froud in banking sector
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Froud in banking sectorTRANSCRIPT
CHAPTER – 1
INTRODUCTION
1.1. DEFINITION OF BANK
1.2. DEFINITION OF FRAUD
1.3. BANK FRAUDS
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INTRODUCTION
1.4. DEFINITION OF BANK:-
The Oxford Dictionary defines as “an establishment for the custody
of, which it pay out or a customer’s order.”
Sayers’ states that we can defines banks as an institution whose debts.
(Banks Deposits) are widely accepted in settlement of other people’s debt to
each other.
1.5. DEFINITION OF FRAUD:-
All multifarious means which human ingenuity can devise, and which
are resorted to by one individual to get an advantage over another by false
suggestions or suppression of the truth. It includes all surprises, tricks,
cunning or dissembling, and any unfair way which another is cheated.
Source: Black’s Law Dictionary, 5th ed., by Henry Campbell Black, West
Publishing Co., St. Paul, Minnesota, 1979.
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Fraud is defined as "any behavior by which one person intends to gain
a dishonest advantage over another". In other words , fraud is an act or
omission which is intended to cause wrongful gain to one person and
wrongful loss to the other, either by way of concealment of facts or
otherwise.
Fraud is defined u/s 421 of the Indian Penal Code and u/s 17 of the Indian
Contract Act. Thus essential elements of frauds are:
1. There must be a representation and assertion;
2. It must relate to a fact;
3. It must be with the knowledge that it is false or without belief in its
truth;
4. It must induce another to act upon the assertion in question or to do or
not to do certain act.
1.3. BANK FRAUDS:-
Losses sustained by banks as a result of frauds exceed the losses due to
robbery, dacoit, burglary and theft-all put together. Unauthorized credit
facilities are extended for illegal gratification such as case credit allowed
against pledge of goods, hypothecation of goods against bills or against book
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debts. Common modus operandi are, pledging of spurious goods, inletting the
value of goods, hypothecating goods to more than one bank, fraudulent
removal of goods with the knowledge and connivance of in negligence of
bank staff, pledging of goods belonging to a third party. Goods hypothecated
to a bank are found to contain obsolete stocks packed in between goods
stocks and case of shortage in weight is not uncommon.
An analysis made of cases brings out broadly the under mentioned four
major elements responsible for the commission of frauds in banks.
1) Active involvement of the staff-both supervisor and clerical either
independent of external elements or in connivance with outsiders.
2) Failure on the part of the bank staff to follow meticulously laid down
instructions and guidelines.
3) External elements perpetuating frauds on banks by forgeries or
manipulations of cheques, drafts and other instruments.
4) There has been a growing collusion between business, top banks
executives, civil servants and politicians in power to defraud the banks,
by getting the rules bent, regulations flouted and banking norms
thrown to the winds.
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CHAPTER – 2
REVIEW OF LITERATURE
2.1. PROFESSIONAL BANKERS
2.2. PROFESSIONAL BANKERS
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2.3. ECONOMICS TIMES
2.4. WWW.CASHFRAUD.COM
2.5. WWW.GOOGLE.COM
2.6. WWW.FRAUD.COM
REVIEW OF LITERATURE
2.1. PROFESSIONAL BANKERS,1 Frauds could cost banks eavily and
most of them steam from the operation of bank themselves. While
eliminating themselves is very difficult, frequency of frauds can be
reduced by strict surveillance. RBI has set up a board of finance
supervision to check and control this menace. It has also issued KYC
(know your customer) norms to check the frauds besides Basel II also
include frauds in it draft as an operational risk.
1 Professional Bankers, Bank and Fraud, ICFAI University, Feb 2006.
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2.2. PROFESSIONAL BANKERS,2 The unflagging popularity of paper
Cheque coupled with of latest printing technologies has resulted in an
alarming increase in Cheque frauds in Indian bank. This article
analyzes various ways to curb this menace.
2.3. ECONOMICS TIMES, Direct selling agent banks are an
extremely persistence lot. Some can also compromise the personal
details you furnished to them,
2.4. WWW.CASHFRAUD.COM.3 Cash frauds are the misappropriation
or theft of money in the form of cash or cheque. There are a number of
forms of cash frauds.
2.5. WWW.GOOGLE.COM4 In New Delhi State Bank of India (SBI),
India's largest public sector bank, tops the list of bank frauds with a
high 107 cases involving Rs 30.74 crore in just three months this year.
2.6. WWW.FRAUD.COM5 Bank fraud is a federal crime in many
countries, defined as planning to obtain property or money from any
federally insured financial Institution.
2 Professional Bankers, Cheque frauds in Indian bank, ICFAI University, December 2006.3 www.cashfraud.com4 www.google.com5 www.fraud.com
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CHAPTER – 3
TYPES OF FRAUD
3.1. FRAUD BY INSIDERS
3.2. OTHER TYPES OF FRAUD RELATED BANKING
SECTOR
3.3. TYPES OF FRAUDS CAN BE EXPLAINED AS
FOLLOWS
3.4. FRAUD PRONE AREAS IN BANKS
TYPES OF FRAUD
3.1. FRAUD BY INSIDERS
Rogue traders:-
A rogue trader is a highly placed insider nominally authorized to
invest sizeable funds on behalf of the bank; this trader secretly makes
progressively more aggressive and risky investments using the bank's
money, when one investment goes bad, the rogue trader engages in further
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market speculation in the hope of a quick profit which would hide or cover
the loss.
Unfortunately, when one investment loss is piled onto another, the costs to
the bank can reach into the hundreds of millions of dollars; there have even
been cases in which a bank goes out of business due to market investment
losses.
Some of the largest bank frauds ever detected was perpetrated by
Currency traders John Rusnak, and Nick Lesson. Jérôme Kerviel, Allegedly
defrauded Société Générale of 4.9 billion euro’s ($7.1 billion) while trading
stock derivatives.
Fraudulent loans:-
One way to remove money from a bank is to take out a loan, a practice
bankers would be more than willing to encourage if they know that the
money will be repaid in full with interest. A fraudulent loan, however, is one
in which the borrower is a business entity controlled by a dishonest bank
officer or an accomplice; the "borrower" then declares bankruptcy or vanishes
and the money is gone. The borrower may even be a non-existent entity and
the loan merely an artifice to conceal a theft of a large sum of money from
the bank..
