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REASONS OF BANKING FRAUD A CASE OF INDIAN PUBLIC SECTOR BANKS
SUKANYA KUNDU & NAGARAJA RAO
School of Business, Alliance University, Bangalore, Karnataka, India

ABSTRACT
The number of bank frauds in India is substantial and it is increasing with the passage of time and technology.
According to a survey by Ernest & Young, 2012 the banking segment witnessed around 84% of reported fraud cases within
the financial services sector. The society expects accountability, fairness, transparency and effective intermediation from
banks. Ensuring that they carry out their responsibilities with sincerity of purpose and devoid of fraud is an important
ingredient for gaining public trust and goodwill. The study will cover the cases of frauds, map a typological trend strategy
to be adopted as prevention and implementation strategies and present the same for implementation with ownership.
The case is based on the primary data gathered from a nationalized bank in India. For security reason the name of the bank
and the departments and personnel interviewed has been kept withheld. For rest of the paper the bank has been referred as
ABC bank. Details of fraud incidents that have happened during the period 2007-2012 with ABC bank, the fraud type,
fraud detection time persons who are associated with the identification of the fraud along with the fraud descriptions has
been studied. On the basis of these primary data thrust areas for fraud management has been identified and finally, with IT
as fulcrum, a model of fraud management for the Indian banks has been provided. Bank frauds occur due to ignorance,
situational pressures and permissive attitudes. It is difficult to detect in time and even more difficult to book the offenders
because of intricate and lengthy legal/judicial requirements and processes. In the fear of damaging the banks reputation
often the fraud cases are not always brought to light.
KEYWORDS: Fraud, Bank Reputation, Customer Goodwill, Time-To-Detect Fraud
INTRODUCTION
Banking industry in India has traversed a long path to assume its present stature. It has undergone a major
structural transformation after the nationalization of 14 major commercial banks in 1969. During the last four decades of
nationalization, there has been phenomenal expansion of branch network, particularly in the hitherto under-banked rural
areas besides, a massive qualitative change in the operations of the banking system.
However, the journey has not all along been even and smooth. There have been hurdles and impediments,
stresses and strains but the dynamic fashion in which the banking industry has taken them in strides and surged ahead only
demonstrates its resilience and inherent potentialities as catalytic agent for social economic development
(Mr. M.N.Goipuria).
Currently, India has 78 scheduled commercial banks (SCBs) - 29 public sector banks (that is with the Government
of India holding a stake), 21 private banks (these do not have government stake; they may be publicly listed and traded on
stock exchanges) and 30 foreign banks. They have a combined network of over 64405 branches as on 31.03.2009 and more
than 45,000 ATMs. According to a RBI report the public sector banks hold over 76 percent of total assets of the banking
industry, with the private and foreign bank at 18% and 6% respectively.
International Journal of Information Systems
Management Research & Development (IJISMRD)
ISSN (P): 2250-236X; ISSN (E): 2319-4480
Vol. 4, Issue 1, Jun 2014, 11-24
TJPRC Pvt. Ltd.
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Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0
Concept of Fraud
There are three things in the world that deserve no mercy - hypocrisy, fraud and tyranny. -Frederick William
Robertson. The saying signifies how dangerous frauds are for the society, especially in financial terms. The Oxford
dictionary defines fraud as a wrongful or criminal deception intended to result in financial or personal gain. Fraudulent
activities may result in benefits for a very small fraction of the population, but at times the volume of these frauds amount
to alarming numbers.
Cressey (1973) developed a model for explaining the factors that cause someone to commit occupational fraud
and named it fraud triangle. It consists of three components which, together, lead to fraudulent behavior: Perceived
unshareable financial need; Perceived opportunity; Rationalization
Fraud is any dishonest act and behavior by which one person gains or intends to gain an advantage over another
person. The gain may accrue to the person himself or to someone else. Fraud causes loss to the victim, directly or
indirectly. In earthly terms bank frauds include all sort of misappropriations, embezzlements, and manipulations of
negotiable instruments (cheques, drafts, hundies, bills or statements of accounts, securities etc.). Fraud also includes
misrepresentations, cheating, thefts, undue favors and irregularities.
The word fraud has been defined in law in the Indian Contract Act, section 17:
Fraud means and includes any of the following acts committed by a party to a contract, or with his connivance,
or by his agent, with intent to deceive another party thereto or his agent, or to induce him to enter into the contract:
1. The suggestion as a fact, of that which is not true, by one who does not believe it to be true;
2. The active concealment of a fact by one having knowledge or belief of the fact;
3. A promise made without any intention of performing it;
4. Any other fact fitted to deceive;
5. Any such act or omission as the law specially declares to be fraudulent.
Fraud in the financial services industry poses a significant risk to institutions and integrity of capital markets. Its
effects can be widespread and cause not only long term financial but also reputational damage. According to the survey
financial sector is most vulnerable to fraud as compared to other sectors. Moreover, the cost of fraud does not stop at a
monetary figure; its insidious nature has other serious implications including
1
:
Reputation risk
Adverse regulatory and media attention
Reduced profits
Decrease in company value/share price
Decreased efficiency of employees

