--%>
Assignment Help - homework help

Frauds in banks

Frauds in banks: In today’s world all the financial institutions face a major problem of security in banking operations. Today it is a challenge in front of ever bank to secure its functioning and avoid the fraudulent practices in their banks. If the banks at any point of time fail to the security standards it has to face a huge loss of monetary assets. Banking information and documents are very secret and there should be a proper system to keep them secured. 

There are two types of frauds in the banks:

Internal Frauds: These are the frauds in which the culprit and the collaborator both are within the organization. In this type of fraud the employees take out the money of the customers without their approval.

External Frauds: These are the frauds which are carried by the people or the organizations or the group of people who are not the part of bank. These people create an identity for themselves which represents them as a customer of the bank. Usually the customers who perform online banking face this kind of fraud.  So, there is a need of application of such a scientific knowledge in basic operational procedure which is capable enough to protect the data and information of the banking instruments like cheques, cards etc.

   Related Questions in Finance Basics

  • Q : Growth rate of its real GDP Normal 0

    Normal 0 false false

    		•
  • Q : Define Price Increase Price Increase :

    Price Increase: Budget adjustment to reflect the inflation factors for particular operating expenses constant with the budget instructions from the Department of Finance.

    		•
  • Q : Examples of high operating leverage

    Give two instances of types of companies likely to contain high operating leverage. Give examples. Long distance telephone companies & electricity generating companies are likely to contain operating leverage. These two kinds of companies

    		•
  • Q : Use of obtainable resources Normal 0

    Normal 0 false false

  • Q : Describe Schedule 10 Schedule 10 :

    Schedule 10: (Supplementary Schedule of Appropriations): The Department of Finance control document listing all the appropriations and allocations of funds accessible for expenditure throughout the past, present, and budget years. Such documents are s

    		•
  • Q : Reimbursement Warrant or Revenue

    Reimbursement Warrant (or Revenue Anticipation Warrant): A warrant which has been sold by the State Controller’s Office, as an outcome of a cash shortage in th

    		•
  • Q : Explain Object of Expenditure Object of

    Object of Expenditure (Objects): It is a categorization of expenditures based on the kind of goods or services received. For illustration, the budget group of Personal Services comprises the objects of Salaries and Wages and Staff Benefits.

  • Q : Explain Supplement-Schedule 7A

    Supplement (Schedule 7A): In such documents, for precedent year, authorized positions symbolize the number of real positions filled for that year. For present year, authorized positions comprise all regular ongoing positions accepted in the Budget Act

    		•
  • Q : What is Revenue Revenue : Any adding up

    Revenue: Any adding up to cash or other current assets which does not raise any liability or reserve and does not symbolize the reduction or recovery of expenditure (example, reimbursements or abatements). Revenues are a kind of receipt usually derive

    		•
  • Q : What is Minor Capital Outlay Minor

    Minor Capital Outlay: The construction projects or tools needed to finish a construction project, estimated to cost less than $600,000 bonus any escalation per Public Contract Code 10108.

    		•