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Wire fraud:-
Wire transfer networks such as the international SWIFT interbank
fund transfer system are tempting as targets as a transfer, once made, is
difficult or impossible to reverse. As these networks are used by banks to
settle accounts with each other, rapid or overnight wire transfer of large
amounts of money are commonplace; while banks have put checks and
balances in place, there is the risk that insiders may attempt to use
fraudulent or forged documents which claim to request a bank depositor's
money be wired to another bank, often an offshore account in some distant
foreign country.
Forged or fraudulent documents:-
Forged documents are often used to conceal other thefts; banks tend
to count their money meticulously so every penny must be accounted for. A
document claiming that a sum of money has been borrowed as a loan,
withdrawn by an individual depositor or transferred or invested can
therefore be valuable to a thief who wishes to conceal the minor detail that
the bank's money has in fact been stolen and is now gone.
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Uninsured deposits:-
There are a number of cases each year where the bank itself turns out
to be uninsured or not licensed to operate at all. The objective is usually to
solicit for deposits to this uninsured "bank", although some may also sell
stock representing ownership of the "bank". Sometimes the names appear
very official or very similar to those of legitimate banks. For instance, the
"Chase Trust Bank" of Washington DC appeared in 2002 with no license
and no affiliation to its seemingly apparent namesake; the real Chase
Manhattan Bank is based in New York. There is a very high risk of fraud
when dealing with unknown or uninsured institutions. The risk is greatest
when dealing with offshore or Internet banks (as this allows selection of
countries with lax banking regulations), but not by any means limited to
these institutions. There is an annual list of unlicensed banks on the US
Treasury Department site which currently is fifteen pages in length.
Theft of identity:-
Dishonest bank personnel have been known to disclose depositors'
personal information for use in theft of identity frauds. The perpetrators then
use the information to obtain identity cards and credit cards using the
victim's name and personal information.
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Demand draft fraud:-
Demand draft fraud is usually done by one or more dishonest bank
employees. They remove few DD leaves or DD books from stock and write
them like a regular DD. Since they are insiders, they know the coding,
punching of a demand draft. These Demand drafts will be issued payable at
distant town/city without debiting an account. Then it will be cashed at the
payable branch. For the paying branch it is just another DD. This kind of
fraud will be discovered only when the head office does the branch-wise
reconciliation, which normally will take 6 months. By that time the money
is unrecoverable.
3.2. OTHER TYPES OF FRAUD RELATED BANKING
SECTOR
The following are the potential fraud prone areas in Banking Sector.
In addition to those areas I have also given kinds of fraud that are common
in these areas.
Savings Bank Accounts
The following are some of the examples being played in respect of savings
bank accounts:
(a) Cheque bearing the forged signatures of depositors may be presented and
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paid.
(b) Specimen signatures of the depositors may be changed, particularly after
the death of depositors,
(c) Dormant accounts may be operated by dishonest persons with or without
collusion of bank employees, and
(d) Unauthorized withdrawals from customer's accounts by employee of the
bank maintaining the savings ledger and later destruction of the recent
vouchers by them.
Current Account Fraud
The following types are likely to be committed in case of current accounts.
a) Opening of frauds in the names of limited companies or firms by
unauthorized persons; Presentation and payment of Cheque bearing
forged signatures;
b) Breach of trust by the employees of the companies or firms possessing
Cheque leaves duly signed by the authorized signatures;
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c) Fraudulent alteration of the amount of the Cheque and getting it paid
either at the counter or though another bank
Frauds In Case Of Advances
Following types may be committed in respect of advances:
a) Spurious gold ornaments may be pledged.
b) Sub-standard goods may be pledged with the bank or their value
may be shown at inflated figures.
c) Same goods may be hypothecated in favor of different banks.
Other frauds
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3.3. TYPES OF FRAUDS CAN BE EXPLAINED AS
FOLLOWS:
1.Cheque frauds:
Cheque fraud is responsible for the losses Cheque are widely
used instruments across the globe.
Many types of Cheque scams exist as follows:
a) Forged signature – involves a signature on blank Cheque.
b) Forged endorsement–includes endorsing and cashing of depositing a
stolen check.
c) Counterfeit checks- are on the rise with the Advancement color coping
and desktop publishing.
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Falsification of loan
application
Uninsured deposits
Credit card frauds
Internet frauds
Cash Frauds
Cheque frauds
Types of frauds
1. Uninsured deposits:
Occurs when illegitimate companies persuade customers with high rates
of interest or off shore securities to avoid paying Taxes. These companies are
not monitored or authorized by any federal bank or any financial institution,
meaning depositor do not receive protection or insurance on their investment
from any state or federal institution.
2. Credit cards frauds:
It is common types of frauds that affect millions each year. Statistics
show that credit card causes $500million in damages to card companies and
credit card holders. So, it’s wise to learn how to keep your credit card and
bank documents safe to prevent credit fraud from happening to, and if you
suspect that you’re a target of credit fraud contact your bank or credit card
company immediately to check for fraud.
3. Falsification of Loan Applications:
It is known as Loan Fraud., It occurs when a person produces false
information to qualify for a loan, such as a mortgage for their house.
Sometimes, loan officers may be in on the fraud.
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4. Internet Frauds:
Internet users have been targeted by global internet scams. Intended to
collect critical personal and financial information, the scam begins with a
fraudulent e-mail that appears to be from a legitimate financial company
(typically multi-national banks), but is in fact sent by criminals hoping to use
the information for personal gain from anyone who replies to their e-mails.
5. Cash Frauds:
Cash frauds are the misappropriation or theft of money in the form
of cash or cheque. There are a number of forms of cash frauds.
3.4. FRAUD PRONE AREAS IN BANKS:
Deposit account.
Advance account.
Tale graphic transfers.
Draft, mail transfers.
Cash department.
Traveler’s Cheque, credit card.
Letter of credit.
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The fraud committing areas are categorized as follows:
Credit related fraud – loan against fake jewellery and
fabrication of documents.
Frauds related to cash renitence, even remittance of soiled
and non issuable notes.
Unauthorized withdrawals from inoperative accounts to mis-
appropriate funds from stolen instruments.
Use of interbranch and interbank clearing of bill document.
Withdrawal from deposit accounts through forgot
documents.
Identity theft leading to authorized withdrawals from banks
and also from customer accounts.
Operational risk in banks are on the rise daily with the increase in
business, growth in the economy, invention of new technology etc.
leading to increase turnover.
