taxonomy and nature of fraud in organizations and specifically in banks, but quite converge on the occurrence of fraud and its telling repercussions on organizations. Indeed, Smith (2001:1) alludes to the endemic nature of fraud by contending that fraud would have been a major growth area of the economy if it were considered as an industry Olasanmi (2010:8) opined that because many fraud cases are difficult to detect, it encourages many new fraudsters to join in perpetuating the fraud because management
operations: If the managers of Baring bank would have instituted internal audit of operations then they would have been able to uncover Leeson teeming and lading acts, Fraudulent cover up and grave misjudgment made while undertaking his duties.However this was not in place and their isn’t evidence of any manager who undertook to review Leesons work as they viewed Leeson to be independent. 4. Background Review: Due to the fact that the management of Baring Bank had created a wrong impression of Leeson
security issue is one of the main issues of e-banking in India. The security issues are arises on account of unauthorized access to banks important information of customers account, risk management system etc. Through hacking also ones banking details can be out which causes loss of data, theft or tampering with the consumers information, disabling of a significant portion of banks internal computer system thus denying services. In external
FRAUD Fraud encompasses a wide range of irregularities and illegal acts characterized by intentional deception or misrepresentation. The Institute of Internal Auditors’ (IIA’s) IPPF defines fraud as any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal
Case study on Ponzi scheme of a Non-Banking Finance Company COMPANY BACKGROUND Nidhi Aadhar was a NBFC based in Surat. It was incorporated four years ago in Jan 2012 and has now been a defunct company. Nidhi Aadhar was charged of initiating a Ponzi scheme that out busted all of a sudden and company was not in a position to return the money it had collected. The company was promoted by two brothers with a back ground of real estate business and had a strong backing of powerful political leader. Company
toward providing relief and support to the disaster victims. From the evaluations of the case, the key findings and critical issues of ARC have been discussed ahead. The case study has highlighted the ethical misconduct of the leaders of the organization. It was found that in Louisiana the fund-raiser was involved in fraudulent activity, wherein it transferred the donations to the personal bank account (Case Study: Business Ethics and Ethical decision making). The manager located in Pennsylvania was
with the rise of the technology the majority of the people will be affected by such crime. The Star Online, (2016) study found that Cyber Security had received 3,752 cases of online fraud and intrusion and a shocking 191,096 reports of botnet and malware infections by unique IP addresses this year alone. This shows a lot of Malaysia people already be victims of cyber-crime with fraud and intrusion. That why Malaysia sixth most vulnerable to cyber-crime or the sixth highest in the world. So, cyber-crime
etc. have one thing in common. They all have gone through serious accounting scandals due to flaws in their corporate governance. SOX was enacted as a reaction to these scandals. The other reasons are: 1. For protecting the investors 2. To detect fraud easily by resorting to practices like internal auditing 3. To build up the public confidence in public accounting as well as securities traded publicly 4. Make people more aware and accountable which in turn
going to talk about a major case and a minor case related to the risks that have a high probability in causing the banks to fail. The major case is a bout Petra Bank which was closed in the late 1980s. And the minor case is about a German bank (Heristate bank) which was closed in the early 1970s. Methodology We used our own analysis on the whole case based on the governmental public statements. Also, public statements from the organization which is Petra Bank. Moreover, we interviewed and
The reason to why have I chosen this issue is because cybercrime is an arising issue in Pakistan and I am acquainted to individuals who have been made victims of cybercrime. Terms such as Internet fraud, cyber bullying, and identity theft etc. all come under the world of ‘Cybercrime’. The damages caused by cybercrime vary depending on the type of crime committed. Damages caused by cybercrime can affect a person both psychologically and economically. A person commits cybercrime either by being motivated