How to Build a Fraud Prevention System - Dissertation Example

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This study “How to Build a Fraud Prevention System” evaluates profiles of fraudsters and informs about prevention strategies that can be employed by companies to avoid such kind of happenings. Banking and insurance sectors are attractive places for fraudsters…
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How to Build a Fraud Prevention System
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Download file to see previous pages People commit fraud because they are motivated to do so, they get some opportunity or they are part of the familiar fraud circle. Fraud detection and prevention are very crucial in order to avoid the risk of frauds. Frauds can be detected by scrutinizing the documents and by accessing detailed information about all the employees and management. Frauds can be prevented by better controlled environment and improved internal control structure. Proactive approach in preventing fraudulent transaction is the best way to protect a company and its assets. The point to ponder is that what could be done if the company faces damages. Banking and insurance sectors are attractive places for fraudsters because of their involvement in high amount of money. People have to keep detailed association with banks and insurance companies in order to handle their monetary transactions and banks and insurance companies should take proper steps to safeguard people from fraudsters. This study evaluates profiles of fraudsters and informs about prevention strategies that can be employed by companies to avoid such kind of happenings. Acknowledgements Glossary Audit Audit is a function performed by the auditor in order to evaluate and scrutinize the financial records of any company so that any faults or risks can be dragged out. This scrutiny is usually unprejudiced and is conducted by some authoritative source who can be a part of the organization or some external person. Auditing is an important part of business. COSO COSO is the Committee of Sponsoring Organizations. Case Study Case study can be described as evaluation of cases available on the topic of the research. Various cases are discussed in order to come on a conclusion in making use of a case study. Corruption Corruption can be defined as an encouragement to commit wrong by employing illegitimate and dishonest means. Corruption is usually done to get benefits illegally that are not supposed to be obtained legally. External Fraud A fraud in which, the external fraudulent forces are involved, which means that the employees or employer are not directly involved and people other than the staff members of an organization are involved in committing a fraud. Fraud Fraud can be defined as act of deceiving any person for monetary benefit. Many dictionaries defined the term fraud quite descriptively. Black Law Dictionary defines fraud as “all multifarious means which human ingenuity can devise, and which are resorted to by one individual to get an advantage over another by false suggestions or suppression of the truth.” Fraudster A person who commits fraud as a lone person or with the support of other people can be described as a fraudster and every person has associated with an organizational set up has equal chance of committing fraud and becoming a fraudster provided he gets the opportunity to do so. Fraud Scale Fraud scale is used for evaluating the inclination of fraud by using three measures that are ‘situational pressure’, ‘perceived opportunity’ and ‘personal integrity’. The auditors and management can evaluate the risky situations involving fraud by using fraud scale, which is quite advantageous to get to a solution regarding fraud. Fraud Triangle Fraud Triangle is a model used for deterrence and detection of fraud by using three factors that are opportunity, pressure and rationalization.  ...Download file to see next pagesRead More
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