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Banking fraud - Prevention and Control
Tags :
Bank, frauds, money, credit card, online banking, internet, RBI, Financial Fraud, investigation, prosecution, recovery, restoration
Industry :
Banking, Private Banking/Wealth Management
Functional Area : Strategy Alignment, Strategy Execution |
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About "Banking fraud - Prevention and Control " topic:
Banking Fraud is posing threat to Indian Economy. Recently the Reserve Bank of India has announced that bank frauds are on the rise. Moreover, than private banks the Public sector banks are having more frauds than ever. Be it from the manager who sanctions loans recklessly with or without intention and then later they come to know that they have been duped with crores of rupees. And this is an alarming scenario, after all, it is people's hard earned money. Globally, banks keep a tight vigil as any slip can bring them down and even impact the economy. The rising number of frauds has also got the central bank concerned. It's high time banks strengthen their fraud management practices. In their bid to quickly expand and grow, they are losing focus on risk control. In this topic, we shall discuss on elements, preventions and control on bank frauds..
1 trends
, 1 insight
, 4 debates
, 7 idea contests
, 3 question
on topic: "Banking fraud - Prevention and Control "
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(rate this)
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1
High scrutiny of Loan applications
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3 Mantras for tackling Bank Fraud
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Dinesh Anand
| Added idea
"Use of New Technology"
| 1 year ago
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Layered Voice Analysis - LVA is a security level SOFTWARE TOOL, used by CIA, Pentagon, Insurance Companies and Corporates Globally, can be effectively used for both the employee honesty and integrity and also for Borrowerfor his intentsions ......
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konkan SINGHA
| Supported idea
"High scrutiny of Loan applications"
| 2 years ago
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It cannot be stopped however, the Government should print its own money not the RBI, because is a private, quasi-money-laundering Bank for the big Corporates. Try finding the fiscal-deficit, you will be shocked and also find out the Government...
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R.K.MALHOTRA
| Supported idea
"High scrutiny of Loan applications"
| 3 years ago
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Scrutiny of Loan applications is already their and banks do that also. Some strict laws can be brought in to force but how about the person/official not allowing him to indulge in mal-practice. “Wake-up” guys, it is we all, who has to change...
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Ideate: "Bank frauds on the rise: what should be done?" deleted from your view.
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(rate this)
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1
These are Hi-tech crimes
2
Lack of expert knowledge of the investigator
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ramesh
| Added idea
"• Verity Technologies launches Online Access Security Solution - Blue ID 2"
| 3 years ago
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India (Bangalore) Verity Technologies, a mobile applications company with focus on Authentication and Identity Management Services, today announced a launch of its pathbreaking Blue ID 2 technology. This new generation technology can secure...
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Prassan Kumar Sharma
| Supported idea
"These are Hi-tech crimes"
| 3 years ago
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Our investigation agencies are not that hi tech and that creates the disconnect in investigation. This scenario was well portrayed in movie Wednesday, police wanted to find out the person whose phone calls were warning for Bomb blast, which...
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Hitesh Thakkar
| Supported idea
"These are Hi-tech crimes"
| 3 years ago
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Hi Tech crimes are carried out by technology experts knowing best way to compromise the system and make the fingerprint or forensic evidences for investigation non traceable or cumbersome to trace. They use combination of Social engineering and...
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Ideate: "Why it is difficult to investigate bank computer crimes?" deleted from your view.
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(rate this)
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1
It was there - now made sophistecated
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fraud by way of collusion
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Syed Thameem
| Added idea
"Lack of Internal controls, SOD & Governance"
| 3 years ago
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Fraud is vibrant in Telecom and Banking industry due to the nature of their business. Due to cost cutting, less internal controls are followed, no governance. Some banks has no Fraud Department to face the fraud issues. Now the banking industry...
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Kanad Mahesh Gandhi
| Supported idea
"Functioning, monitoring and poor training of employee is responsible for fraud"
| 3 years ago
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Poor training is 1 of the major reasons. But dont expect the bank to provide the A-Z of all businesses. The best they can teach is the practises of that Bank. The best way is to judge the persons recruited and find out what they are best suited...
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Ideate: "What could be the major elements responsible for the commission of frauds in banks?" deleted from your view.