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3.5. STEPS PREVENT THE FRAUDS:
It will be appropriate to recall the following quote Oscar wild
“THE THEFT IS AN ARTIST AND POLICEMAN IS ONLY A
CRITIC”. Need of the hour for the bank is to be made fraud
prevention more effectively by-Right recruitment.
Proper training.
Eternal vigilance.
Stringent rules.
Have a good system of internal control.
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CHAPTER – 4
BANK FRAUD IN INDIA
4.1. RECENT TRENDS OF BANKING SYSTEM IN INDIA
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4.2. FINANCIAL FRAUD (INVESTIGATION,
PROSECUTION, RECOVERY AND RESTORATION
OF PROPERTY) BILL, 2001.
4.3. PUNISHMENT FOR FINANCIAL FRAUD WHOEVER
COMMITS FINANCIAL FRAUD SHALL BE:
BANKS FRAUD IN INDIA
4.1. RECENT TRENDS OF BANKING SYSTEM IN INDIA
In the banking and financial sectors, the introduction of
electronic technology for transactions, settlement of accounts, book-keeping
and all other related functions is now an imperative. Increasingly, whether
we like it or not, all banking transactions are going to be electronic. The
thrust is on commercially important centers, which account for 65 percent of
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banking business in terms of value. There are now a large number of fully
computerized branches across the country.
A switchover from cash-based transactions to paper-based transactions
is being accelerated. Magnetic Ink character recognition clearing of Cheque
is now operational in many cities, beside the four metro cities. In India, the
design, management and regulation of electronically-based payments system
are becoming the focus of policy deliberations. The imperatives of
developing an effective, efficient and speedy payment and settlement
systems are getting sharper with introduction of new instruments such as
credit cards, telebanking, ATMs, retail Electronic Funds Transfer (EFT) and
Electronic Clearing Services (ECS). We are moving towards smart cards,
credit and financial Electronic Data Interchange (EDI) for straight through
processing.
4.2. FINANCIAL FRAUD (INVESTIGATION,
PROSECUTION, RECOVERY AND RESTORATION OF
PROPERTY) BILL, 2001.
Further the Financial Fraud (Investigation, Prosecution, Recovery and
Restoration of property) Bill, 2001 was introduced in Parliament to curb the
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menace of Bank Fraud. The Act was to prohibit, control, investigate
financial frauds; recover and restore properties subject to such fraud;
prosecute for causing financial fraud and matters connected therewith or
incidental thereto.
Under the said act the term Financial Fraud has been defined as under:
Section 512 - Financial Fraud means and includes any of the following acts
committed by a person or with his connivance, or by his agent, in his
dealings with any bank or financial institution or any other entity holding
public funds; 1. The suggestion, as a fact, of that which is not true, by one
who does not believe it to be true; 2. The active concealment of a fact by one
having knowledge or belief of the fact; 3. A promise made without any
intention of performing it; 4. Any other act fitted to deceive; 5. Any such act
or omission as the law specially declares to be fraudulent. Provided that
whoever acquires, possesses or transfers any proceeds of financial fraud or
enters into any transaction which is related to proceeds of fraud either
directly or indirectly or conceals or aids in the concealment of the proceeds
of financial fraud, commits financial fraud.
4.3. PUNISHMENT FOR FINANCIAL FRAUD WHOEVER
COMMITS FINANCIAL FRAUD SHALL BE:
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(a) Punished with rigorous imprisonment for a term, which may extend to
seven years and shall also be liable to fine.
(b)Whoever commits serious financial fraud shall be punished with rigorous
imprisonment for a term which may extend to ten years but shall not be less
than five years and shall also be liable for fine up to double the amount
involved.
Provided that in both (a) and (b) all funds, bank accounts and properties
acquired using such funds subjected to the financial fraud as may reasonably
be attributed by the investigating agency shall be recovered and restored to
the rightful owner according to the procedure established by law.
One input which can be of use in combating frauds consists of proper
reporting of incidents of fraud. Banks are required to report to the Reserve
Bank in detail the incidences of both actual and suspected frauds in banks,
the progress in their resolution and the deterrent and the Reserve Bank and
any aspect that the reports reveal is circulated to the banks for necessary
action. The incidence and the amounts involved in frauds in the past three
years has increased with the share of large value frauds (above Rs.1 crore)
being on the increase. While one may draw comfort that the efforts of the
supervisors and bankers have so far been successful in containing bank
frauds, it is a matter of serious concern as the growth in frauds could, if not
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visibly checked, encourage perpetrators to refine their tools of operation in
the commission of frauds. Our analysis of the modus operandi revealed that
a fraud so far committed has not revealed any extensive manipulation of the
computer systems in the banks. However, cases have been reported where
the fraud was facilitated by poor access controls. In a recently reported case,
the perpetrator was able to change the borrower's limits stored in the
computer by borrowing the password of the authorized personnel. This
suggests that the password cannot just be treated as a friendly word. This
aspect in the Indian ethos needs to be closely looked into and the system of
password determination has to be foolproof.
In International Developments the increasing dependence of banks
on computer technology and the concerns arising there from are receiving
attention from banking regulators the world over. The Basle Committee of
Banking Supervisors has addressed some of the operational risks arising out
of security breach of banks' computer systems and misuse of computer
products in its document "Risk Management for Electronic Banking and
Electronic Money Activities" (March 1998). Having adopted
computerization at a relatively late stage of our banking development, we
have the advantage of learning from the experiences of the international
community and set in place corrective systems and controls in advance. In
the area of emerging products, our surveillance has to be particularly strong.
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This is especially so in retail payment modes where the actual customers
could suffer the most on account of weak security features and
counterfeiting or data
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CHAPTER – 5
FRAUD PREVENTION & DETECTION
5.1. DETECTION OF FRAUDS
5.2. PREVENTIVE MEASURES TO CONTROL FRAUDS
5.3. THE RIGHT PROTECTS YOUR OWN
INFORMATION
5.4. CHEQUE FRAUDS
5.5. CREDIT CARD FRAUDS
5.6. INTERNET BANKING FRAUDS
5.7. CASH FRAUDS
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FRAUDS PREVENTION AND DETECTION
A close study of any fraud in bank reveals many common basic
features. There may have been negligence or dishonesty at some stage, on
part of one or more of the bank employees. One of them may have colluded
with the borrower. The bank official may have been putting up with the
borrower's sharp practices for a personal gain. The proper care which was
expected of the staff, as custodians of banks interest may not have been taken.
The bank's rules and procedures laid down in the Manual instructions and the
circulars may not have been observed or may have been deliberately ignored.
