ABSTRACT
The study evaluated the effectiveness of fraud control measures in the minimization of fraud incidences in the Nigerian banking sector. The purpose of the study was to establish how the occurrence of fraud can be reduced using fraud control mechanisms. The study adopted the use of both primary and secondary source. The findings ofthe result found a significant positive relationship between staff greed and the level of fraud in banks. This was empirically supported by the statistical results and empirical findings alike. The second finding of the study indicated that fraud controls also positively affected the level of fraud perpetrated in banks. This does not conform to the prior expectation. Naturally, it is expected that implementing fraud control measures will result in a reduction in the level of fraud recorded by banks but the result of the study indicates otherwise. Arising from the findings, it was therefore recommended that Selection process for staff should be more rigorous to ensure that employee with higher propensity to commit fraud are not allowed into the banks; Remuneration of staff should be competitively enhanced while Fraud preventive measures rather than control measures should be put in place in banks to minimize the occurrence or incidences of fraud in banks
CHAPTER ONE
INTRODUCTION
1.1 Background of the study Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and civil law violation. Defrauding people of money is presumably the most common type of fraud. Fraud is a threat to an organization’s going concern and its interaction with external stakeholders such as customers, suppliers, financiers and business partners which can result in huge financial damage. Banking industries holds a critical position in the country’s financial system and plays a vital role in the development of a nation’s economy.