Tackling Banking Sector Fraud FRM (Fraud Risk...

Tackling Banking Sector Fraud FRM (Fraud Risk Management)

Author Name : Tanmay Vidyadhar Mhatre, Prof. Shubhangi Mahadik

ABSTRACT

The impact of COVID-19 has resulted in organizations and regulators across the world operative in an entirely new environment. while we tend to accommodates the new traditional, can be people who will look to exploit gaps and weaknesses within the systems. Financial crime across the world is anticipated to rise in response to the uncertainty within the business landscape. For banks, the economic lag has solely heightened the risk of fraud and money laundering. Banking sector regulators are at the forefront of fraud mitigation methods, prescribing frameworks that banks got to adopt to spot and mitigate fraud risks.

As new risks begin to emerge, banks need to remain vigilant to ensure they continue to effectively mitigate them. Banks which will or which may apply technology to reinforce their operations can remain high of preventive, detective, and social control measures, thereby effectively guarding themselves against progressively advanced financial crimes.

With this backdrop, the Tackling Banking sector fraud attempts to understand banks mechanisms to tackle fraud risks, the impact of new operational models on fraud risk management, and perspectives on making strategic investments for the future. we tend to hope that the report can influence discussion or debate amongst banks, regulators, and practitioners on a way to tackle (and improve) fraud and compliance risks being faced these days. In any situation, the trade should harden successive traditional to be terribly totally different from that of the past 10 years, for which, this report is meant to supply strategic direction.

Keywords—Banking Sector, Financial Analysis, Fraudulent, Risk, KYC, Internet / Mobile Banking, Tackling frauds,Cybercrime,Data theft, ATM Skimming, Identity theft, Cybersecurity,Artificial Intelligence, Machine Learning,Monitoring Systems.