1
Source: KPMG India Fraud Survey 2008

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Negative impact on morale, trust and workplace culture
Disruption in business continuity
Magnitude of the Malady An Indian Context
The number of bank frauds in India is substantial. It is increasing with the passage of time and technology.
Table 1 provides fraud scenario that was prevalent five years back.
Table 1: Total Fraud vs. Bank Fraud in India 2007-2009
Year Total No. of Frauds in India Banking Fraud
No. of Fraud Amount (Rs. in Cr.) No. of Fraud Amount (Rs. in Cr.)
2008-09 23914 Rs. 1883 212 Rs.1404
2007-08 21247 Rs. 1883 177 Rs. 659
Now, the amount involved in the frauds reported by the banking sector in India has more than quadrupled from
Rs. 2038 crore during 2009-10 to Rs. 8646 crore during 2012-13
2
. A comparative picture of total number of fraud cases
and amount involved as on March 31, 2013 for scheduled commercial banks, NBFCs, Urban Cooperative banks, and
Financial Institutions is as under:
Table 2: No. of Fraud Cases Reported by RBI
Category No. of Cases Amount Involved
Commercial Banks 169190 29910.12
NBFCs 935 154.78
UCBs 6345 1057.03
FIs 77 279.08

176547 31401.01
(No. of cases in absolute terms and amount involved in Rs. crore)
Source: RBI
Table 3: Year-Wise No. and Amount of Fraud Cases in the Banking Sector
Year No. of cases Total Amount
2009-10 24791 2037.81
2010-11 19827 3832.08
2011-12 14735 4491.54
2012-13 13293 8646.00
Total frauds
reported as
of March
2013
169190 29910.12

(No. of cases in absolute terms and amount involved in Rs. crore)
While the number of fraud cases has shown a decreasing trend from 24791 cases in 2009-10 to 13293 cases in
2012-13 i.e. a decline of 46.37%, the amount involved has increased substantially from Rs 2037.81 crore to Rs. 8646.00

2
report by the Association of Certified Fraud Examiners (ACFE) 2012 titled Report to the Nation on Occupational Fraud and Abuse
14 Sukanya Kundu & Nagaraja Rao

Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0
crore i.e. an increase of 324.27%. A granular analysis reveals that nearly 80% of all fraud cases involved amounts less than
Rs. one lakh while on an aggregated basis, the amount involved in such cases was only around 2% of the total amount
involved. Similarly, the large value fraud cases involving amount of Rs.50 crore and above, has also increased more than
tenfold from 3 cases in FY 2009-10 (involving an amount of Rs 404.13 crore) to 45 cases in FY 2013 (involving an amount
of Rs 5334.75 crore)
3
.
Three Elements of Fraud Detection
Theft: The theft act involves the actual taking of cash, inventory, information, or other assets. Theft can occur
manually, by computer, or by telephone.
Concealment: It involves the steps taken by the perpetrator to hide the fraud from others. Concealment can
involve altering financial records miscounting cash or inventory, or destroying evidence.
Conversion: It involves selling stolen assets or transforming them into cash and then spending the cash. If the
asset taken is cash, conversion means merely spending the stolen funds.
Frauds can be detected in all three elements. First, in the theft act, someone is a witness the perpetrator taking cash
or other assets. Second, in concealment, altered records or miscounts of cash or inventory can be recognized. Third, in
conversion, the lifestyle changes that perpetrators almost inevitably make when they convert their embezzled funds are
visible.
2.0 Survey of Literatures
Nature of the frauds is changing worldwide and everyone is worried about the crimes committed with the aid of
technology. In a report by India forensic Research Foundation it is found that Indian auditors worry more about the
occupational frauds than the cyber frauds or BPO frauds. In recent past sequential failure of Indian banks like Co-operative
banks, Global Trust Bank are some instances that support the fear of the common auditor about the bank frauds.
According to Albrecht (1996), the symptoms of poor internal controls increase the likelihood of frauds. Internal
control symptoms include a poor control environment, lack of segregation of duties, lack of physical safeguards, lack of
independent checks, lack of proper authorizations, lack of proper documents and records, the overriding of existing
controls, and an inadequate accounting system.
Calderon and Green (1994) made an analysis of 114 actual cases of corporate fraud published in the Internal
Auditor between 1986 and November 1990. They found that limited separation of duties, false documentation, and
inadequate or nonexistent control account for 60 percent of the fraud cases. Moreover, the study found that professional
and managerial employees were involved in 45 percent of the cases.
Barnes (1995) has pointed out that the quality training to bankers helps not only in developing job related skill but
also maximizes the performance potential of bankers and provides them the sound knowledge and understanding of
banking practices and principles. Imparting training is of paramount importance in this regard. Ganesh and Raghurama
(2008) believe that training improves the capabilities of employees by enhancing their skills, knowledge and commitment
towards their work.

