ABSTRACT

Fraud is an intentional misrepresentation of financial information by one or more individual among management, employee or third parties. Fraud has become a cankerworm and threat to the existence of financial institutions generally and deposit money banks in particular. The incidence of fraud in the present day Nigeria has assumed an epidemic dimension and has eaten deep into every aspect of our life to the extent that an infant talks about 419 which is the newly discovered sobriquet for an advance fraud currently hunting the nation, Nigeria. However, like in the greater society, they have become one of the most intractable problems of modern day banking, while the concern of the banking community is growing day by day. Management vigilance is improving with the aid of computerization amongst others. it is on record that millions of naira is still being lOSt to fraud and forgeries on a daily basis through manipulate falsification or alteration of records or documents, dishonest misappropriation of assets, suppression or omission of the effect of transactions from records or documents, recording of transactions without substance and misapplication of accounting policies.