BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Bhasin Madan Lal (Universiti Utara Malaysia, Malaysia)
Challenge of Mitigating Bank Frauds by Judicious Mix of Technology: Experience of a Developing Country
Economics, Management and Sustainability, 2016, vol. 1, nr 1, s. 23-41, rys., tab., bibliogr. 54 poz.
Ryzyko bankowe, Oszustwa finansowe, Nowe technologie, Rozwój gospodarczy, Zarządzanie ryzykiem
Banking risk, Financial fraud, High-tech, Economic development, Risk management
JEL Classification: G21, G33
Banks are the engines that drive the operations in the financial sector, money markets and growth of an economy. With the rapidly growing banking industry in India, frauds in banks are also increasing fast, and fraudsters have started using innovative methods. A questionnaire-based survey was conducted in 2013-14 among 345 bank employees to know their perception towards bank frauds, degree of their compliance level, and integration of technology to detect, control and prevent frauds. This study provides discussion of the attitudes, strategies, and the technology that bank specialists will need to combat frauds. Banks that can leverage advances in technology and analytics to improve fraud prevention will reduce their fraud losses. In 2015, the RBI introduced new mechanisms for banks to check loan frauds by taking pro-active steps by setting up a Central Fraud Registry, introduced the concept of Red Flagged Account, and Indian investigative agencies will soon start sharing their databases with banks.(original abstract)
Full text
  1. ACFE. (2012). Report to the Nations 2012. The Association of Certified Fraud Examiners. Retrieved from:
  2. Accenture Analytics Innovation Center. (2015). Protecting the Customer: Fighting Bank Fraud in a New Environment, 1-9. Retrieved from:
  3. ACL Services Limted. (2014). Fraud Detection using Data Analytics in the Banking Industry. Discussion paper. Retrieved from:
  4. ASSOCHAM. (June, 2015). Current fraud trends in the financial sector, joint study of Associated Chambers of Commerce and Industry of India, New Delhi, and PWC. Retrieved from:
  5. Banks, D. G. (April, 2004). The Fight against Fraud. Internal Auditor, 62(1), 62-66. Retrieved from:
  6. Baruah, S.K. (April 24, 2015). RBI Chief Wants PMO to Act against Bank Frauds Worth Rs. 17,500 crore, The Hindustan Times. Retrieved from:
  7. Berney, L. (2008). For online merchants, fraud prevention can be a balancing act. Cards & Payments, 21(2), 22-7.
  8. Bhasin, M.L. (October, 2006). Data Mining: A Competitive Tool in the Banking and Retail Industries. The Chartered Accountant, 588-594.
  9. Bhasin, M.L. (January, 2007). Forensic Accounting: A New Paradigm for Niche Consulting. The Chartered Accounting Journal, 1000-1010.
  10. Bhasin. M.L. (April, 2007). Mitigating Cyber Threats to the Banking Industry. The Chartered Accountant, 1618-1624.
  11. Bhasin, M. L. (2012). Audit Committee Scenario and Trends in a Developing Country. School of Doctoral Studies (European Union) Journal, 4, 53-70.
  12. Bhasin, M. L. (October, 2013). Corporate Governance and Forensic Accountant: An Exploratory Study, Journal of Accounting, Business and Management, 20(2), 55-75.
  13. Bhasin, M. L. (April, 2015). Menace of Frauds in the Indian Banking Industry: An Empirical Study, Australian Journal of Business and Management Research, 4(2), 21-33.
  14. Bhasin, M. L. (2016). Contribution of Forensic Accounting to Corporate Governance: An Exploratory Study of an Asian Country. International Business Management, 10(4), 479-492.
  15. Bhasin, M.L. (Dec. 6, 2011). Combating Cheque Fraud in Banks: The Role of Internal Auditor and Technology, Siddhant. Retrived from:
  16. Bhasin, M.L. (2011). Corporate Governance Disclosure Practices in India: An Empirical Study. International Journal of Contemporary Business Studies, 2(4), 34-57.
  17. Bhasin, M.L. (2013). An Empirical Investigation of the Relevant Skills of Forensic Accountants: Experience of a Developing Economy. European Journal of Accounting, Auditing and Finance Research, 1(2), 11-52.
  18. Bhasin, M.L. (2013). Audit Committee Scenario & Trends: Evidence from an Asian Country, European Journal of Business and Social Sciences, 1(11), 1-23.
  19. Bhasin, M.L. (2013). Corporate Accounting Fraud: A Case Study of Satyam Computers Limited. Open Journal of Accounting, 2(4), 26-38.
  20. Calderon, T., & Green, B.P. (1994). Internal Fraud Leaves Its Mark: Here's How to Spot, Trace and Prevent It, National Public Accountant, 39(2), 17-20.
  21. Chakrabarty, K.C. (2013). Inaugural Address, National Conference on Financial Fraud, organized by ASSOCHAM, New Delhi, July 26.
