--%>
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 : Define COBCP COBCP : Capital outlay

    COBCP: Capital outlay budgets are zero-based each and every year, thus, the department should submit a written capital outlay budget modify proposal for each fresh project or following phase of an existing project for which the department needs fundin

    		•
  • Q : Describe Reappropriation

    Reappropriation: The expansion of an appropriation’s accessibility for encumbrance and/or expenses beyond its set annihilation date and/or for a new point. Re-appropriations are usually authorized by statute for 1-year at a time however might be

    		•
  • Q : Capital investment appraisal methods

    The capital investment appraisal methods like NPV, IRR, ARR, PV and Time value of money have become irrelevant post Celtic Tiger. Due to the depth of the recession companies do not have budgets to invest. Explain? At first use this

    		•
  • Q : Security in banking operations Security

    Security in banking operations is a major problem in financial institutions all over the world today. The compromise of banking information and data more often than not leads to fraud. Fraud has become quite a challenge for many banks as any slight br

    		•
  • Q : Define Reversion Reversion : The return

    Reversion: The return of the unused part of an appropriation to the fund from which the appropriation was made, usually two years (that is, four years for federal funds) after the last day of an appropriation’s accessibility period. The Budget A

    		•
  • Q : Cyclical unemployment Suppose that in a

    Suppose that in a specific year the natural rate of unemployment is 5 percent and the actual rate of unemployment is 9 percent. Employ Okun's law to fin out the size of the GDP gap in percentage-point terms. If the nominal GDP is $500 billion in that year, how much ou

    		•
  • Q : Equilibrium interest rate Normal 0

    Normal 0 false false

  • Q : Difference among proforma financial

    Describe difference among pro forma financial statements and a cash budget? Depict why pro forma financial statements are not utilized to forecast cash needs. Pro forma income statements deal along with revenues and expenses which are not alway

    		•
  • Q : Present value influenced by change in

    Normal 0 false false

  • Q : Legal factors to restrict a corporation

    Are there any legal factors which could restrict a corporation in its attempt to pay cash dividends to common stockholders? Describe. A firm may be legally limited as to the dividends it can pay through existing bond indentures or loan agreemen

    		•