Banking Fraud Identification and Prevention

The integration of information technologies in the banking sector and their widespread adoption in various financial activities have given rise to banking fraud and scams. As the foremost challenge in the banking sector, fraud and scams directly affect the well-being and prosperity of the global economy and individual nations. The magnitude of bank fraud cannot be known because much of it is undisclosed or undetected. To address this issue, our research focused on comprehending the technological dimensions and manifestations of bank fraud and scams, while also examining the response of governments and financial institutions in preventing and controlling such illicit activities. By surveying users of banking services, some of whom have fallen victim to fraud, and conducting interviews with experts from the financial industry, we successfully identified the most prevalent types of banking fraud and scams. We then compared the perspectives of these two groups to gain a comprehensive understanding. The findings of this study have significant implications for various stakeholders, including government agencies, citizens, corporate managers, financial and nonfinancial institutions, as well as academics seeking to enhance their knowledge about fraud detection and mitigation.