AUTHOR: OLIGBI HENSHAW
DEPARTMENT OF BANKING AND FINANCE
AFFILIATION: NNAMDI AZIKIWE UNIVERSITY, AWKA
This project aimed at examining fraud and its control in a Technologically Driven Financial System. Fraud as we know has been a major and re-occurring phenomenon in the banking industry in spite of the introduction of Technology in the Banking System. This situation has led to loss of investors fund, properties and dismissal of innocent staff from their work. It is on this premise that fraud and its control in a Technologically Driven Financial System of some selected banks in Edo State 2000 – 2009. Was evaluated in this project. The aim of this project is to show how effective and efficient, technology is in the prevention and detection of fraud in these banks. It evaluated the aspect of data processing in the day-to-day running of the bank operational activities that are susceptible to fraud as well as the class of staff and outsider that are involved in bank fraud. This study examined the problems of fraud and suggested possible solution to these problems. The study revealed that Banks and staff are seldomly prepared to give out information relating to fraud. This is because of its nature. The study revealed also that conversion to Technologically Driven Financial System in Banks is an open invitation to privilege or opportunity, because quite often the operation is left in the handing of those who are not skillful in modern technology operation. The growth of most commercial banks was discovered to be in terms of branch expansion and not really on technological advancement. It was revealed that fraud could be perpetuated in a Technologically Driven Financial System. Technology also helps to prevent occurrence of fraud and enhance efficiency in banking operations. Some of the researcher’s recommendation are as follow:- Extensive training and orientation on the effective use of online system. Policies and procedure in the usage of modern banking technology must be enforced to the later.
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Tags: Account Falsification, Act Fraud, Automated Teller Machine –ATM, Bank Fraud, Banking and Finance-Thesis-2012, Banking Industry, Carry Over Fraud, Computer Forgery, Computer Fraud Control, Computer Fraud Stages, Computerized Accounting System, Corporate Fraud, Credit Card Fraud, Credit Window Fraud, Data Access Security, Data Diddling, Desktop Banking, Desktop Counterfeiting, Disaster Discovery Plan, Electronic Funds Transfer Fraud, Embezzlement, Employee Fraud, False Pretences, Flow Fraud, Forgery, Fraud, Fraudulent Conversion, Fraudulent Loan, Hotelling Lawley’s Trace, Intelligible Nature, International Auditing Guidelines-IAG, Kolmogrov Smirnov Test, Larceny, Loan Officer, Output Stage, PC Banking, Perpetrators’ Frauds, Pillai’s Trace, Program Security, Salami Technique, Stealing, Technology Abuse., Technology Fraud, Teeming, Trojan Horse, Victim Fraud, Wilk’s Lambda