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(rate this)
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1
Online banking security
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Corrective check on customer details
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PS Dhingra
| Added idea
"Prevention by Debit/Credit Card Users and Preventive Vigilance by Banks added with double or triple password provision"
| 3 years ago
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It is not an obligation of a single side. Both the depositors and the bankers have to be equally careful about online transactions. While due care, alertness and preventions on the part of the users of the credit/debit cards and online...
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Chandrasekar
| Supported idea
"Online banking security"
| 3 years ago
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The online security system should be modified in such a way that it requires multiple checks before completing a business transaction.This is for sure going to have an impact on the speed at which transaction will happen. System already has...
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Ideate: "How can we prevent online banking frauds?" deleted from your view.
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(rate this)
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1
Credit Card Frauds are here to stay ..
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Sign the card
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Nikhil Parulkar - MFA
| Added idea
"Credit Card Frauds are here to stay .."
| 4 years ago
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Credit Card fraud is the third most expensive fraud after Financial Statement Fraud and misappropriation of funds/assets. Credit Card Fraud is further classified as follows: a. Counterfeit Card Fraud - It's that card which is either printed,...
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Shan Gehlot
| Added idea
"Memorise CVV (card verification value)"
| 4 years ago
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The 16-digit card number, expiry date and CVV together, are enough to complete an Internet transaction. So better memories the CVV number and blacken the CVV on card. If at all thief memorizes or takes down your card number and expiry date,...
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Ideate: "How to avoid credit card frauds ?" deleted from your view.
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(rate this)
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if an alert customer goes with all rules and regulation then there is less chances of frauds
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Manish N Chugh
| Answered
| 3 years ago
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Knowing more about the product and related rules and regulations can always keep frauds and other cheats away from a customer ... a customer is a best Saviour to himself when related to bank or financial institutions... Thank you, Manish N Cheers!!
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Omkar Kulkarni
| Answered
| 3 years ago
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Yes, Alert customers can help to reduce frauds in banks. But certain things are beyond the control of customers.
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Answer: "can you belive that an alert customer can only help to reduce frauds in banks and in finanacial institution?" deleted from your view.
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(rate this)
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Favour ( Why)
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2
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9
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Against (why not)
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Satadru Shastri
| Argues in support of
"Against (why not)"
| 2 years ago
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The awareness towards investment banking in India has increased in the past few years before that it was an alien concept. However inspite of its potential negative effects RBI has managed it well. In my opinion there is ample scope for growth...
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Suganthi Srinivasan
| Argues in support of
"Favour ( Why)"
| 2 years ago
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Yes today instead of investment banking people prefer venture capitalist. The biggest disadvantage is the price. Many times the contrast in interests is also a big disadvantage. So it started losing its importance .......
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Vipin Bhasin
| Argues in support of
"Against (why not)"
| 2 years ago
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Puneet It looks like a question.. No description for the topic from your side. Although I agree with your argument. But if it is a question then i don't think that investment banking lost his importance. How much % of population know about the...
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Debate: "Is the golden era of investment banking over?" deleted from your view.
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(rate this)
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They should be.....
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30
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VS |
9
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I can pray for the prey...but Its his/her fault
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RAVI P
| Argues in support of
"I can pray for the prey...but Its his/her fault"
| 3 years ago
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Yes. The Bank should not be held responsible. Lot of phishing frauds happening almost every day.. It is a known fact to many of the educated people who use internet often. In this case, the Bank is not at all at fault. Before you login to...
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RAMANATHA PRABHU N
| Argues in support of
"They should be....."
| 3 years ago
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That particular judjement may not be applicable to all cases of phishing frauds happening around within the jurisdiction of India, that will for that particular circumstances and facts of the case. So there may be future judjements on other side...
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Navjeet Sood
| Argues in support of
"I can pray for the prey...but Its his/her fault"
| 3 years ago
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Banks and frauds go together but when it comes to phishing and cyber crime, one would put the blame on the banks. But when the talk is of ICICI in particular, I would disagree Ujjval. ICICI has been widely using all medias for informing the...
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Debate: "Phishing Frauds--Should banks be made responsible?" deleted from your view.
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(rate this)
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INCREASING USE OF TECHNOLOGY IN BANKING TRANSACTIOS HAS FACILITATED QUICKER AND SPEEDY DELIVERY OF SERVICES FOR BANK ACCOUNT HOLDERS.BUT EXPOSED BANKING TRANSACTIONS TO FRAUDS. TAKE THE CASE OF INTERNET TRANSACTIONS WHERE HACKERS LURE THE GULLIBLE IN THERE TRAP AND FRAUDULENTLY GET ACCESS TO THEIR PASSWRD AND SIPHON OFF FUNDS FROM SUCH A/CS. THERE IS A NEED FOR BANKS TO SPREAD AWARENESS AND STRENGTHEN THEIR PROCESSES,ESPECIALLY TRANSFER OF FUNDS THRU INTERNET.