Bank frauds are the failure of the banker. It does not mean that the
external frauds do not defraud banks. But if the banker is upright and knows
his job, the task of defrauder will become extremely difficult, if not possible.
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5.1. DETECTION OF FRAUDS
Despite all care and vigilance there may still be some frauds, though their
number, periodicity and intensity may be considerably reduced. The
following procedure would be very helpful if taken into consideration:
1. All relevant data-papers, documents etc. Should be promptly collected.
Original vouchers or other papers forming the basis of the investigation
should be kept under lock and key.
2. All persons in the bank who may be knowing something about the time,
place a modus operandi of the fraud should be examined and their statements
should be recorded.
3. The probable order of events should thereafter be reconstructed by the
officer, in his own mind.
4. It is advisable to keep the central office informed about the fraud and
further developments in regard thereto.
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5.2. PREVENTIVE MEASURES TO CONTROL FRAUDS
Besides the preventive measures suggested above for the control of fraud
in the specific areas, the following general steps are suggested:
1. Procedure to be followed meticulously:-
The frauds may be minimized if the procedures laid down by the
particular bank are followed meticulously, because the internal control system
of the banks are almost fool proof and are the result of the experience of the
bankers over a long period of time.
2. Rotation of Duties:-
There should be periodical rotation of duties particularly in the areas
which are prone to frauds.
Some of the guidelines issued by the Reserve Bank in 1983, to prevent the
frauds and malpractices are also given below.
3. There should be proper investigation about the borrowers and their
credit requirement.
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4. Advances neither should nor orderly be granted beyond the
discretionary powers. In exceptional cases post facto confirmation
should be obtained.
5. Internal Inspection and Audit machinery should be strengthened and
there should be surprise inspection.
5.3. THE RIGHT PROTECTS YOUR OWN
INFORMATION:-
Haven’t you endured the endless calls, mailers and e-mail flooding You
with information and tempting offer? Do you realize how Companies and
even retailers get their hands on your personal contact Information and what
else they can do with it? So, the next question is: how do you safeguard your
personal information? How do you really protect yourself from these
instructions? Although it may be helpful for consumers to be well informed
of Promotions or happenings, it also raises the questions of privacy and
control of using consumers should shut themselves to promotions or the latest
offers going around. They, however, need to pause and think as it also raises
the question of privacy and control of their valued personal information. Here
are some ways that will enable you to control your Privacy
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.
a) Make your preferences known
As s consumer, you can first start asserting your rights, by:
Spending some time to think an bout offers you have received
Over the past year.
Then see if you can identify the sources, whether offline or online,
which have been linked to your name.
Identify which offers you would like to no longer receive further
information from.
Thereafter contact these organizations you joined, magazines you
subscribed to charities you have supported and your credit card issuer
to ask them to delete your name from lists they rent to other
organizations and merchants.
b) Protect your information
You should always guard your credit and bank account numbers. Here are
some easy ways that will protect you from fraud:
Do not give your credit card or bank account number to any unsolicited
caller who is known to you and seeks to sell you Something or offers
you a prize
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Be cautious about doing business with someone who calls you without
a reference.
Memories your personal identification number (PIN) for ATM
transaction. Keep it in a separate place from your card, and never use
your identity card number or PIN number as a password
*Keep your credit card account numbers in a confidential place.
Sign new cards as soon as you receive them.
Scratch out your CVV number which is behind your credit card.
Memories it or keep it in such a way that is accessed only by you
Destroy and discard carbon copies of receipts, copies of airline tickets
or anything else that display your card number.
Do not allow a merchant to record your credit card number on a
Cheque, receipt or any other document.
Do not put your address, telephone number or other personal
Information that does not appear on the front of your credit Card on a
credit card receipt.
Don’t provide information that you’re uncomfortable giving.
Never give anyone the password that you use to log on to your online
account or internet services provider.
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Don’t provide financial account information unless you are Paying for
purchase using that account.
c) Alert your bank/ card issuer
Occasionally, there are cases where purchases have been made without the
knowledge of the cardholders due to leakage of confidential information. So
what do you do when you suspect a fraud or are a victim of a fraudulent
practice? Here are some steps that could protect you:
It is advisable to immediately call and alert you bank/card issuer and
cancel your current card and issue you a new one. Also, check with
your issuer to verify that your mailing address has not been changed.
Also, contact the credit bureaus to let them know if you suspect that
fraud has occurred. A ‘Fraud Alert’ message will be placed on your
file.
d) Take charge
Always feel free to inform and express appreciation to your bank,
credit card issuer or merchant for providing an opt-out and making it
work. You can also tell pollsters, media and others that you patronize
companies that follow good privacy policies with respect to consumer
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information. As you learn more about how businesses use financial and
consumer information. You can gain more control over your own
information.
5.4. CHEQUE FRAUDS:
Cheque are widely used instruments across the globe. It is interesting
to note that Cheque as a payment mechanism are still having a dominant
position, both in developed and developing countries.
The Indian banking industry has become extremely competitive and
introduced several new financial services. The phenomenal spread of
branches; growth and diversification in business, and large scale
computerization and networking have collectively increased the operational
risks manifold. Fraud is a major component of operational risk. With the
rising banking business, frauds in banks are also increasing and fraudsters are
becoming more sophisticated in genius. But if the banker is upright and
knows his/her job well, the task of the defrauder will become extremely
difficult, if not impossible. This has thrust enormous responsibilities on banks
in terms of prescribing and maintaining an effective architecture if internal
checks and controls.
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Banks have been working very hard to wean customers from paper
cheque. Cheque are expensive to print, mail and process. Other problem
associated with Cheque are inherent manual-handling process, high costs for
banks, and high transportation costs between parties, Nevertheless, banks
customers continue to use them in record numbers across the globe. The
much heralded ‘Chequeless’ banking system remains stubbornly in the future.
Types of cheque frauds:
Controls measure to reduce internal cheque fraud:
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Internal Cheque fraud refers to schemes devised by insiders-employees
responsible for crating, authorizing, or processing Cheque. The risk of
internal frauds, however, can be minimized through time –honored controls.
Such as segregation of duties, independent reconciliation of cash accounts
and safeguarding Cheque stocks and signature protocols, etc.
