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INTERNAL CONTROL TECHNIQUES AND FRAUD MITIGATION IN NIGERIAN BANKS
Abstract: 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 internal control measures to check the practice of bank fraudseven in Nigeria. But the effectiveness of any internal control system is dependent on how fluid the system interacts with itself and how embedded it is into the organization’s business processes. Using a survey method, this work examined how the internal control systems in the branches of the studied banks: Guaranteed Trust Bank Plc and Fidelity Bank Plc have aided in combating or preventing fraud in Nigerian banks. Among the findings were that: the internal control techniques employed by banks in checking fraud have not been very effective; and the branch managers were the dominant perpetrators of fraud in the banks. We recommend among other things that all banks should establish work ethics unit; reduce excessive confidence in any bank staff; and leadership by example should be the watch word of all bank mangers.
Keywords:Internal control, Fraud, Banking, and Bank fraud