil law violation. Defrauding people of
money is presumably the most common type of fraud.
Customers
of banks are currently experiencing increase in fraud schemes. Scams to get a
customer personal information can occur through many different means such as
e-mail and telephone.
Bank
fraud is the use of fraudulent means to obtain money, assets, or other property
owned or held by a financial institution. In many instances, bank fraud is a
criminal offence, while the specific element of a particular banking fraud law
varies between jurisdictions; the term bank fraud applies to actions that
employ a scheme as opposed to bank robbery or theft.
Controlling
bank fraud in the financial sector is a major task for all the stake holders in
the sector. Every year, banks lose billions of naira to fraud which comes in
all size and shapes both from external perpetrators and internal employees.
In
its broadest terms, fraud means obtaining of something of value through
deception. If fraud were described as an industry it would clearly be one of the
fastest growing areas of the economy. One hundred criminals who serve several
periods of imprisonment for armed robbery offence were recently reported that
he wished he had understood earlier in his criminal career how easy it was to
commit fraud. He now considers that fraud involves less traumas, the reward,
are far greater and the penalties substantially fewer than in other form of
crime.
This
study therefore intends to address different forms of fraud that target the
financial service sector and how the industry has responded with some measure
successful in controlling this ever increasing problems and other measure that
can be geared towards achieving further results.
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