Firms that use in-house cheque printing software have access to a
variety of automated internal controls. These software programs begin with
blank paper stock (making cheque stock security less critical) and print all
cheque information simultaneously, including logos, border designs,
graphics, and MICR data required by banks to read, process and sort out
cheque with high speed processor. Such cheque can be produced on standard
laser printers equipped with magnetic ink cartridges. In-house software
streamlines the cheque printing process and provides a variety of internal
controls that differ from program to program. Some systems also encode each
printed cheque with information about the operator, date of printing, and
serial number to help assign responsibility in the event of a breach in security.
Controls to reduce the risk of external cheque frauds:
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External cheque fraud refers to schemes created by independent
operates or by organized gangs. The most common forms of external fraud
involve:
Alteration of cheque details (amount or payee),
Creation of counterfeit cheque,
Forgery of cheque (signature and/or endorsement).
Altering, counterfeiting, and forging paper cheque have always been a
key source of risk for those engaged in cheque transactions.
Organized crime has a number of ways to interfere with your issued
cheque. One method, called “name takeover”, involves placing people jobs in
where they handle male-either in a corporate mailroom or with a third party
mail handler. These people watch for envelopes containing cheque made out
to individuals. By setting up ‘phony’ bank accounts using names of actual
people
Physical security controls for cheque frauds:
Watermarks:
Created in paper manufacturing process. Watermarks are visible
only when help up to light and cannot be reproduced by scanners or
copiers.
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Void Pantographs:
Patented designs embedded in the background of a cheque.
When scanned or copied. The pattern reveals the word “void” across
the face of the cheque.
Chemical Voids:
Created when chemical eradicators are supplied to cheque in an
effort to alter amounts or the name of payees.
High Resolution Micro-Printing :
Externally small print –often in the form of a design or border-
that appears to be a line or a pattern to the eye but, when viewed under
a magnifying glass, contains a series of words. Micro printed words
become illegible when scanned or photocopied.
Reflective Holograms:
An expensive security feature generally reserved for large
amount cheque; they contain one or more metallic stripes with laser-
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etched, three dimensional holograms. This effect cannot be copied or
created without special equipments.
Security Inks:
These inks react to solvents or chemical eradicators and thus,
visibly distort the appearance of the cheque if altered. Inks are also
available that tightly bond to paper to resist chemical erasure.
5.5. CREDIT CARD FRAUDS:
41
Introduction of credit cards:
Rising number of active cards in India, which has reached about one
crore in 2005, brought many undesirable effects like credit card frauds,
payment defaulting, unsolicited card, uncontrolled spending etc.
A credit card fraud is a transaction that is completed with your credit
card by someone else. Often a fraudulent transaction is made hours after the
credit card or card number is stolen or lost; often before the cardholder gets
the chance to report the card as missing or stolen.
Occurence of credit cards frauds:
Credit card fraud can occur in a number of ways. So it’s important to treat
your credit cards like cash and to become aware of the common ways a fraud
may occur.
42
The way to the occurrence of credit card Frauds include the
followings:
1. Stolen, lost credit cards: Someone uses your lost or stolen credit
cards
2. Identity Theft: Someone applies for a credit card using your personal
information.
3. Counterfeit credit cards: Scammers duplicate legitimate credit cards
for the use of fraudulent activities.
4. Non receipt frauds: Your new or replaced credit card gets stolen
before you receive it in the mail.
5. No card fraud: Your credit number is being used to make
transactions over the phone or Internet without your knowledge.
Steps to prevent credit cards frauds:
To prevent credit card fraud, as a cardholder, you should protect
your card and card number to the best of your ability. Steps are as
follows:
Sign the back of your credit cards.
Hold on to receipts of your credit card purchases.
43
Keep an eye on your credit card every time you use it.
Jot down your credit card number and keep it in a safe place.
Check your statement regularly and notify your credit card
company if you see bogus charges on your bill.
Call your card company immediately after your card is stolen or
lost
Precaution to customer while using credit card:
Sign the back of your credit cards;
Keep an eye on your credit card every time you use it;
Jot down your credit card number and keep it in safe place;
Hold on to recipient of your credit purchases;
Check your statement regularly and notify your credit card company if
you see bogus charges on your bill;
Call your card company immediately after your card is stolen lost;
Refuse to give out your credit card information over the phone unless
you are dealing with trustworthy merchant;
Check that you are on a secure website before making online
transaction;
Ignore emails that ask you to provide credit card number via
email;
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5.6. INTERNET BANKING FRAUDS:
Introduction:
Internet users have been targeted by global internet scams. Intended to
collect critical personal and financial information, the scam begins with a
fraudulent e-mail that appears to be from a legitimate financial company
(typically multi-national banks), but is in fact sent by criminals hoping to use
the information for personal gain from anyone who replies to their e-mails.
Schemes used in internet banking fraud:
45
Most internet banking fraud occurs in a two-step process. First, the
offender must get their hands on the customer's account information, like
their username and password. Second, the offender will use that information
to move his victim's money to another account or withdraw it to make
fraudulent purchases. For the first step, offenders will use that information to
move his victim's money to another account or withdraw it to make
fraudulent purchases. For the first step, offenders often employ one of the
many popular fraud schemes includes, but are not limited to:
“Over the shoulder looking" scheme: Involves the offender observing his
potential victim making financial transactions and recording the personal
information used in the transaction.
“Phishing" scheme: Stems from the two words "password" and "fishing." It
entails sending email scams and mail supposedly from the consumer's bank
as a way to obtain the consumer's personal information, social insurance
number, and in this case their online banking username and password.
"Trojan Horse" scheme: Unfolds when malicious software (malware)
embeds to a consumer's computer without the consumer being aware of it.
46
Trojans often come in links or as attachments from unknown email senders.
After installation the software detects when a person accesses online banking
sites and records the username and password to transmit to the offender.
Internet cafes are often susceptible to Trojans like malware or spy ware. They
also are higher at risk of falling victim of identity theft.
Instruments to prevent the internet fraud:
The most commonly adopted measures are:
Code cards: Are sheets of random numbers that are distributed to
customers in batches and are used one by one as an extra verification
step during particularly risky online operations, such as transactions
involving funds transfers to third parties. The banking website can
detect when a customer is running low on such codes and
automatically have a new batch mailed out. The only recent attack
against this system is a phoney mail or website asking the customer to
forward a number of the next codes on the pretext of security
47
verification, which then allows the captured codes to be used on the
legitimate banking website.
Hardware tokens: Are small battery-operated electronic devices that
display pseudo-random codes that change on a frequent basis, such as
every minute. The user is commonly required to enter the code along
with the user name to login and in addition, may be required to enter
another code later on to verify payments. Theoretical attacks against this
system include the so called man-in-the-middle attack, whereby a
phoney website asks the user for the current code, which can then be
used on the real bank website for the time window that it is valid.
