The Impact of Internal Control Measures on the Detection and Prevention of Fraud in Banks (A Case Study of Fifteen (15) Selected Deposit Money Banks in Nigeria)

Abstract

This paper explores the impact of internal control measures on the detection and prevention of fraud in Banks. Primary data were used for this study. This study was carried out by collecting data from 15 quoted Deposit money banks in Nigeria as at March, 2022. The model of used for the study was least square regression. It was observed that strong internal control system, good corporate governance, and compliance with banking ethics have positive and significant influence on fraud prevention in banking industry. This indicates that a commitment in the implementation of the variables of this study will reduce fraud, errors and misappropriations in banking sector. The study recommended that banking institutions should establish and ensure effective and strict implementation of all these variables which is strong enough to prevent fraud, errors and misappropriations.

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