3
Source : RBI
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Haugen and Selin (1999) discussed the value of internal controls. Internal control system has four broad
objectives: to safeguard assets of the firm, to ensure the accuracy and reliability of accounting records and information, to
promote efficiency in firms operations and to measure compliance with management prescribed policies and procedures.
The effectiveness of internal controls depends largely on managements integrity. There are many other reasons for
employee fraud, the more common being revenge, overwhelming personal debt, and substance abuse. Business today is
very competitive, and employees often stressed. As a result, they have a feeling of being overworked, underpaid, and
unappreciated. If employees are also struggling with serious personal problems, their motivation to commit fraud is very
high. Adding to the situation of poor internal controls, the readily available computer technology also assists in the crime,
and the opportunity to commit fraud becomes a reality.
Beirstaker, Brody, Pacini (2005) proposed numerous fraud protection and detection techniques. These various
techniques include fraud policies, telephone hotlines, employee reference checks, fraud vulnerability reviews, vendor
contract reviews and sanctions, analytical reviews (financial ratio analysis), password protection, firewalls, digital analysis
and other forms of software technology, and discovery sampling.
Research of Khanna & Arora (2005) indicated that lack of training, overburdened staff, competition, low
compliance level (the degree to which procedures and prudential practices framed by Reserve bank of India to prevent
frauds are followed) are the main reasons for bank frauds.
Bhasin (2007) examined the reasons for cheques frauds, the magnitude of frauds in Indian banks, and the manner,
in which the expertise of internal auditors can be integrated, in order to detect and prevent frauds in banks. He emphasized
that though the head of the branch holds the responsibility for ensuring adherence to prescribed systems and procedures,
the bank's internal auditors also occupy a special position in the detection and prevention of frauds. In addition to
considering the common types of fraud signals', auditors can take several proactive' steps to combat frauds. Checking
frauds requires training, account screening, signature verification and information sharing with regulators and local
authorities. One important challenge for banks, therefore, is the examination of new technology applications for control
and security issues.
Smith (1995) offered a typology of individuals who embezzle. He indicated that embezzlers are
opportunist type, who quickly detects the lack of weakness in internal control and seizes the opportunity to use
the deficiency to his benefit.
Willson (2006) examined the causes that led to the breakdown of Barring bank, in his case study: the collapse of
Barring Banks. The collapse resulted due to the failures in management, financial and operational controls of Baring
Banks. The failures that were evident include the following areas:-
Failure in management supervision
Lack of segregation between front and back offices of Baring Futures, Singapore.
Insufficient actions taken by Barrings management in response to warning signals.
No risk management or compliance function in Singapore
Weak financial and operational control over the activities and funding of Baring Futures Singapore at group level.
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Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0
Analyzing the literatures and evaluating the current scenario some of the identified the reasons for increase in
bank frauds can be listed down :
1 With education, more and more persons are becoming aware of the possibilities of gains through bank frauds.
2 The banking business is becoming impersonal. Often the bankers do not know the customers. He knows him only
through his signatures.
3 There is sudden and tremendous increase in banking business in India. The number of nationalized bank branches
increased from 8200 in 1969 to more than 64000 in 2009. The sudden expansive explosion has created a vacuum
of properly trained and experienced persons. New recruits often do not have adequate training or experience
before they are put in responsible positions, which they handle irresponsibly.
4 The life has become too fast. The banker does not have enough time to scrutinize documents thoroughly.
5 Bank fraud is a safe crime. It does not involve any danger to life and limb of the culprit. Consequently, the
gunman is giving place to the pen-man.
6 Bank frauds are difficult to detect. Sometimes it takes years to detect a fraud. By the time the fraud is detected the
culprit has left the scene. The investigator finds it difficult to locate him. With the passage of time, the documents
often become time-barred and become difficult to trace. Majority of the persons prosecuted are acquitted in trials.
7 The moral values are falling. Quick Buck has become the new goddess of the public. Bank frauds offer
convenient access to the goddess.
8 Dilution of system and non-adherence to procedures is also a significant reason for bank frauds. In the garb of
existing quality customer service to meet competition, time honored system and procedure have been diluted.
9 Indifference and knowledge gap are two basic factors responsible for such non-compliance. Indifference develops
a lack of team-spirit and motivation among employees and leads to casual attitude towards their responsibilities.
They do not evince any interest in knowledge and skill required and do not update the various instructions
periodically circulated by the corporate office, which ultimately turns out to be breeding ground for frauds.
OBJECTIVES
The society expects accountability, fairness, transparency and effective intermediation from banks. Ensuring that
they carry out their responsibilities with sincerity of purpose and devoid of fraud is an important ingredient for gaining
public trust and goodwill. The study will cover the cases of frauds, map a typological trend strategy to be adopted as
prevention and implementation strategies and present the same for implementation with ownership. Therefore, the
objective of is case study is to :
To study the fraud cases that has happened with ABC bank, the fraud type, fraud detection time persons who are
associated with the identification of the fraud along with the fraud descriptions.
To identify the thrust areas for fraud management
To provide a model of fraud management for the Indian banks

