In fact, the main aim of this research work was to carefully examine fraud in the banking industry using one selected bank from commercial bank. The reason behind this is that all the banks are similar and any discovery made will be appreciable to all the banks operating in the country.
The research identified and expose the causes, the various forms of fraud and its tremendous effects on banks in general. It delved into determining the presence of legal loophole in the Nigerian legal process which facilitates the perpetration of fraud. It also identify the means of preventing or reducing incidence of fraud in Nigeria Banking operations.
Apart from this, in carrying out this research questionnaires were distributed to bank staff. The information gathered from the respondents were supplemented with oral interviews, personal observation and a review of some related books journals and newspaper.
The responses of the returned questionnaire were analyzed under statistical chi – square, statistical distribution tables of frequencies, percentages, pie chart and bar chart for the purpose of generalization and influences based on the variable studied.
The result showed that there was evidence of fraud in the Nigerian banking industry and that its presence has consequently culminated into general public lack of interest in the banking industry.
Finally, from the foregone analysis, it is established that fraud reduces our economic development and the solutions proffered if carefully and fully implemented, it will go a long way to checking fraud in the banking operations.