to but for the perpetration of fraud In its lexical meaning fraud is an act of

To but for the perpetration of fraud in its lexical

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to, but for the perpetration of fraud. In its lexical meaning, fraud is an act of trickery which is intentionally practiced in order to gain illegitimate advantage. Therefore, for any action to constitute a fraud there must be deceitful objective to benefit (on the part of the perpetrator) at the disadvantage of another person or group. Fraud typically requires stealing and manipulation of accounts, frequently accompanied by cover up of the theft. It also involves the translation of the stolen resources or property into own resources or property. Young, (2002) says that, ample evidence exists that individual integrity of those running the banks today has never been at a higher level. Never before have we seen attention to the actual steps; procedures and control of monetary transactions. Employees’ as well as firms in all industries engage in fraudulent practices all over the world. Although the existence of fraud in our banks is not an uncommon or unexpected behaviour, its prevalence is what is worrying because of all the various problems confronting the most untraceable’ (Ogwuma, 1985) and Akindele R.I el al (2008). Frauds in banks lead to loss of monies that ordinarily belong to someone other than the banks. The loss results in some cases, in reducing the level of resources available for use in the operations of the banks. In very bad cases where frauds occur with crippling frequency and in wholesomeness, the bank may be forced to close down as a result. When the bank loses money and is wound up, the customers lose money. This leads to loss of confidence and eventually reduced patronage. Another reason for worrying in the banking industry is the vast variety of
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9 nature, character and methodology employed in fraud. Moreover, the control of identified specie seems to give birth to another that is invariably more sophisticated and complex. Thus each case can be said to be a variant of another and undoubtedly an instructive study in human negative use of ingenuity and endowment. There is a common agreement amongst criminologists that fraud is caused by three elements called “WOE” (Idolor, 2010). For any fraud to take place there must be a Will, an Opportunity and Exit (escape route). A fraud will only come about if the perpetrators have the will to commit the fraud, if the occasion to commit the fraud is presented and if there is a way out or escape means from appropriate sanctions or institutions that are against fraud or related abnormal behaviour. Fraud is a global occurrence; it is not peculiar to the banking industry. With the collapse of foremost international corporations like Enron (in the United States of America) together with high level allegations and real cases of business fraud, a lot of organizations in their effort to advance their image have resorted to developing ethical guiding principles and codes of moral values. The whole essence of these is to guarantee that all organizational members irrespective of position or rank, complies with the least standard of ethical responsibility
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