THE ROLE OF ICT IN FRAUD DETECTION AND PREVENTIONS IN THE NIGERIA BANKING INDUSTRY (A STUDY OF SELECTED BANKS IN ANAMBRA)
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THE ROLE OF ICT IN FRAUD DETECTION
AND PREVENTIONS IN THE NIGERIA BANKING INDUSTRY
(A STUDY OF SELECTED BANKS IN ANAMBRA)
ABSTRACT
This research
essentially focused on the role of ICT in fraud detection in the Nigerian
Banking industry. This research work was done through inferential
statistics which helped the research to generalize and draw conclusion. The
instrument of data used in the process of this research work was questionnaires
approach which was subjected to analysis in tabular form. The target
population for the research was the banking sector but the accessible
population open to researcher was First Bank, Union Zenith, Access
banks Anambra whose staff and customer formed the respondents from whom
the information obtained were analyzed using X2 statistical
tool. The result of revealed that new generation banks in Nigeria were
more responsible to modern technology than the old generation banks whose
methods of operation were resistant to changes. In addition to this
development, the regulatory agencies were not helping matters over their
supervising role relating to banking system. The monitory groups of the
regulatory agencies were not effective, in the system, leading to flowing of
roles and regulations put in place. The government should throw its
weight in ensuring that the recapitalization exercise is consolidated by
regular monitoring of the operations of the banks to ensure that they operate
in line with international best practices.
TABLE OF CONTENT
CHAPTER ONE
Introduction
1.1
Background of the
study
1.2
Statement of
problems
1.3
Objectives of the study
1.4
Research
Hypothesis
1.5
Research Questions
1.6
Significance
of the
study
1.7
Scope
and Limitation of the
Study
CHAPTER TWO
2.1
Review of Related
Literature
2.2 Types and Causes
of Bank Fraud
2.3 Effects of Frauds
on Nigeria Banks
2.4 Control of Fraud
in Banks
2.5 Concepts of
Information and Communication
2.6 ICT and Nigeria
Banking Industries
2.7 ICT
Infrastructure Used by Banks
2.8 Effects of ICT on
Banking Industry
CHAPTER
THREE
3.1
Research Methodology and Design
3.2
Population of the Study
3.3 Sample and
Sampling
Techniques
3.4 Sources of
Data
3.4.1 Primary
Data
3.4.2 Secondary
Data
3.5 Methods for Data
Collection
3.6 Procedures for
Data Analysis
CHAPTER FOUR
Data Presentation, Analysis and
Interpretation
4.1 Data Analysis
4.2 Test of
Hypothesis
CHAPTER FIVE
Summary of Finding, Conclusion and
Recommendation
5.1
Summary of Findings
5.2
Conclusion
5.3
Recommendation
Bibliography
Appendix
CHAPTER ONE
1.1
Background Of The Study
Today’s business environment is very
dynamic and under goes rapid changes as a result of technological innovation,
increased awareness and demands from customers.
Business organization especially the banking industry of the 21st
century operators in a complex and competitive environment characterized by
these changing conditions and highly unpredictable economic climate information
and Communication Technology (ICT) is at the centre of this changes
curve. Laudon and Laudon, (1991) contend that managers cannot ignore
information system because they play a critical role in contemporary
organization. That point that the entire cash flow of most fortune 500
companies is limited to information system.
The application of information and communication Technology concept,
techniques, policies and implementation strategies of banking services has
become a subject of fundamental importance and concerns to all banks and indeed
a prereavisible for local and global competitiveness (ICT) directly affects how
managers decides, how they plan and what products and services ware offered in
the banking industry. It has continued to change the way banks and their
corporate relationship are organized worldwide and the variety of inactive
devices available to enhance the speed and quality of services delivery.
Harold and Jaff (1995), contend that financial services provide should modify
their traditional operating practices to remain viable in the 1990’s and
decades that follows. They claims the most significant shortcoming in the
banking industry today is a wide spread failure on the part of senior
management is banks to grasp the importance of technology and incorporate it
into strategic plans accordingly.
