Effect of Fraud and Malpractice in the Banking Industry {A Case Study of United Bank for Africa Plc Ilorin}

Subscribe to access this work and thousands more

CHAPTER ONE

1.0     INTRODUCTION

Fraud can be seen as the intentional misrepresentation, concealment, or omission of the truth for the purpose of deception/manipulation to the financial detriment of an individual or an organization (such as a bank) which also includes embezzlement, theft or any attempt to steal or unlawfully obtain, misuse or harm the asset of the bank. (Adeduro, 1998 and, Bostley and Drover 1972).

Fraud and management have been the precipating factor in the distress of banks, and as much as various measures have been taken to minimize the incidence of fraud, it still rises by the day because fraudsters always device tactical ways of committing fraud. This has become a point of great attention in the banking sector as well as every organization in Nigeria. Although this phenomenon is not unique to the banking industry or peculiar to Nigeria alone, the high incidence of fraud within the banking industry has become a problem to which solution must be provided in view of the large sums of money involved and its adverse implications on the economy. Fraud in its effects reduces the assets and increases the liability of any company. In the case of banks, this may result in the loss of potential customers or crisis of confidence of banking public and in the long runs end up in another failed bank situation.

Subscribe to access this work and thousands more
Save
Need help with your academic research project/paper, technical or creative writing? Hire our expert researchers and writers. Click Here to Submit a Writing Request
Overall Rating

0

5 Star
(0)
4 Star
(0)
3 Star
(0)
2 Star
(0)
1 Star
(0)
APA

Frontiers, E. (2021). Effect of Fraud and Malpractice in the Banking Industry {A Case Study of United Bank for Africa Plc Ilorin}. Afribary. Retrieved from https://afribary.com/works/effect-of-fraud-and-malpractice-in-the-banking-industry-a-case-study-of-united-bank-for-africa-plc-ilorin

MLA 8th

Frontiers, Edu "Effect of Fraud and Malpractice in the Banking Industry {A Case Study of United Bank for Africa Plc Ilorin}" Afribary. Afribary, 24 Dec. 2021, https://afribary.com/works/effect-of-fraud-and-malpractice-in-the-banking-industry-a-case-study-of-united-bank-for-africa-plc-ilorin. Accessed 24 Jan. 2022.

MLA7

Frontiers, Edu . "Effect of Fraud and Malpractice in the Banking Industry {A Case Study of United Bank for Africa Plc Ilorin}". Afribary, Afribary, 24 Dec. 2021. Web. 24 Jan. 2022. < https://afribary.com/works/effect-of-fraud-and-malpractice-in-the-banking-industry-a-case-study-of-united-bank-for-africa-plc-ilorin >.

Chicago

Frontiers, Edu . "Effect of Fraud and Malpractice in the Banking Industry {A Case Study of United Bank for Africa Plc Ilorin}" Afribary (2021). Accessed January 24, 2022. https://afribary.com/works/effect-of-fraud-and-malpractice-in-the-banking-industry-a-case-study-of-united-bank-for-africa-plc-ilorin