APPRAISAL OF FRAUD CONTROL TECHNIQUES IN NIGERIAN COMMERCIAL BANKS

Fraud is the number one enemy of the business world. No Company is Immune to it. It is in all walls of life. No where is fraud more serious than in banking, it is the biggest single cause of bank failure. The intent of this research is to evaluate the fraud control techniques in commercial banks in Nigeria. As the techniques is aimed at controlling the cause and effect of fraud. Two branches if First Bank were used for the study on the understanding that first Bank s a corporate entity has formulated and devised fraud control techniques that is made applicable to all its branches throughout the country. The choice of First Bank as a case study is based on the understanding that most banks in Nigerian have simpler strength and weakness. In pursuit of the above goal of the research, the researcher administered two types of questionnaire one to the top management of the bank and the other to the Middle and lower Management staff. Some customers were Interviewed Orally to obtain additional information and also to confirm the result obtained through the questionnaire. The response from the questionnaire and Interview were analyzed and Interpreted. The results obtained were portrayed by means of pie chart, bar chart and tables for simple understanding. From the analysis and interpretation for the data, the researcher found out that the fraud control techniques in use by commercial banks in Nigeria are not efficient and effective. Different types of fraud still exist. It is well noted that fraud as a concept is waxing in strength. It is becoming an expanding Industry. Based in these findings the researcher has made serious efforts to push back the frontier of human ignorance about fraud by suggesting new fraud control techniques as to total eradication of fraud cannot be attained.