Nature of frauds in Nigeria’s banking ecosystem, 2015-2019

Oludayo Tade

Journal of Financial Crime, 2021, vol. 29, issue 4, 1241-1248

Abstract: Purpose - This paper aims to examine the nature of frauds and insider involvement in the perpetration of frauds in Nigeria’s banking ecosystem. It probes the payment platforms mostly vulnerable to fraud attacks since the role-out of cashless policy in Nigeria in 2014. Design/methodology/approach - Using secondary data on frauds and forgeries in Nigeria Deposit Insurance Corporation annual report of 2019, the study engaged the data on frauds and forgeries to unpack the complex dynamics in relation to bank frauds in Nigeria. Findings - Findings show that fraud attacks on deposit money banks increased year in year out although the actual monetary loss dropped in 2019 as against 2018. Technology mediated transactions such as the use of automated teller machine and internet-based transactions experienced the most fraud. In relation to the role of insiders, all cadres of staff were involved in the fraud but majority of those involved were temporary staff. Practical implications - Arising from this, it is suggested that banks should continue to strengthen security system and governance structures. Employing temporary staff should be phased out while online and offline vigilance should be mounted. Originality/value - The study contributes to knowledge by examining the nature of frauds and unveiling the insider dimensions of fraud and the possible factors increasing the vulnerability of casual staff to perpetrate fraud.

Keywords: Crime; Victimisation; Banking fraud; Cashless policy; Casualisation; Frauds and forgeries (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-08-2021-0185

DOI: 10.1108/JFC-08-2021-0185

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