CHAPTER ONE

1.0 Introduction

Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud. Customers of banks are currently experiencing increase in fraud schemes. Scams to get a customer personal information can occur through many different means such as e-mail and telephone Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term bank fraud applies to actions that employ a scheme as opposed to bank robbery or theft.

Controlling bank fraud in the financial sector is a major task for all the stake holders in the sector. Every year, banks lose billions of naira to fraud which comes in all size and shapes both from external perpetrators and internal employees.

Society has long adopted to plunder the noble Nigerian identity and from military to civilian regimes, pubic office holders had followed strictly the unwritten constitution to live up to societal expectations. Values were waded off in exchange for graft and pecuniary benefits, millions were defrauded of their rights to good education, basic health, good roads and electricity, housing has become the preserve of the rich and professionals have lost chunk of their respectability.

The entire world has become increasingly aware of the destructive effect of a lack of accountability and transparency in both public and private life. This awareness is so pervasive throughout the world that governments, business organizations alike are involved in crusades to promote accountability and