Evaluation of the Effect of Monitoring and Control Activities on Fraud Detection in Selected Nigerian Commercial Banks.

Abstract

The study examined the effects of monitoring and control activities on fraud detection in selected Nigerian quoted commercial banks. The relationship between monitoring and fraud detection were examined, while the relationship between control activities on fraud detection were also investigated. Data were sourced from the respondents through structured and well designed questionnaires. Multiple Regression Analysis (MRA) and Analysis of Variance (ANOVA) were used to analyze data collected. The results revealed that there is significant relationship between  effective and efficient monitoring and fraud detection in Nigeria commercial banks with P- values of 0.000***, 0.005***, 0.005***, 0.000*** and 0.004*** (3- asterisks) from the first hypothesis; and hypothesis two also showed there is significant relationship between control activities and fraud detection in Nigeria commercial banks whenever there is incidence of fraud with P- values of 0.004***, 0.000***, 0.000***, 0.005*** and 0.000***, (3-asterisks) with the level of significant of (P<0.005)( 5% significant level). Review of transactions after they have been processed and completed can be effective in identifying fraudulent or corrupt activity.

Key words: Monitoring, Bank, Fraud Detection, Economy, Fraud Control.