IDEAS home Printed from https://ideas.repec.org/a/vrs/erapso/v17y2024i29p1-17n1001.html
   My bibliography  Save this article

Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh

Author

Listed:
  • Nabi Md Masud

    (Mawlana Bhashani Science And Technology University, Bangladesh)

  • Fahim Mostak Bari

    (Mawlana Bhashani Science And Technology University, Bangladesh)

  • Akter Mahmuda

    (Mawlana Bhashani Science And Technology University, Bangladesh)

Abstract

Financial fraud activities are very frequent in recent days in rural areas where people are more in need of money and desperate to make some in any way possible. This research explores the nature, causes, and consequences of rural financial fraud with the impact on rural life and the responses of law enforcement to these occurrences. The primary data for this study was collected through in-depth interview from 24 victims of financial fraud, and 4 KIIs were conducted to get the data through semi-structured questionnaires using the qualitative research method, and the findings are presented using thematic analysis. This study found greed, temptation, and believing in fraudsters are the main causes of these fraud incidents. The fraudster, in all cases, motivated the victims in a certain way and took as much money as possible before running away, and the responses of law enforcement, credit cooperative authorities, and the local government are not satisfactory as they did nothing much to prevent and combat these fraudulent activities. The impact of these fraudulent schemes is severe, as the victims faced financial breakdown, family pressure, and psychological pressure. Moreover, reducing cravings for money, inspecting schemes before investing, monitoring by the respective authorities and building awareness among people can be preventive factors to stop these kinds of rural financial fraud.

Suggested Citation

  • Nabi Md Masud & Fahim Mostak Bari & Akter Mahmuda, 2024. "Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh," European Review of Applied Sociology, Sciendo, vol. 17(29), pages 1-17.
    • Handle: RePEc:vrs:erapso:v:17:y:2024:i:29:p:1-17:n:1001
    DOI: 10.2478/eras-2024-0007
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/eras-2024-0007
    Download Restriction: no
    File URL: https://libkey.io/10.2478/eras-2024-0007?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Devesh Raval, 2020. "Whose Voice Do We Hear in the Marketplace? Evidence from Consumer Complaining Behavior," Marketing Science, INFORMS, vol. 39(1), pages 168-187, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andrew Sweeting & David J. Balan & Nicholas Kreisle & Matthew T. Panhans & Devesh Raval, 2020. "Economics at the FTC: Fertilizer, Consumer Complaints, and Private Label Cereal," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 57(4), pages 751-781, December.
    2. Emrah Oney & Iman Aghaei, 2024. "Consumer complaint intentions: the impact of general and specific self-confidence," Journal of Marketing Analytics, Palgrave Macmillan, vol. 12(2), pages 390-410, June.
    3. Johnen, Johannes & Ng, Robin, 2023. "Harvesting Ratings," CEPR Discussion Papers 18021, C.E.P.R. Discussion Papers.
    4. Arora, Swapan Deep & Chakraborty, Anirban, 2021. "Intellectual structure of consumer complaining behavior (CCB) research: A bibliometric analysis," Journal of Business Research, Elsevier, vol. 122(C), pages 60-74.
    5. Johnen, Johannes & Ng, Robin, 2023. "Ratings and Reciprocity," LIDAM Discussion Papers CORE 2023006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Wang, Yujie & Tsang, Albert & Xiang, Yi & Yan, Shuo, 2024. "How can regulators affect corporate social responsibility? Evidence from regulatory disclosures of consumer complaints in the U.S," The British Accounting Review, Elsevier, vol. 56(1).
    7. Michael King & Daniel Putman & Shane Byrne & Chaning Jang, 2024. "Navigating the Rise in Non-Institutional Digital Fraud: An Experiment with Micro Enterprises in Nigeria," Trinity Economics Papers tep1124, Trinity College Dublin, Department of Economics, revised Jan 2025.
    8. Michael Vita & Keith Brand & Miriam Larson-Koester & Nathan Petek & Charles Taragin & William Violette & Daniel H. Wood, 2022. "Economics at the FTC: Estimating Harm from Deception and Analyzing Mergers," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 61(4), pages 405-438, December.
    9. Abhi Bhattacharya, 2023. "Consumer, bank, and stock market reaction to CFPB’s complaint data disclosure," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(1), pages 128-145, March.
    10. H. Lim & J. C. Letkiewicz, 2023. "Consumer Experience of Mistreatment and Fraud in Financial Services: Implications from an Integrative Consumer Vulnerability Framework," Journal of Consumer Policy, Springer, vol. 46(2), pages 109-135, June.
    11. Yan, Nina & Xu, Xun & Tong, Tingting & Huang, Liujia, 2021. "Examining consumer complaints from an on-demand service platform," International Journal of Production Economics, Elsevier, vol. 237(C).
    12. Jeffrey D. Shulman & Olivier Toubia & Raena Saddler, 2023. "Editorial: Marketing’s Role in the Evolving Discipline of Product Management," Marketing Science, INFORMS, vol. 42(1), pages 1-5, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:erapso:v:17:y:2024:i:29:p:1-17:n:1001. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.