Bank fraud and fraudulent practices have proved to be a worldwide problem. Fraud is as old as the society and the menace has continued to blossom in most parts of the world, including Nigeria, for several factors. The plague has gotten into the Nigerian banking industry and Zenith Bank PLC, like
other banks, is equally affected. The government, banks and the public do not have clean hands but share in the blame.
First, the weakness of Nigeria legal system is vivid. Law enforcers accept selfish gratification (bribery) and judgment is perverted. The legal processes
involved in prosecuting fraudsters are unduly cumbersome, and worse still, punishment on convicted offenders is mild and not commensurate with the gravity of offices committed. Secondly, banks and bankers make no serious impact but rather, insignificant contributions in checking the menace. Bank managements are known for covering frauds contrary to the dictates of regulations by authorities; in some circumstances, bank employees lack
adequate training on matters relating to fraud. Non-computerization of operation is equally contributory. Furthermore, the Nigerian public attaches
importance to wealth and ignores how it is acquired. This negative value system breeds fraudsters not only in the banking industry but also in every
sectors of the economy.
Solutions to bank fraud and fraudulent practices in Nigeria come by the legal and police systems are overhauled. Secondly, stiff punishments on
fraudsters, effective internal control, full computerization of operation, periodic/regular auditing, continuous training of staff, etc. will definitely
help in controlling the menace. Schools and Religious institutions could remold the habit of our citizens by effectively teaching and emphasizing the
gravity of stealing against God and humanity.