Reasons of Banking Fraud A Case of Indian Public Sector Banks 17


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METHODOLOGY
Primary data has been gathered from the ABC bank. Fraud related data are secret for the banking organizations.
Therefore there is no officially declared authentic secondary source from where these data can be obtained. Data for this
study has been gathered from the primary sources of the refereed bank. The respective persons in the departments which
handles fraud related data has been personally interviewed. The name of the bank, the departments and the number of
persons involved in each department has been kept withheld for security reason.
Case of ABC Bank
It is one of the leading nationalized banks in India having a network of over 2700 branches / offices spread across
the country, with its business mix of over Rs. 2,36,00,000 Crores as of 31
st
March, 2009 and all the branches are covered
under the centralized Core Banking System [CBS].
The Bank has its primary data centre and Disaster Recovery Site [DRS] along with foreign Exchange, Treasury
operations, RTGS & NEFT. The Bank has an extensive ATM network of over 1900 ATMs and has all the innovative
banking products, services and delivery channels like the Internet Banking, SMS / Mobile Banking etc. as on date the bank
has more than 4 Lac Internet Banking Customers.
Cases of Fraud
455 cases have been reported during 01.01.2007 to 30.09.2012 and the observations are as under:

Figure 1: Types of Bank Fraud (In Numbers)
[The exact numbers has not been specified for confidentiality]
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Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0

Figure 2: Types of Bank Fraud (In Volume)
[The exact numbers has not been specified for confidentiality]
Details of Some of the Above Mentioned Frauds
Fraudulent availing of auto loan by fabricating Registration Certificate.
Fraudulent availing of cash credit limit against the creation of Equitable Mortgage by impersonation (property
owned by the deceased person).
Fraudulent availing of cash credit limit against the E.M. of third partys property by impersonation.
Fraudulent availing of cash credit limit by submitting fabricated/forged documents for mortgage and car loans.
Surreptitious sales of pledged stock and misappropriation of sales proceeds.
Fraudulent availing of cash credit limit against the mortgage of a third partys property by impersonation and also
by submitting fake valuation report.
Fraudulent availing of housing loan and SOD (Title deed) by submitting fabricated documents for creation of
equitable mortgage.
Availing of credit facilities by misrepresentation/misuse of letter of credit facilities and diversion of funds.
Fraudulent availing of loans by 15 borrowers against fraudulent warehouse receipts.
Fraud committed for obtaining delivery of gold without making full payment under Gold Loans scheme and also
availed loan against the mortgage of fake/fabricated property documents.
Time to Detect Fraud
During the study period 01.01.2007 to 30.09.2009 it has been observed that 139 fraud cases occurred of which
19% of the cases were detected within 3 months of occurrence, 6% of the cases were detected within 6 months of
occurrence, 13% of the cases were detected within 12 months of occurrence and 62% of the cases were detected after
1 year of their occurrence.
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Figure 3: Time to Detect Fraud
Source:
How Detected
Further referring to the study of 455 fraud cases it has been observed that 10% of the cases were detected by
internal auditors, 32% of the cases were detected after complaint received from the customers, 9% of the cases were
detected at the time of taking possession of the mortgaged property, 24% of the cases were detected when recovery actions
were initiated
Thrust Areas Detected
Based on case studied and analysis, root cause analysis was done. This has highlighted a few areas which the
refereed bank should concentrate on to detect and prevent the occurrences of similar cases in future.

