For a better understanding of the information collected, this section should discuss in more detail the studies and literature related to the current research in order to direct towards new directions that would shed light on more facets of different banking institutions regarding the fraud to which they are victims. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayThis essay is composed of the researchers' in-depth understanding of published and unpublished articles and other related materials, local and foreign research and studies that have given sufficient information. information and facts regarding the subject. Banks are the engines that direct the processes of monetary industry, financial exchanges as well as the progress and development of a country in terms of its economy. With the continued industrialization of the financial sector, fraud in this area is also rapidly accumulating and fraudsters have started using creative methods. Additionally, the money industry calls increased fraud the “inevitable cost of doing business.” With the advent of creative financial products and the increase in the range and scale of transactions across borders, frauds in the financial world have intensified and reached new heights. According to Nayak and Singh (2015), banking and financial systems have been central to the progress and improvement of financial systems. all of humanity from the beginning. The strength of a country's banking and financial system helps determine the creation and use of goods and services within a nation. This directly suggests the well-being and living principles of the citizens of a country. Therefore, if the banking system is plagiarized with many non-performing assets in the balance sheets of banks, financial sufferings of borrowing customers and transmission inadequacies, then it becomes a source of worry for the economy. In the most advanced economies, banks are the main reservoirs of the people's financial funds, the central nerve of the repayment system, the receptacle capable of generating capital and distributing monetary funds and the channel through which financial regulations and loan are executed. The triumph of financial regulation depends to a large extent on the form and state of the monetary organizations through which the regulations are implemented. Whatever challenges hamper the smooth running of the banking sector, they will invariably have many impacts on other areas of the economy. This is one of the reasons why it is essential to quickly identify any reasons that may hinder the efficient functioning of the monetary industry and address these concerns immediately. As defined by Chakrabarty (2013), fraud is an act or omission that is expected to cause unlawful gain to one individual and unjustified harm to another, either through the suppression of facts or otherwise. It is a measured act of omission or commission by any person, carried out in the course of developing a banking operation or in the books of accounts maintained manually or under a computer system in banks, resulting in gain illegal to any person for a momentary period or otherwise, with or without monetary loss to the bank. Fraud can be described as a deliberate act of cheating intended to gain an unfair advantage by causing an association to lose property or legal privileges. On the other hand, the Institute of Internal Auditors (2010) explained fraud asany unlawful act measured as deception, concealment or breach of trust. Frauds are spread by parties to obtain money, goods or services; to escape payment or loss of services, or to secure a private or commercial advantage. Yego (2016) added that banks suffer harm resulting from inadequate or futile internal procedures, individuals and projects, or external procedures. Patnaik (2012) defines fraud as a danger to the reputation of an organization as well as for its relationships and exchanges with external investors, such as customers, dealers, bankers and associates. Additionally, bank fraud actions carried out by an entity or company that are acted in a deceptive or illegal manner and are intended to provide an advantage to the perpetrating entity or company. As reported by the ACFE (2014), banking associations are becoming increasingly vulnerable to fraud over time, even though numerous control procedures have been put in place. Likewise, fraud can result in huge monetary damages. Since banking organizations participate in a wide range of transactions, fraud could potentially disrupt not only various industries, but also the banking institution itself. Patnaik (2012) further explained that these frauds are now becoming more and more recurrent and can be considered as one of the major causes of harm to the nation's economy and with such high profile deceptions all over the country, it It has become obligatory to evaluate this type of crime and, if feasible, to generate a more severe code and decree to deal with these concerns. As noted by Net Guardians (2016), fraud is a huge business, costing the financial industry $67 billion annually, according to the Association of Certified Fraud Examiners report. It's a struggle no one can ignore, as businesses struggle to recover from global currency woes and the world's major economies teeter on the brink of economic decline. Even more worrying is that its appearance is accelerating. Pricewaterhouse Coopers or PwC (2015) also states that industry experts suspect that this figure is actually much higher because companies cannot accurately recognize and quantify losses due to fraud. In the current unstable economic situation, the likelihood and motivation to commit fraud has increased. Cases of asset misappropriation, money laundering, cybercrime and accounting fraud are only piling up day by day. Dr. Sanjay Chougule, Global Head of Internal Audit and Financial Crime Prevention at ICICI Bank Ltd., says that in today's world, fraud is a never-ending and rapidly emerging danger. There is no such thing as foolproof security, so it is analytically significant that pioneers in the field of financial crime prevention work together to create strong bonds and trust, to avoid, identify and respond to these perils in a commendable and competent manner. Bank fraud therefore constitutes the first type of threat that every organization must face. Dealing with and mitigating an association's bank fraud is a major argument for managers. A massive amount of capital, stage and force is wasted in developing corporate governance policies, executing internal control programs, risk monitoring approaches and training staff to observe of these methods. However, certain lying intellectuals, generally described as fraudsters, always manage to discover ways and techniques