LearningCat: Reporting Analysis of Fraud Detection
The PMC Bank Scam (2019): A Wake-Up Call for Failed Fraud Detection
The PMC (Punjab and Maharashtra Cooperative) Bank scam shook the Indian banking world in 2019, making headlines for all the wrong reasons. It’s a tale of financial mismanagement, shady loans, and a complete failure in fraud detection. If you’re in commerce or finance, you need to understand the flaws in this scam—it’s a massive case […]
Root Cause Analysis of Fraud
Fraud is a serious issue. It costs businesses, individuals, and economies billions every year. But why does it happen? Fraud doesn’t just pop up out of nowhere. There are always reasons behind it. And if we want to stop it, we need to look at those reasons. Root Cause Analysis (RCA) is the process of […]
Recommendations for Improving Fraud Detection in India
Fraud is a real headache, especially with the rapid rise in digital transactions, online banking, and e-commerce. India’s growing economy has opened up new avenues for fraudsters to exploit the system. Banks, businesses, and consumers are all at risk, and the situation is getting worse by the day. While India has made progress in fraud […]
Polycab Ransomware Attack 2023: A Case Study in Fraud Detection and Reporting
Polycab is one of the leading brands in India that is in the business of making electrical cables and wires. In the year 2023, this company faced a ransomware attack that disturbed the activities of it. The organization was left defenseless against cybercriminals aiming to profit from its downfall. This case study provides details on […]
Legal Implications of Financial Frauds in India
Financial frauds are intentional actions of deceit executed with the objective to protect an illegal financial profit. These scam operations usually include misrepresentation, data alteration, manipulation of facts, or the use of fraudulent tactics to result in financial damage. In a country like India, financial frauds are becoming increasingly worrying because of the increase in […]
Evaluating How Effective Controls Are at Preventing Frauds
Fraud is the one thing that can bring down a company, ruin reputations, and make even the most secure systems look weak. And let’s be real: fraud is happening everywhere, from small businesses to big corporations. To stop it, organizations put controls in place. But the real question is—how effective are these controls? Are they […]
Documenting Findings and Evidence in Fraud Detection
Fraud is not limited to fictional events in television or film. It is a genuine problem that costs billions of dollars annually to governments, corporations, and people. Financial fraud, fraudulent bills, and cybercrime can all result in significant harm. However, simply detecting fraud is insufficient; you must also demonstrate it, which is why it is […]
Coordinating with Law Enforcement Agencies to Tackle Financial Frauds in India
Financial frauds are a big issue in India right now. With technology booming, fraudsters are coming up with newer, smarter ways to trick people. From cybercrime to Ponzi schemes and fake loan scams, the problem is growing. In such a scenario, businesses and financial institutions need to work hand-in-hand with law enforcement to catch these […]
Compliance with Laws and Regulations for Fraud Detection in India
Fraud is continuously evolving in the world. Its presence can be felt in businesses, online platforms, or banks. It doesn’t require much to mislead someone or exploit financial systems for personal profits. Fraud is being better controlled in India by the government and regulatory bodies. This guide will teach you enough about India’s fraud detection […]
Communicating Fraud Detection Findings to Stakeholders
Fraud is no joke. It’s real, it’s dangerous, and it costs billions worldwide. From financial fraud to cybercrimes and internal thefts, it hits organizations hard. In India, the situation is dire—according to the Indian Cyber Crime Coordination Centre (I4C), Indians lost over Rs 11,000 crore to cyber frauds in the first six months of 2024 […]
Case Study: The Bank of Baroda Forex Scam
The Bank of Baroda Forex fraud is a major wake-up call, not simply another financial disaster in India’s history. One of the largest state-owned banks in India was involved in a foreign currency scandal in 2015 that included around ₹6,000 crore. This was a sophisticated financial crime that involved shell corporations, phony invoices, and an […]
Whistleblower Programs for Fraud Detection
In any company, fraud resembles a ticking time bomb. It starts inconspicuously, remains undetected, and then—BOOM—it strikes with intensity. Fraud may rapidly devastate a firm through opaque accounting practices or embezzled assets. Whistleblower programs can assist with that. They are the unrecognized champions who aid in detecting fraud prior to its escalation into a significant […]
Steps in Conducting a Fraud Investigation
Fraud is a purposeful act of dishonesty meant for personal gain or to a motive for loss to an alternate group. It’s a major offense that can have wide-ranging consequences. The effect of fraud prolongs beyond economic setbacks. It can shatter the image of an organization, impact staff morale, and even result in legal repercussions. […]
Interview Techniques in Fraud Detection
Fraud is a gigantic obstacle for businesses, banks, insurance companies, and governments as well. Detecting it from its occurrence is crucial for preventing huge losses, image or reputation downfall, and even legal complications. Technologies such as data analysis and observation tools that rise up as the powerful tools for identifying fraud. This guide will bring […]
Internal Reporting Mechanism for Frauds in Business
Fraud can be committed by employees, customers, or even vendors. Businesses are very susceptible to fraud.Every day we heard of cases related to frauds, such as financial losses, legal complications, or significant damage to your company’s reputation. That’s the point at which an internal reporting mechanism steps in.It can be considered as the early risk […]