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The Role Of Technology In Combatting Bank Frauds: Perspectives And Prospects

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  • Madan Lal BHASIN

    (School of Accountancy, Universiti Utara Malaysia, Kedah, Malaysia)

Abstract

Banks are the engines that drive the operations in the financialsector, money markets and growth of an economy. With the rapidly growingbanking industry in India, frauds in banks are also increasing very fast, andfraudsters have started using innovative methods. As part of the study, a questionnaire-basedsurvey was conducted in 2013-14 among 345 bank employees to know theirperception towards bank frauds and evaluate the factors that influence thedegree of their compliance level. This study provides a frank discussion of theattitudes, strategies and technology that specialists will need to combatfrauds in banks. In the modern era, there is “no silver bullet for fraudprotection; the double-edged sword of technology is getting sharper,day-in-day-out.†The use of neural network-based behavior models in real-timehas changed the face of fraud management all over the world. Banks that canleverage advances in technology and analytics to improve fraud prevention willreduce their fraud losses. Recently, forensic accounting has come into limelightdue to rapid increase in financial frauds or white-collar crimes.

Suggested Citation

  • Madan Lal BHASIN, 2016. "The Role Of Technology In Combatting Bank Frauds: Perspectives And Prospects," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 5(2), pages 1-28.
    • Handle: RePEc:scm:ecofrm:v:5:y:2016:i:2:p:28
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    File URL: http://ecoforumjournal.ro/index.php/eco/article/view/412/255
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    Cited by:

    1. Morero Motseki & Mofokeng Jacob Tseko, 2022. "Exploring the challenges of forensic technology in responding to credit card fraud in Sedibeng Region, South Africa," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(4), pages 205-212, June.

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