An Evaluation of Fraud Control Measures in the Nigerian Banking Sector: A Study of Selected Banks in Owerri, Nigeria

Abstract

The study investigated fraud control measures in the Nigerian banking sector. The researcher adopted the survey research design method. Data were obtained from both primary and secondary sources. The purposive sampling technique was adopted in the study. The Cronbach Alpha statistic was used to obtain a value of 0.81 as the instrument reliability ratio. Data analysis was committed to descriptive statistics and correlation analysis. The analysis was enabled by the use of SPSS software. The results showed that various fraud control measures were used to reduce fraud in Nigerian commercial banks. It was concluded that the banks would have grown faster if the bank workers had allowed the Bank Verification Number (BVN) and Treasury Single Account (TSA) initiatives to be freely used without unnecessary interferences and if they had made good use of internal control and whistle-blowing strategies to make fraud a history in that very critical sector of the economy. It was recommended that management of commercial banks should investigate the internal and external factors that threaten the successful implementation of the BVN and TSA policies; they should do all they can to promote whistle-blowing and top management should be more committed to internal control systems with a view to combating the menace of fraud in the Nigerian banking sector.