Description
Abstract
The prevalence of fraud in the financial service industry is an intractable situation which has gone so deep in the industry and has caused destabilization of the free flow of banking activities. The research investigates the current and future imperative for management and prevention of fraud in the financial service industry. The objectives of this study borders on fraud management and prevention strategies, types and causes of fraud in the financial service industry. The data used for this study was collected using a well-structured questionnaire which was sampled to fourth eight (48) respondents who are bank staff in Fidelity Bank Plc and First Bank Nigeria. Three null hypotheses were tested, HO1: there is no significant relationship between management policies and fraud in the financial service industry HO2: Fraud prevention strategies have an effect on fraud practices in the financial service industry HO3: There is a strong management policy in the financial service industry. The study found out that there is a significant relationship between management policies and fraud practices and that the current fraud prevention strategies are not sufficient in controlling the rate of fraudulent practices in the financial industries and also that there is no strong management policy in the financial service industries. The recommendation of this study is financial service industries should not fail to check the background of potential employees, and supervision of financial transactions in banks be intensified by the appropriate and authorities.
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