Impact Of Financial Fraud In The Banking Industry (A Study Of Ecobank Nig. Plc)

ABSTRACT

Banking business has always been associated with some degree of fraud. Fraud therefore, is not a new phenomenon in banks. They are as old as the industry itself Fraud existed back to the early stage of the banks in Nigeria when British and Goldsmith who were custodians of customer's precious metal content to reduce their intrinsic values. During the colonial era, messengers were known to overstate amounts of taxes, levies, fines, improved by the white men so that they could withhold the differences. Fraud began when adequate records were riot kept. At that time fraud was restricted to defalcation but not now it has come to age that it includes manipulation and inflation of figures as business and society becomes more scientific and sophisticated. Fraud has cut deep into the fabrics of the entire being of Nigeria that it has almost establish itself as a standard practice among individuals and banks.