Because this time is limited (usually a minute), this increases the
difficulty for the criminal. Besides these two examples, more innovative
solutions have also emerged.
High penetration of mobile phones: Essentially uses the phone itself as
the second authentication factor. On requesting high-risk operations, such
as third party funds transfers, a random code is sent to the user's mobile
phone and must be entered into the website before the transaction is
allowed.
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Smartcards are another potential solution: To the issue that is yet to be
widely tapped. In the same way as Chip’n’Pin cards store a private PIN
that is used instead of a signature verification for transactions
confirmation, the same system could be used to verify online banking
transactions.
5.7. CASH FRAUDS
Introduction:
Cash frauds are the misappropriation or theft of money in the form of
cash or cheque. There are a number of forms of cash frauds.
Types of cash frauds:
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Each of these frauds attacks the money and the business records at different
points. All cash frauds result in a loss of funds, but they differ in:
The point in the business system attacked (sales, debtor collection or
the payments system)
What records are manipulated to hide the loss? In the system and in
different ways.
What is skimming?
Skimming is the theft of money (cash or cheque) before it is
entered into the business records. The funds are "skimmed from the top"
of the sales or collections. Skimming can occur at any point where cash
enters the business system, but usually occurs at the point of sale.
The skimming is the actual theft of the monies. The money is stolen
and removed from the premises for later use or conversion. Cash requires no
conversion, whereas the skimming of cheque requires that the cheque be
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cashed or banked (converted) in some manner. That usually means endorsing
the cheque to another and depositing it into an account
What is lapping?
Lapping is not a fraud in itself; it is a way of hiding a fraud, where a
new fraud is used to hide an old fraud. One fraud laps over another, just like
waves lapping at a beach. If undiscovered, lapped frauds may continue
indefinitely, though they require constant maintenance. Lapping is a common
way to hide the skimming of debtor's monies.
Lapping is used when the fraudster steals a receipt. The receipt is not
recorded against the debtor, as the banking would not match the entries in the
ledger. Before the next statement is due to be sent to the debtor, an entry must
be made recording the receipt. If the entry is not on the statement, the debtor
will question why their payment was not deducted from their balance and an
investigation may begin.
The fraud can be hidden by a number of methods. The statement can
be adjusted by the fraudster before it is sent to the debtor, or, a false statement
can be created and sent. These are not permanent fixes. An entry needs to be
made in the business records for the fraud to be properly hidden.
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Deterrence & detection:
Signs to look for:
Cash shortages when sales are increasing;
Journal entries in cash accounts;
Unbalanced banking figures;
Unexplained inventory shrinkage;
Missing documentation on transactions;
Unexplained correcting entries in accounts;
Customer complaints, even if those complaints have been Rectified
Measure to control cash frauds:
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Separation of Duties between;
(a) The person opening the mail and producing a list of receipts;
(b) The person preparing the banking records;
(c) The person recording the transactions in the businesses records.
Physical Security of Cash;
Pre-numbered documentation and auditing of the invoice numbers;
Timeliness of the recording of transactions and in banking receipts;
Use of supporting (control) documentation;
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CHAPTER – 6
METHOD TO OVERCOME THE FRAUDS
6.1. BACKGROUND
6.2. THE CUSTOMER’S SELECTION OF A SHARED
SECRET NORMALLY OCCURS DURING THE
6.3. CUSTOMER VERIFICATION TECHNIQUES
METHOD TO OVERCOME THE FRAUDS
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6.4. BACKGROUND
Financial institutions engaging in any form of Internet banking should
have effective and reliable methods to authenticate customers. There are a
variety of technologies and methodologies financial Institution’s risk
assessment process.
Existing authentication methodologies involve three basic “factors”:
Something the user knows (e.g., password, PIN);
Something the user has (e.g., ATM card, smart card) ;
Something the user is (e.g., biometric characteristic, such as
fingerprint).
An effective authentication method should have customer acceptance, reliable
performance, scalability to accommodate growth, and interoperability with
existing systems and future plans.
Account Origination and Customer Verification:
With the growth in electronic banking and commerce, financial
institutions should use reliable methods of originating new customer accounts
online. Moreover, customer identity verification during account origination is
55
required by section 326 of the USA PATRIOT Act and is important in
reducing the risk of identity theft, fraudulent account applications, and
unenforceable account agreements or transactions. Potentially significant
risks arise when a financial institution accepts new customers through the
Internet or other electronic channels because of the absence of the physical
cues that financial institutions traditionally use to identify persons.
Similar in nature to e-mail phishing, pharming seeks to obtain personal
information by directing users to spoofed Web sites where their information
is captured, usually from a legitimate–looking form.
Short for malicious software, such as software designed to capture and
forward private information such as ID’s, passwords, account numbers, and
PINs.
Monitoring and Reporting :
Monitoring systems can determine if unauthorized access to computer
systems and customer accounts has occurred. A sound authentication system
should include audit features that can assist in the detection of fraud, money
laundering, compromised passwords, or other unauthorized activities. The
activation and maintenance of audit logs can help institutions to identify
unauthorized activities, detect intrusions, reconstruct events, and promote
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employee and user accountability. In addition, financial institutions should
report suspicious activities to appropriate regulatory and law enforcement
agencies as required by the Bank Secrecy Act.9 Financial institutions should
rely on multiple layers of control to prevent fraud and safeguard customer
information. Much of this control is not based directly upon authentication.
Customer Awareness:
Financial institutions have made, and should continue to make, efforts
to educate their customers. Because customer awareness is a key defense
against fraud and identity theft, financial institutions should evaluate their
consumer education efforts to determine if additional steps are necessary.
Management should implement a customer awareness program.
Authentication Techniques,Processes, and Methodologies:
Material provided in the following sections is for informational
purposes only. The selection and use of any technique should be based upon
the assessed risk associated with a particular electronic banking product or
service.
Shared Secrets:
Shared secrets (something a person knows) are information elements that are
known or shared by both the customer and the authenticating entity.
Passwords and PINs are the best known shared secret techniques but some
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new and different types are now being used as well. Some additional
examples are:
Questions or queries that require specific customer knowledge to
answer, e.g., the exact amount of the customer’s monthly mortgage
payment.
Customer-selected images that must be identified or selected
from a pool of images.