Insight: "PREVENTION OF FRAUDS IN BANKS=CHALLENGES POSED BY COMPUTER AIDED TECHNOLOGY" deleted from your view.
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(rate this)
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Yes
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4
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2
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No
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NEELOTPAL CHANDA
| Argues in support of
"Yes"
| 3 years ago
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Yes, I am completely agree with you. As near 2 yrs in insurance operations I noticed that about personal insurance, salesman are more interested for their own commissions and other interests. Which leave the importance of insurance for the...
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Prassan Kumar Sharma
| Argues in support of
"No"
| 3 years ago
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When it comes to Insurance Sales in India, there are three major reasons people buy Insurance: 1. Tax Benifit 2. Long Term Investment 3. Hedge to life in terms of securing against uncertainties. Unfortunately in our market the point number...
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AKNR Chandra Sekhar
| Argues in support of
"Yes"
| 3 years ago
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Yes, personal insurance is changing its strategy in selling its products and I think it is necessary. I still remember my first insurance agent who met me when I was 25 years and explained why insurance is required. At that time it is more of...
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Debate: "is insurance loosing the value of risk protectiton and moving towards investment tool where there is huge risk of insecutrity" deleted from your view.
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Financial engineering has provided innumerable lucrative opportunities for otherwise indigent mathematicians Nevertheless the turbulence in the bond markets in the last couple of months, at a time when the world economy’s prospects seemed set fair, have exposed a guilty secret of the financial engineering profession: its methods don’t work. First area of failure is liquidity. Theoretically, if financial engineers design ever fancier artificial securities and derivatives, but everybody uses the same mathematical models to value them, there is no reason why an active market should not operate in the securities, at whatever price the models direct. In practice this only works in calm markets. In times of market turbulence, when doubts arise about either the mathematical models themselves or the underlying assets from which value is derived, the true value of these artificial assets becomes thoroughly unclear. Buyers assess their value at the lowest possible level, and refuse to...
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One young academically excellent person went for an interview for a managerial position in a big company. He passed the first interview; BUT in that Company, the director did the last interview, made the last decision. The director discovered from the CV, that the youth's academic result was excellent all the way, from the secondary school until the postgraduate research, never was there a year he did not score. The director asked, "Did you obtain any scholarship in school?" and the youth answered "no". The director asked, " Did your father pay your school fees?". The youth answered, "my father passed away when I was one year old and it was my mother who paid my school fees". The director asked, " Where did your mother work?" the youth answered, "my mother worked as cloth cleaner." The director requested the youth to show his hands and the youth showed a pair of hands that was smooth and perfect to the director. The director asked, " Did you ever help your mother wash clothes...
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Neural networks in financial engineering Neural networks have shown considerable successes in modeling financial data series. However, a major weakness of neural modeling is the lack of established procedures for performing tests for misspecified models, and tests of statistical significance for the various parameters that have been estimated. This is a serious disadvantage in applications where there is a strong culture for testing not only the predictive power of a model or the sensitivity of the dependent variable to changes in the inputs but also the statistical significance of the finding at a specified level of confidence. Rarely is this more important than in the case of financial engineering, where the data generating processes are dominantly stochastic and only partially deterministic. Partly a tutorial, partly a review, this paper describes a collection of typical applications in options pricing, cointegration, the term structure of interest rates and models of...
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In world of financial engineering , I have this information to share with you . Well the financial risks could be averted by adopting these measures . Have a look at these measures and you will know ..... The concept of livelihood insurance, where contracts will protect individuals from long-term economic risks such as the loss of a paycheck or the depreciation of one's home value. The concept of what he terms "macro markets" - where individuals, corporations, and governments alike can trade or hedge risks associated with the fluctuations in GDP or national incomes. The concept of income-linked loans - where lenders will make loans to governments, corporations or individuals whose repayment terms are tied to the incomes of these entities. Such repayment terms could be a certain percentage of one's income, which would cause the outstanding balance to decline if income levels decline. This would reduce the change of bankruptcies but will also alleviate our fears of taking more risks...
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