Effect of Information and Communication on Fraud Prevention and Detection in Deposit Money Banks in Nigeria
DOI:
https://doi.org/10.61143/umyu-jafr.1(2)2021.002Keywords:
fraud prevention and detection, Information and CommunicationAbstract
Frauds are experiences Banks and other organizations have to mitigate. Depravity of mankind could be reason for increasing tendency to fraudulent acts. The banks and regulatory authorities have proposed and allowed Information and communication measures to check the practice of bank fraud in Nigeria. The study was conducted to examine the effect of Information and communication on fraud prevention and detection in deposit money banks in Nigeria. The study employed simple random sampling technique to select respondents among Banks staff. A total 1650 structured questionnaires were used for the purpose of the study. The demographic data of the respondents and research questions were analyzed using descriptive statistics (frequency and percentage) while inferential statistics (ANOVA) was used to test the hypothesis. The finding of the study revealed a significant effect of information and communication on fraud detection in Deposit money banks in Nigeria. More specifically, the outcome of the study revealed that adequate quality of information, effectiveness of communication, fraud investigation, effective monitoring and efficient fraud disclosure were the effects information and communication on fraud detection in deposit money banks in Nigeria. The study recommends that banks should establish work ethics unit; reduce excessive confidence in bank staff; emphasize on leadership by example in order to promote continuity of operations of the banks.
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