The data leads that the types of fraud mostly committed are classified into five categories

The data leads that the types of fraud mostly committed are classified into five categories, such as: advance fee fraud, account opening fraud, money transfer fraud, and computer fraud and fraudulent loans. As the above pie chart indicated that money transfer fraud is a major challenge in terms of amount involved 43.1% of total number of fraud cases followed by computer fraud with 24.14 percent. But, in case of the most fraud committed, fraudulent loan and advance fee fraud both have equal amounts involved (8.62%) as a least committed in the bank sectors.
However, the result indicated the type of mostly committed fraud such activities were also attributable to various factors.
As the result of chi-square test of independence in Table 2 reviled, among checked variables of interest, employees’ remuneration level; principles of perpetrators in committing fraud; ways of association of fraudsters for committing fraud; and managerial weakness have association with frauds committed. Since the associated p-value was below the level of 5% significance it leaded to the conclusion that the pre-mentioned variables have association with types of fraud committed. Meaning that, the incidence of fraud is highly attributable to low level of staffs’ remuneration, greedy behavior of perpetrators, the presence of internal collusion for fraudulent activities and managerial weakness encountered in relation with internal control system.
On the other hand, based on the findings of this particular study, the resulting p-value (greater than 5%) leads to the conclusion that the type of fraud committed are independent of those factors. Accordingly, the type of fraud control technology being used had no contribution for committed frauds. The enquiry also showed that there were significantly low level of staffs’ involvement in hiding committed frauds although the degree of frauds committed on internal collusion basis especially on money transfer are considerable.
Consequently, such activities resulted in banks’ loss of public confidence as well as imprisonment of staffs.