Figure 4: Major Reasons of Fraud Identified For ABC Bank


20 Sukanya Kundu & Nagaraja Rao

Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0
FINDINGS AND RECOMMENDATIONS
Research of Weshah et al. (2011) on Jordanian banking industry revealed that in-house internal audit units are
perceived more effective than outsourced internal audit functions in fraud prevention. Agoyi and Seral (2010) have shared
their concern on the growing number of ATM frauds and have suggested using the SMS encrypted messages to
authenticate the users to improve ATM security against frauds and crimes. While analyzing an case of ATM fraud in
Pakistan Shaikh and Shah (2012) concluded that failure of banks internal control system to detect the implantation of
mapping bug deprived the bank of more than 21 million Pakistani Rupees.
From the study it is clear that bank frauds occur due to ignorance, situational pressures and permissive attitudes. It
is difficult to detect in time and even more difficult to book the offenders because of intricate and lengthy legal/judicial
requirements and processes.
In the fear of damaging the banks reputation often the fraud cases are not always brought to light. From times
immemorial, there is always a section of society which is honest and there are some who are dishonest. The rest are fence
sitters. They will be honest or dishonest according to the prevailing ethos and culture.
Delay in detection and reporting to the regulatory and enforcement agencies and in the action taken against the
payment the fraudsters have also been causing concern. The CVC has emphasized the need for paying focused attention on
monitoring frauds at the highest level. While the Audit committee of the Board (ACB) continues to monitor all cases of
frauds in general, banks, on the advice of RBI/CVC, have now constituted a special committee of the Board to exclusively
monitor and follow up cases of frauds involving amounts of Rs. one crore and above.
A sound banking system should possess three basic characteristics to protect depositors interest and public faith.
The three characteristics are: Fraud aversion culture, Time tested Best Practices Code and an in-house immediate grievance
remedial system. All these conditions are either missing or extremely weak in India. Banks are needed to establish :
I) Fraud Detection Module or Fraud Prevention Framework to Ensure That
Fraud risks are identified and dealt with prior to approval or disbursement of funds
Standard methodology should be adopted to consider fraud risks in the loan cycle
Standard checklists and templates should be prepared that will document and categorize the risk profile of the
borrowers
II) Fraud Risk Alerts Based On Certain Pre-Defined Set Of Rules That Will
Automatically throw up unusual transaction patterns that can be investigated further
Detect suspicious activities, if any, in certain line of business, geographies etc.
Identify potential fraud schemes and assist in conducting further inquiry if red flags are detected or suspected
Assist the Bank in setting up a mechanism to perform the following procedures:
Before loans are sanctioned:
Perform loan portfolio analysis and scrutiny of loan applications to identify issues
Perform background checks on identity of borrower or the franchisees/agents and review of loan documentation,
Reasons of Banking Fraud A Case of Indian Public Sector Banks 21


