The Detection and prevention of fraud in banks. A Case study of CBZ bank

Author

Mudani, Mellisa.

Title

The Detection and prevention of fraud in banks. A Case study of CBZ bank

Abstract

Fraud in banks has become a contentious issue worldwide as these fraudulent practices cause bankruptcy, the collapse of entire organizations, significant losses of investment, and loss of confidence in the financial industry due to the failure of internal control systems to perform their functions.
This research aimed at analysing the effectiveness of internal control systems on fraud detection and prevention in the banking industry. The study used a descriptive research design. Quantitative data was collected using self-administered close-ended questionnaires. The source of data for this research was a primary source. A population of 98 employees from CBZ bank was used and from which a sample of 40 respondents was carefully chosen randomly. Tables were used to present data, while the statistical tools known as the SPSS (statistical program for social sciences) and Microsoft Excel were used for data analysis.
The research findings showed that the internal control systems at CBZ bank was in place. Recommendations made were to make use of internal control audits, carryout a risk assessment process to detect the possible threats that can mostly affect the bank’s operations and develop a mitigation strategy, employees’ training and education, and management should conducting surprise audits.

Date

June 2023

Publisher

BUSE

Keywords

Detection,

Prevention,

Fraud,

Supervisor

N/A