Authors: Himanshu Thakkar,Saptarshi Datta
Affiliation: National Forensic Sciences University,National Forensic Sciences University
Abstract:
Bank fraud has evolved significantly, with criminals developing new and sophisticated methods to exploit vulnerabilities in the financial system. This paper explores the emerging trends in banking fraud, focusing on the new modus operandi fraudsters are adopting. By analyzing recent cases and reviewing the latest research, the study identifies critical patterns in fraudulent activities, including using advanced technologies such as social engineering, phishing, identity theft, and cyberattacks. The paper also examines how these evolving strategies challenge traditional fraud detection mechanisms and emphasizes the need for financial institutions to adopt innovative, technology-driven solutions. The study aims to provide a comprehensive overview of the current landscape of bank fraud, offering insights into the tactics used by fraudsters and highlighting the importance of proactive measures in safeguarding financial systems. Data from both primary and secondary sources has been collected from the Department of Supervision at the Reserve Bank of India in Ahmedabad. The analysis and discussion emphasize new types of modus operandi for bank frauds to prevent such incidents in the future. The evolving nature of bank fraud necessitates continuous innovation in detection and prevention strategies to effectively protect financial systems and customers.
Keywords: Bank fraud,Modus Operandi,Loan Fraud,Detection,Case Study
Vol & Issue: VOL.1, ISSUE No.1, january 2025