Managing fraud in an organization involves three important activities. These are prevention, controls, and detection. The CEO or COO of any organization should have fraud management as one of his or her main functions with strong emphasis on “prevention”.
The critical success factors which are very common to all Fraudsters, which will be explained below, are “speed, cash, fear, trail and illusion that they will not be caught”.
In Nigeria, your prayer point should always include “may my bank never fail”. If your bank fails, the money that you saved with the bank may not be repaid to you in full. The Nigeria Deposit Insurance Corporation (NDIC) that was established by the Government to protect depositors against the loss of their insured deposits can only refund your insured deposit as follows:
The Encyclopedia World Dictionary defines fraud as “a deceit, trickery, sharp practice or breach of confidence” by which the Fraudster seeks to gain some unfair or dishonest advantage, while the legal definition regards it as: “an act of depriving a person, dishonestly, of something that belongs to him or something that he would have been entitled.”
Banks thrive on customers and one of the major factors that differentiate them is the ability to attract and mobilize large number of customers for their operations. For continuous increase in the number of customers there must be a robust strategic plan in place. The planning template discussed below is meant to set comprehensive planning parameters and identify the essential data to be collected and analysed for the plan: