FRAUD MANAGEMENT IN THE NIGERIA FINANCIAL SYSTEM

ABSTRACT ll development of banking habit in Ngeria. There appears to be little doubt about the fact that frauds in banks is a matter of the greatest concern to bankers, the monetary/political authorities and the generality of Nigerians today. It is so for many reasons. The methods acquire sophistication by the day. The size increase in geometric progression. The people involved hitherto were among the respectable members of the church, the mosque, the community. Fraud leads to unwarranted losses for the banks and put the management of each institution on its toes whilst expending hard earned resources and energies on fraud prevention and detection. In view of these, fraud management was introduced in the financial system so as to know ways to detect, prevent and minimize fraud in Nigeria financial system. Fraud is a number one enemy to all concerned with the growth and development of our financial system. Any effort to fight this enemy is therefore most desirable. Equally important, every incidence of bank fraud literally chips at a bit of public’s confidence in the orthodox financial institutions that bank’s fraud delay or slow down the fu