Abstract:

Banks are the engines that drive the operations in the financial sector, money markets and growth of an economy. With the rapidly growing banking industry in India, frauds in banks are also increasing very fast, and fraudsters have started using innovative methods. As part of the study, a questionnaire-based survey was conducted in 2013-14 among 345 bank employees to know their perception towards bank frauds and evaluate the factors that influence the degree of their compliance level. This study provides a frank discussion of the attitudes, strategies and technology that specialists will need to combat frauds in banks. In the modern era, there is “no silver bullet for fraud protection; the double-edged sword of technology is getting sharper, day-in-day-out.” The use of neural network-based behavior models in real-time has changed the face of fraud management all over the world. Banks that can leverage advances in technology and analytics to improve fraud prevention will reduce their fraud losses. Recently, forensic accounting has come into limelight due to rapid increase in financial frauds or white-collar crimes. Key Words: Combatting Frauds, Banking Industry, RBI, Risk Management, Use of Technology, Current Scenario, Future Challenges.

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