FRAUDS IN BANKS

Legal authorities define fraud as a crime that ‘involves the use of dishonest or deceitful conduct in order to obtain some unjust advantage over someone else’.6 This definition of fraud implies that the fraudster commits a crime through deception using dishonest means with an intention to cheat other persons or institutions, to make them part with something of their own. It is assumed that the fraudster knows that his or her act is false or is without belief in its truth; and knowing it, he/she induces others to act upon the matter, which will deprive them of their possessions. These frauds are seen in various segments of industry such as:

  1. Financial services sector, that is, fraud in credit cards, cheques and other types of identity-related ...

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