Frauds and forgeries in banking industry in Africa: a content analyses of Nigeria Deposit Insurance Corporation annual crime report

This study explored current fraud and forgery cases in the Nigerian banking industry. Fraud triangle, routine activities and rational choice theories were reviewed. Data were collected from the 2020 Nigeria Deposit Insurance Corporation (NDIC) annual report and descriptively analysed using qualitative content analysis and Pearson Product Moment Correlation Coefficient. The results showed an increase of 40% cases of fraud and forgery in 2019 from 2018 and 190% in 2020 from 2019. A summary of the zero-order correlation revealed that 2018 showed a positive and direct correlation with 2017 (r = .94; p < 0.01) and a similar result was found in 2019, indicating a positive and direct correlation with 2018 (r = .73; p < 0.01). The growing trend continued in 2020, as empirical evidence revealed a direct relationship with frauds and forgeries committed by bank staff (e.g., supervisors and managers, officers and executive assistants, clerks, cashiers, messengers, drivers, cleaners, security guards, and temporary staff) in 2017 (r= .86; p < 0.05), 2018 (r = .96; p < 0.01), and 2019 (r = .88; p < 0.05). The problem has continued unabated, impacting negatively on customers, financial institutions, and society. Understanding the links between work opportunities (access to fund) and the increasing incidence of these crimes calls for continuous training and retraining of staff on e-banking safety measures, especially in the area of incorporating blockchain technology into the fiat banking system.