Weherem (2000) claimed that only banks that over haul the whole of the payment
and delivery systems and prosper in the new delivery system in order to
properly position them within the framework of the dynamism of information and
communication technology. The banking industry in Nigeria has witnessed
tremendous changes linked with the development in ICT over the years.
The question for survival, global maintenance of existing market share
sustainable development has made exploitation of advantages of ICT through the
use of automated device imperative in the industry.
This study evaluate the response, of Nigeria banks to this new trend and
examines the extent to which they have adopted innorative technologies in their
operation and the resultant effects.
1.2
Statements of the Problem
Information and Communication
Technology (ICT) is progressively reducing the significance of other factors of
production through ICT it is now possible for countries to trade without border
restrictions. Therefore as a result of anchoring their operations on
(ICT) based delivery system the banks with ICT services have become more
profitable.
Though the advantages and opportunities that ICT offers are very great, but
this is not without some challenges fraud can likely occur more seriously in
financial industry (banking) since large amount may be easier to operate
electronically than the manual operation fraudster can beat various security
codes through fraud can be greatly minimized, but there could still be some
element of dishonest act.
Moreover, another area in which the adoption of information technology has
negatively affected the banking sector is the threat it poses for the employees
in the sector. According to Jaffer (1968), he ascertained that
“unemployment is cyclical phenomenon technological progress may take for short
problems of unemployment which rescure time for adjustment because of
unmobility of capital and labour.”
According to an official of National Union of Banks, Insurance Finance
Institution Employee (NUBIFIE) one of the greatest achievements of the group
before the adoption of information technology in banks was the security and
guarantee of employment for the members. In the words for Ibrahim (1998), he
stated that (ICT) was adopted in bank without any notice without any plan for
the future existence of the displaced employees without rehabilitation plan and
benefits.
1.3
Objective of the Study
Information and Communication
Technology (ICT) increasing, this sort of ICT is vital to the banking industry
because it allows holders to do banking online as well as contact customer
services support team member from mobile communication devices, or their home
computers the objective of the study will be:
i.
To identify possible defects and loopholes (if any) in the banking system
ii.
To reveal the need for (ICT) in fraud detection and prevention in Nigeria
banking industry.
iii.
To reveal the usefulness and consequences of (ICT) to the Nigeria banking
system.
iv.
To offer useful recommendation based on the findings on how best to prevent the
occurrence of fraud through an effective information and communication
technology.
1.4
Research Hypothesis
The modern world scientific
observations and investigations helps us to eliminate greater risk of
uncertainties in this research. There are two (2) major school of thought
with three (3) alternatives hypothesis as a trend to solution of this research
problem.
1.
H0: The present ICT in the Nigerian banking
industry
is not effective in
fraud detection and prevention.
Hi:
The
present ICT in the Nigerian banking industry
is effective in fraud
detection and prevention.
2.
H0: The present ICT does not proffer
possible solution to defects and loopholes in the Nigeria Banking Industry.
Hi: The
present ICT proffer possible solution to defects and loopholes in the Nigeria
Banking Industry.
3.
H0 The present ICT does not prevent the
occurrence of fraud in Nigeria banking industries.
Hi
The
present ICT does not prevent the occurrence of
fraud
in Nigeria banking industries.
1.5
Research Questions
In this sub-section, there need to
state out research questions to be used in the study of problems. The
questions are:
1. How
regular does the ICT check the defects or loopholes in the banking system?
2. To
what extent does fraud occurs in Nigeria banking industries?
3. To
what extent has ICT helped in fraud detection and prevention in banking system.
4. How
regular does the ICT measures the relevance and appropriateness of the adopted
control in preventing fraud?
1.6
Significance of the Study
When we talk of significance, we mean
the benefits to be derived in researching the case in completion of this study,
the following significance will be reasonable.
-
The result of this study would help to expose the level of fraud in Nigeria
commercial banks.
-
The result of this study would expose the fraudulent staff thereby preventing
fraud in the institution.
-
The outcome of this study would help the financial institution especially First
Bank to see the extent of occurrence of fraud in the bank.
-
The result would also help the bank to access their overall performance through
internal control check.
-
Students carrying out research in similar area can make use of the work.
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