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This dissertation was written as part of the MSc in International Accounting Auditing and Financial Management at the International Hellenic University. System of Internal Controls constitutes an integral part of current Greek firms. Bank fraud stems from both the inner and outer environment of the bank. It persists to create serious ramifications to the organization and to the economy of a country. The scope of this research is to investigate the importance of internal control system in the Greek banking sector and its confluence to the struggle against Fraud. The collection of primary data was obtained via a questionnaire sent to a specific sample of 14 Greek banks. These findings helped us to draw reliable conclusions about the importance of internal audit in the banking sector, and the contribution of internal control in the fight against Banking Fraud