6.5. THE CUSTOMER’S SELECTION OF A SHARED
SECRET NORMALLY OCCURS DURING THE:
Tokens:
Tokens are physical devices (something the person has) and may be
part of a multifactor authentication scheme. Three types of tokens are
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THE SMART CARD
PASSWORD-GENERATIG
TOKEN
USB TOKEN DEVICE
TOKEN
discussed here: the USB token device, the smart card, and the password-
generating token.
USB Token Device:
The USB token device is typically the size of a house key. It plugs
directly into a computer’s USB port and therefore does not require the
installation of any special hardware on the user’s computer. Once the USB
token is recognized, the customer is prompted to enter his or her password
(the second authenticating factor) in order to gain access to the computer
system.
Smart Card:
A smart card is the size of a credit card and contains a microprocessor
that enables it to store and process data. Inclusion of the microprocessor
enables software developers to use more robust authentication schemes.
Smart cards are hard to duplicate and are tamper resistant; thus, they are
sensitive.
Non-Hardware-BaseOne-Time-Password Scratch Card:
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Scratch cards (something a person has) are less-expensive, “low-tech”
versions of the Out generating tokens discussed previously. The card, similar
to a bingo card or map location look-up, usually contains numbers and letters
arranged in a row-and-column format, i.e., a grid. The size of the card
determines the number of cells in the grid. Used in a multifactor
authentication process, the customer first enters his or her user name and
password in the established manner. Assuming the information is input
correctly, the customer will then be asked to input, as a second authentication
factor, the characters contained in a randomly chosen cell in the grid. The
customer will respond by typing in the data contained in the grid cell element
that corresponds to the challenge coordinates.
Mutual Authentication:
Mutual authentication is a process whereby customer identity is
authenticated and the target Web site is authenticated to the customer.
Currently, most financial institutions do not authenticate their Web sites to the
customer before collecting sensitive information. One reason phishing attacks
are successful is that unsuspecting customers cannot determine they are being
directed to spoofed Web sites during the collection stage of an attack. The
spoofed sites are so well constructed that casual users cannot tell they are not
60
legitimate. Financial institutions can aid customers in differentiating
legitimate sites from spoofed sites by authenticating their Web site to the
customer.
6.6. CUSTOMER VERIFICATION TECHNIQUES:
Customer verification is a related but separate process from that of
authentication. Customer verification complements the authentication process
and should occur during account origination. Verification of personal
information may be achieved in three ways:
A. Positive verification-
To ensure that material information provided by applicant matches
information available from trusted third party sources. More specifically, a
financial institution can verify a potential customer's identity by
comparing the applicant's answers to a series of detailed questions against
information in a trusted database.
B. Logical verification-
To ensure that information provided is logically consistent (e.g., do the
telephone area code, ZIP code, and street address match).
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CASE STUDY
CASE STUDY
SBI tops in bank frauds
Friday,19May,2006,14:33
Last Updated: Friday, 19 May, 2006, 14:47
New Delhi: State Bank of India (SBI), India's largest public sector bank,
tops the list of bank frauds with a high 107 cases involving Rs 30.74 crore
in just three months this year. Among nationalized banks, Canara Bank has
recorded a high 47 fraud worth Rs 8.98 crore though in terms of money it
was the United Bank of India, which was at the top with Rs 39.58 crore,
Finance Minister P Chidambaram told the Lok Sabha during question hour
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today. As many as 39 cases were reported in Central Bank of India this year
till March involving Rs 13.71 crore while the number of frauds in Punjab
National Bank was 37 worth Rs 14.24 crore. Bank of Baroda witnessed 30
frauds involving Rs 4.83 crore and Corporation Bank saw 36 cases with Rs
12.24 crore while Union Bank of India had 25 cases with Rs 12.52 crore.
The SBI had witnessed 437 frauds last year involving Rs 136.48 crore, 477
cases in 2003 with Rs 115.37 crore and 350 cases in 2004 with Rs 32.84
crore. In the case of Canara Bank, the number of cases during last year was
213 involving Rs 40.67 crore compared to 164 cases worth Rs 38.85 crore
in 2003 and 184 frauds amounting to Rs 41.87 crore in 2004.
Fraud at SBI
Complaint Rating:
This may be weird, but this actually has happened and guess who the "bad
boy" is - yes the SBI's. One fine day during November '06 I got a phone call
from SBI that transactions have been made on a card owned by me. I
immediately showed them a surprise as the Card they were talking about
never landed to me. Needless to say they registered a case of Fraud in the
card fate.
I immediately wrote a mail to "[email protected]" and
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"[email protected]" providing the information in written. Again to the
surprise, except for the automated replies not a single reply came from there
end till date.
During the start of the year 2007, I contacted few of their so called
"supervisors" and expressed my Grievance that inspite of not having the
card and a so-called fraud case going in its name, why should I receive a
statement every month. Their reply was to ignore such statements and
continue with them for some time as long they can settle the matter.
Starting mid-of-the-year the real pictures was unfolded and their so-called
recovery agents started calling me. Literally at some point of time I actually
had to spoke the same story for 2-3 times a day.
On conveying this to the SBI heads once again, told me to once again ignore
such calls and they will put up a inter-office notice on the issue.
All was going right till yesterday when I got a call from a SBI lawyer
(Senior advocate Mr. K L. Pradhan - 9810751929) that they are putting a
case with the police about the whole thing. I told Mr.Pradhan of the year
long story once again. To my surprise once again, he was not aware of the
proceeding and told me that he is going to look into the matter with SBI
head office. I immediately talked with a SBI "supervisor" (Mr. Milind this
time) and pressed him to look into the matter unless I will have no option
other than to approach the media or consumer court.
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CHAPTER – 9
DATA COLLECTION
9.1. PRIMARY DATA ANALYSIS
9.2. SECONDARY DATA ANALYSIS
DATA COLLECTION
67
Primary data analysis:-
For collected of primary data, questionnaires are prepared which
was filled by personal visit to branch managers of local area banks and also
questionnaires are prepared for the customer, for the better conclusion.
A questionnaire mainly focuses on frauds, types and frequently
occurrence frauds and to overcome them.
Secondary data analysis:
For collection of secondary data, I have referred to websites,
journals, and books, research reports of different people.
Finally data are collected from:
PROFESSIONAL BANKER
9.1. PRIMARY DATA ANALYSIS
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Q.1) which fraud is happening frequently in the banking sector?