to thwart theschemes or deceive honest people into gaining access to company funds and properties. Arora et al. (2010) indicated that banks manage people's money and therefore it is legitimate for workers to exercise caution and thoroughness in their banking transactions. The modern growth of banking fraud calls for a close examination of security and precautionary systems. A resilient internal regulatory system is the most effective and operational deterrent to fraud. Banks should step up their efforts to increase the level of security awareness within their administrations to combat fraud. Fraud can be understood as falsification, concealment or intentional exclusion of the truth with the aim of cheating or falsifying to the financial harm of an individual. or a business (e.g. a bank) that also involves embezzlement, theft or any attempted theft or illegally acquiring, exploiting or damaging the properties of a bank. Fraud has therefore become a universal dilemma that is unlikely to diminish in the years to come. This is eating into business productivity with life-altering concerns about their solvency. Thus, bank fraud encompasses the fraudulent use of one's status inside or outside the bank for one's own enrichment by exploiting or deliberately misappropriating the bank's monetary capital, its property or other assets retained by the bank. bank and by earning money from banking customers (investors). an essential and laudable distress in argument, especially in today's economy. According to International Standards on Auditing, fraud is the use of deception to obtain illegal gain at the expense of unwary victims. It is an intentional act carried out by an individual or group of people between the organization, workers or third parties. The world of fraud in banking organizations is very vast. This can range from employee fraud to customer fraud; from institutional fraud to individual fraud; and from accounting fraud to transactional fraud. It could also cover identity theft, check fraud, counterfeiting of negotiable instruments, mortgage fraud, loan fraud, asset misappropriation, bribery, money laundering, fraud credit card and the list goes on. The Federal Bureau of Investigation (FBI) in the United States has cited that fraud is a criminal act that is considered treason, concealment, or breach of trust and is not primarily based on the application or danger of the bodily force or violence. The FBI's explanation of fraud can be reduced to lying, stealing, and cheating, which carry over into current fraud structures in banks that are theoretically cultivated and refined. These descriptions show the different views and understandings of what creates fraud. Further, under the Indian Penal Code, fraud is not described directly under any specific segment, but it gives rise to punishment and punishment for many acts which lead to the commission of fraud. However, it adequately addresses deception, deletion, counterfeiting, fabrication, abuse and breach of trust. Fraud can sometimes take the form of theft, mismanagement of property and resources, or even falsification of documents, most often supported by covered theft. In other words, it is the transformation of assets or misappropriated capital. As noted by PwC (2014), fraudulent documentation is one of the examples of fraud encountered by themost banks. It clearly states that fraudulent documentation encompasses the alteration, change or modification of a file to deceive another person or entity. It can also involve knowingly embedding false information in files and forms. Some cases include when an individual criminally acquires someone's personal data or documents and takes out a loan in that individual's name. Additionally, it is when someone presents fabricated information about their financial situation, such as their income and other properties, and takes out a loan in an amount that exceeds their approved limits for the purpose of non-repayment. Other cases of fraud are those where an individual takes out a loan using an invented name and where there is an absence of resilient structure referring to address confirmations, perseverance of managers or organizers, investigations prior to sanctions and recognition of defective or inadequate applications and negative or illegal records in the customer's history. These are also fake documents used to grant excess overdraft facility and withdraw money. Another case occurs when an individual falsifies export documents and files such as air waybills, bills of lading, export credit guarantee covers and customs purged numbers or orders issued by the customs agency. Falsified or fraudulent documents are frequently exploited to cover other embezzlement or theft; Financial intermediaries tend to count their cash accurately, so all funds must be accounted for. A document showing that a sum of capital has been used as credit, withdrawn by a single investor or passed on or capitalized can therefore be vital for someone who wishes to hide the slight appearance that the bank's money was actually stolen and is now extinct. Another fraudulent phenomenon that has recently established itself in banks is the siphoning of funds. This occurs when resources lent by financial organizations are exploited for purposes unrelated to the terms and agreement of the borrower, with loss or damage to the financial situation of the company or the creditor. It also includes the relocation of resources to one set of companies, the financing of other companies through the purchase of shares without the permission of creditors, the inadequacy in the use of capital according to the quantities spent or drawn, the difference not being taken into account. Pani & Swai (2016) add that fund siphoning takes place when resources lent by financial institutions are used for purposes unrelated to the debtor's business. This may be one of the following cases: the use of short-term working capital for long-term obligations not in accordance with the terms of the authorization and permission, the use of borrowed reserves for creation of assets other than those for which the loan was certified. As noted by the Net Guardians (2016), the other fraud that jeopardizes the reputation and financial health of banks today is identity theft. Although the public may view fraud as engaging in prohibited business transactions, data theft plays a vital role in the commission of the crime and is an area of ​​great distress for banks and their controllers. Banks hold very large amounts of sensitive information about their customer bases and privacy is one of the primary concerns of any bank customer. The theft of private information is therefore detrimental to the status and profile of a bank, even if it does not..