THE NATURE AND MANAGEMENT OF BANK FRAUD

Reference code: P006

ABSTRACT

This seminar paper is a descriptive appraisal of the nature, causes and management of fraud in banks.  In this paper, we explored the nature classification, causes and detection and prevention of bank fraud. It is shown in the paper that fraud is a society wide problem but with severe consequences in the banking system of any economy. While fraud was shown to cheque related, wire transfer and electronic and credit frauds among others, its causes in broad sense include institutional, societal/environmental and personal causes. Finally, we explored some of the measures that banks can take to detect and reduce the occurrence of bank fraud. Some of the measure identified include: training of the work force, provision of sophisticated hardware and software that can provide advance warning systems to detect and prevent fraud among many others.

1. INTRODUCTION

2 REVIEW OF RELATED LITERATURE

2.1 CONCEPT AND CLASSIFICATION OF BANK FRAUD

a) Cheque Fraud

b) Credit Fraud

c) Advance fee fraud

d) Electronic and wire transfer frauds

e) Embezzlement fraud

f) Money laundry fraud

g) Others 

2.2 CAUSES OF BANK FRAUD

a) Institutional and personal Causes
b) Societal Causes
• Inadequate punishment
• Slow and distorted legal processes
• High level of bribery and corruption
• Laxity in statutory supervision

 2.3 DETECTION AND PREVENTION OF BANK FRAUD 

3 SUMMARY AND CONCLUSIONS

REFERENCES

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Reference code: P006

Reference code: P006

18 Pages

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