  22. Chakraborty, S. (2013). Indian banking set to become fifth largest by 2020: KPMG-CII Report. Business Standard News, September 13.
  23. Chiezey, U. & Onu, A.J.C. (2013). Impact of Fraud and Fraudulent Practices on the Performance of Banks in Nigeria. British Journal of Arts and Social Sciences, 15(1), 12-25.
  24. Deloitte Fraud Survey. (2015). The Deloitte India Banking Fraud Survey Report Edition II. Retrieved from:
  25. Deloitte Survey. (2012). Indian Banking Fraud Survey-2012, Business Standard, 8.
  26. Ernest & Young. (2010). Proactive Fraud Monitoring for Banks in India. Retrieved from:
  27. Ernest & Young. (2012). India Fraud Indicator 2012, a study by E&Y's Fraud Investigation and Dispute Services. Retrieved from:
  28. Freddie Mac. (2015). Fraud Mitigation Best Practices, January. Retrieved from:
  29. Ganesh, A. & Raghurama, A. (2008). Status of Training Evaluation in Commercial Bank - A Case Study. Journal of Social Sciences and Management Sciences, 37(2), 137-58.
  30. Gates, T. & Jacob, K. (2009). Payments Fraud: Perception versus Reality. Economic Perspectives, 33(1), 7-15.
  31. Geffner, M. (2014). How banks fight fraud in electronic banking, May 29. Retrieved from:
  32. Hoffmann, A.O.I. & Birnbrich, C. (2012). The impact of fraud prevention on bank-customer relationships. International Journal of Bank Marketing, 30(5), 390-407.
  33. Institute of Internal Auditors (2009). International Professional Practices Framework, published by the IIA.
  34. Jeffords, R.; Marchant, M.L. & Bridendall, P.H. (1992). How Useful Are The Tread Way Risk Factors? Internal Auditor, June, 60-62.
  35. Kaveri, V.S. (2014). Bank Frauds in India: Emerging Challenges. Journal of Commerce and Management Thought, 5(1), 14-26.
  36. Khanna, A. & Arora, B. (2009). A Study to Investigate the Reasons for Bank Frauds in Indian Banking Industry. Int. Journal of Business Science and Applied Management, 4(3), 1-21.
  37. Klein, R. (2015). How to Avoid or Minimize Fraud Exposures. The CPA Journal, March, 6-11.
  38. KPMG (2012), India Fraud Survey. Retrieved from:
  39. Kumar, V. & Sriganga, B.K. (2014). A Review on Data Mining Techniques to Detect Insider Fraud in Banks. International Journal of Advanced Research in Computer Science and Software Engineering, 4(12), 370-380.
  40. Malphrus, S. (2009). Perspectives on Retail Payments Fraud. Economic Perspectives, 33(1), 31-36.
  41. Mueller, K. (2015). How technology is shaping the fight against fraud?. February 25, 1-6. Retrieved from:
  42. Pai, S. (2015). Banks No Safe Havens for Your Money; Depositors Lost Rs. 27,000 crore in Last Five Years, DNA, April 8.
  43. Pai, S. & Venkatesh, M. (2014). Frauds Ripped Public Sector Banks of Rs. 23,000 crore. Hindustan Times, January 30. Retrieved from:
  44. Pan, S. (2015). An Overview of Indian Banking Industry. International Journal of Management and Social Science Research, 4(5), 67-71.
  45. Pasricha, P. & Mehrotra, S. (2014). Electronic Crime in Indian Banking. Sai Om Journal of Commerce and Management, 1(11).
  46. RBI. (2015). RBI issues Framework for Banks to Deal with Frauds, May 8. Retrieved from:
  47. RBI. (2015). RBI to Soon Issue Norms for Central Fraud Registry: Deputy Governor. Press Trust of India, March 29.
  48. Sen, A. (2015). KPMG's Latest Fraud Survey Kicks up Some Dangerous Statistics. Retrieved from:
  49. Siddique, M.I. & Rehman, S. (2011). Impact of Electronic Crime in Indian Banking Sector: an overview. International Journal of Business and Information Technology, 1(2), 159-164.
  50. Singh, M.K. (2005). Bank Frauds - What Every Banker Needs to Know, IBA Bulletin, September, 3-7.
  51. Soni, R.R. & Soni, N. (2013). An Investigative Study of Banking Cyber Frauds with Special Reference to Private and Public Sector Banks. Research Journal of Management Sciences, 2(7), 22-27.
  52. Wells, J. T. (2005). New Approaches to Fraud Deterrence. The Chartered Accountant, May, The Institute of Chartered Accountants of India, New Delhi, 1453-1455.
  53. Willson, R. (2006). Understanding the Offender. Environment Dynamics for Computer Crimes. Information Technology and People, 19(2), 170-186.
  54. Ziegenfuss, D.E. (1996). State and Local Government Fraud Survey for 1995. Managerial Auditing Journal, 9, 49.
Cited by
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu