Article Published In Vol.4 (Sept-Oct-2016)

Analysis of Frauds in Banks: Ado-Ekiti Metropolis’s Experience

Author : Ajayi, Omobola. M and Alade and Oluseye Sunday

This paper analyses the experience of banks in Ekiti state Nigeria toward fraud. The methodology employed for the study is both primary and secondary data respectively. The primary source of data collection involved the use of 150 questionnaires to all the banks in Ado-Ekiti which has 100% response rate; the secondary data were gotten from Nigerian Deposit Insurance Corporation (NDIC) annual reports from 2005-2014 for data relating to total amount involved in frauds and forgeries, and categories of bank staff involved in frauds and forgeries. The paper concludes that effective internal control mechanism/checks and monetary reward should be given an utmost attention to curb or reduce fraud in the banking sector.

Keywords: Fraud, detection, prevention, NIDC, monetary reward and internal control