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collaterals submitted.
After loans are sanctioned:
Perform regular site/stock audits & review of Internal Audit reports
Forensic analysis of borrowers financial statements to check application of funds
Perform regular check on borrowers collateral especially those enjoying higher
credit limits
Organizing training programs for middle & senior level management on the various fraud scenarios, fraud risk
etc.
Know Your Employee (KYE): There is inherent vulnerability in the recruitment system especially in direct
recruitment in the middle management (MMGS-III) and senior management (TEGS-IV onwards). These categories of
officers are recruited from experienced background. Their reason for leaving present job to join us is welcome as well as a
caution to us. As these posts carry immense financial power which if misused will result in far reaching damage to the
bank. Extra due diligence and caution to be exercised for employees recruited in direct advance verticals in
retail/SME/Large Corp. For employee due diligence to be practiced in case of new recruiters or to be recruited employees
bank should go in depth background check while recruiting in middle and senior management as well as specialist
positions.
In case of recruitment in large numbers in middle management and senior management the process should also
have a background checking capability. The new recruits in senior position are vested with large sanction powers, so the
candidate taken for the post should be thoroughly checked before coming into the system. This can be done with help of
some specialized agency who with their capability can build a complete profile of a potential employee.
Suggested Model
After studying the present problems and capabilities a fraud management solution can be suggested using
sophisticated information technology.

Figure 5: Suggested Model for Fraud Management Solution
22 Sukanya Kundu & Nagaraja Rao

Impact Factor (JCC): 1.4174 Index Copernicus Value (ICV): 3.0
*Framework of fraud and risk management structure and guideline will include :
Fraud Control Policy and Anti Fraud Program
Fraud Risk assessment to identify vulnerabilities
Fraud detection, monitoring & control mechanism
**A special Surveillance & Investigation Cell with forensic trained staff
***Advanced Fraud Management Technology covering all channels of banking should be in place
The entire setup of fraud management solutions should be built around information technology solutions with the
functionalities shown as above. There should be a Fraud Control Policy and assessment to identify the vulnerabilities.
There should be fraud detection and monitoring mechanism.
The help of Consultants and Forensic Service Experts will be required who with their expertise will help in setting
up and monitor the cell. They will provide training to our staff in detection technologies.
The sheer volume of bank business transactions makes it impossible to monitor a customer transaction wise on a
continuous basis. This has accentuated more so after the implementation of core banking solutions and use of multiple
delivery channels. The introduction POS in days to come will further add a layer to existing system. Forensic data analysis
using sophisticated Information technology solutions in form of business analytics tools which run on principles of
statistics and complex mathematical algorithm will mark pattern deviations and build profiles. These can help bank analyze
vast volume of data to identify underlying trends relating to transactions that have taken place.
The setting up of a Special Surveillance & Investigation Cell with forensic trained staff is the main pillar of the
model. The cell should be having trained staff in adequate strength that can with their expertise in field and forensic
training is able to track and investigate the transactions/ accounts and suggest remedial courses. Regular MIS reports to top
management regarding the entire scenario are given to have a proactive picture of the entire banking operation multiple
channels.
CONCLUSIONS
In conclusion, it can be said that though adoption of technology comes with the evolution of time, but protection
of public money and people is the greatest challenge responsibility of a modern day banker.
REFERENCES
1. Agoyi.M. and D. Seral, D. (2010). The use of SMS encrypted message to secure automatic teller machine.
Procedia Computer Science, 1310-1314.
2. Albrecht, W.S. (1996). Employee fraud. Internal Auditor, October, p. 26.
3. Barnes, R.W., (1995). The value of quality education to banks and bankers. The Journal of Indian Institute of
Bankers, 66(3) pp 55-59.
4. Bhasin, M. (2007). The Bank Internal Auditor as Fraud Buster. The ICFAI Journal of Audit Practice, Vol. 4, No.
1, January.
5. Bierstaker, J. Brody, R.G. and Pacini, C. (2006). Accountants perception regarding fraud detection and
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prevention methods. Managerial Auditing Journal, Vol. 21, No. 5, pp 520-535.
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National Public Accountant, Vol. 39, August, p. 17.
7. Donald R. Cressey, Other People's Money (Montclair: Patterson Smith, 1973).
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preventive security controls in Indian banking industry, International Journal of Business Science and Applied
Management, Vol. 4, No. 3
12. Salameh, R. Ghazi Al-Weshah, G, Al-Nsour, M. and Al-Hiyari, A. (2011). Alternative Internal Audit Structures
and Perceived Effectiveness of Internal Audit in Fraud Prevention: Evidence from Jordanian Banking Industry,
Canadian Social Science, Vol. 7, No. 3, pp. 40-50.
13. Smith, E. R.(1995). A positive approach to dealing with embezzlement. The White Paper, August/September, pp
17-18.
14. Willson, R. (2006).Understanding the offender/environment dynamics for computer crimes. Information
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