No. Option Answer
(%)
1 Cheque Fraud 22
2 Card Fraud 35
3 Online Fraud 43
Explanation:
Due to ample of knowledge among the people online frauds are increasing
and it is done very fast and very less chance of caught so from above we can
conclude that online frauds is on an highest number then cheque and card
fraud.
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Q.2) what is the specific software used by the bank to avoid the fraud?
No. Option Answer
%
1 Firewall 70
2 Any banking software 30
Explanation:
Most of the banks prefer to use firewall software to avoid the fraud in
banks and other software are not more popular among banks.
Q.3) Is customer satisfied with the policy use for avoiding frauds?
NO. Option Answer
%
70
1 Yes 35
2 No 65
Yes35%
No65%
YesNo
Explanation:
The control measures are available to avoid the frauds done on customer’s
funds while carrying out the bank transaction but banks are still lacking
behind to overcome it and still frauds are carried so they are not satisfied
fully.
Q.4) Does your bank have separate department for detect the frauds?
71
NO. Option Answer
%
1 Yes 70
2 No 30
Yes70%
No30%
YesNo
Explanation:
Some Foreign banks have made separate department to protect their customer
and bank funds. This can be one of the ways to attract the customer to bank
but still some Indian banks haven’t made such improvement in its banks.
Q.5) What is the steps followed by the bank to protect their customer against
the fraudulent activities.
72
NO. Option Answer
%
1 Password system 45
2 Computerized system 55
56%
44%Password system
ComputerizesSignature
Explanation:
Most of the Banks prefer to use the computerized signature method than
password, the password system method is 44%, and where else other is 55%
in order to prevent form the cheque fraud, cash fraud, etc
9.2. SECONDARY DATA ANALYSIS
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Professional bankers,
DECEMBER, 2006
Cheque Fraud in Indian banking
Concept and Magnitude of Fraud in Indian Banks
Fraud is worldwide phenomenon’s that affect all sector of the economy. It is
an act of deceiving illegally in order to make money or obtain goods. In
fraud, groups of unscrupulous individuals manipulate or influence the
activities of a target business with the intention of making money or
obtaining goods through illegal or unfair means. Fraud cheats that target
organization of its legitimate income and results in a loss of goods, money,
and even goodwill and reputation. Fraudster often employees illegal and
immoral or unfair means. All major operational areas in the banking industry
offer a good opportunity for fraudster, with growing fraud and financial
malpractices being reported under deposit, loan, and inter branch accounting
transactions (including remittances). Frauds generally take place in a
financial system when safe guard and procedural checks are inadequate, or
when they are not scrupulously adhered to, thus, leaving the system
vulnerable to the perpetrators. Most of the time it is difficult to detect fraud
well in time, and even more difficult to book the offenders because of
74
intricate and lengthy legal requirement and process. In the fear of damaging
bank’s reputation, these kinds of incidences are often not brought to light.
Continued prevalence of these malpractices on a large scale can have
disastrous long term. Consequences not only for the business involved but
also for the investors, financial institutions, government, and the economy in
general. The central government, therefore, has expressed serious concern
over the sharp rise in cases of fraud and corruption especially in the Indian
banks. The RBI, in its latest report, has found rise in the number of such cases
as follows:
“The number of fraud cases reported to the RBI by the nationalized banks
during the last five years (2000-01, 2001-02, 2002-03, 2003-04, 2004-05)
stood at 1858, 1353, 1643, 2193,2520, respectively, showing overall an
increasing trend.” However the amount involved in fraud cases increased
from Rs.374.97 cr during 2002-03 to Rs.823.61 cr during 2003-04, but the
same has declined to Rs.461.14 cr during 2004-05. the apex bank has further
reported the increase in the number of fraud cases during the year 2003-04
(2193 cases) and 2004-05 (2520cases), as compared to the cases reported
during 2001-02 (1643 cases) in the area of credit cards, and to some extent in
the housing\personal loans segment.
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CHAPTER – 10
FINDING AND CONCLUSION
76
FINDINGS & CONCLUSION
Banks has introduce various customer satisfaction products with would
save their time and help them to perform their work easily with the
development of I.T sector;
It is said that where good things happen bad shows its power
While the technology offers various advantages, it is not free
from negative aspects;
The technology gives many opportunities not only to
business but also to criminals;
Number are frauds are increasing day by day ;
Various software are available to reduce the frauds, even banks makes
customer aware of various frauds and to overcome from it or ways to
prevent them ;
Banks has its separate department to verify the frauds;
RBI has also put some steps to prevent and control the frauds;
77
CHAPTER – 11
SUGGESTION AND RECOMMENDATION
78
SUGGESTIONS & RECOMMENDATIONS
Suggestion to banks and customer:-
Banks should check more frauds prone areas ;
A sound banking system should possess three basic
characteristic to protect depositors interest and public faith- A frauds-free
culture, A tested best- practice code, and an in house immediate grievance
remedial system
The most effective way to prevent the frauds is to strengthen
operational practices, procedure, control and review system so that all
frauds –prone areas are fully sanitized against internal or external breaches
Developing country like India banks should organized
customer awareness programs and give the costumer knowledge about
the ways to use the product which would prevent them from frauds
79
Suggestion for future research:-
Any person interested in doing a research on this topic can surely do it very
interesting topic can get a ample of knowledge can add uncover data, in
current frauds done in banking sector.
ANNEXTURE
QUESTIONNARIES
Q.1) what is the fraud happening frequently in the banking sector?
[ ] card frauds [ ] cheque frauds
[ ] online frauds
Q.2) what is the major steps followed by the bank to protect their customers
against the fraudulent activities?
[ ] Password system [ ] computerized signature
Q.3) what is the specific software used by the bank to avoid the frauds?
80
[ ] firewall [ ] any other software
Q.4) Is customer satisfied with the policy use for avoiding frauds?
[ ] yes [ ] no
Q.5) Does your banks have separate department for detect the frauds?
[ ] yes [ ]
BIBLIOGRAPHY
Reference related to books:
Name: Frauds in bank,
81
Publishers: ICFAI University press.
Name: FFIEC Information Technology Examination Handbook, E-Banking
booklet,
Issues: August 2004
Reference related to generals and magazines:
Professional bankers (October, 2005)
Professional bankers (February, 2006)
Professional bankers (October, 2006)
Professional bankers (December, 2006)
Professional bankers (April, 2007)
Reference related to newspaper:
Economics times
Reference related to website:
www.google.com
www.cashfrauds.com
www.frauds.com
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