INTERNAL FRAUDS IN ONLINE ENVIRONMENT OF FINANCIAL BANKS

Abstract

Bank fraud is a crime that has been around as long as banks themselves. Anytime there is a large amount of money floating around, there are going to be people trying to figure out ways to get to it. In developed countries, bank fraud is a serious problem that causes billions of dollars in damages every year. That doesn’t mean the banks are the only victims though. Millions of people every year fall victim to monetary damages that are caused by bank fraud. Insider bank fraud is perpetrated by someone who works inside, or has access to restricted areas or information inside of the financial institution. Insider bank fraud can be difficult for banks to defend against, since so many people are put in a position of responsibility with the banks money. The author of this article tries to show the occurrence of internal bank frauds and their forms.