Bank Instruments Accounts Management Detecting Preventing Fraud
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Bank Instruments & Accounts Management: Detecting & Preventing Fraud
Author: Idika Kalu Uma
language: en
Publisher: Xlibris Corporation
Release Date: 2019-01-19
Supposing you walked across to your bank and give your bank cashier (teller clerk) your cash for deposit, but while the cashier was counting the cash, an armed gang swooped in and carted away all monies on the counter, including your cash. Do you know that your bank will not be liable? Yes, your bank will not be liable. The bank will only be liable if the bank cashier had received the cash, checked it, and stamped “Paid” on your deposit teller receipt! Do you know that you have no duty, as a bank customer, to ascertain or check the correctness of the figures entered in your passbook or current account statement? If you relied on the accuracy of the statement sent to you and in good faith spent the money stated in your account, the bank may find it difficult to recover such money from you. Do you know that on the death of one party in a joint account, any credit balance, security or property is transferred to the surviving party and the survivor will be the one to account to the representative of the deceased party? Again, do you know that a minor (that is, a person below 18 years of age), can run a company account, but cannot repay any loan granted him? Any lending to him, by law, is void, and he cannot be expected to repay such loan! Do you know that where a signature on your cheque is forged or unauthorized, the forged or unauthorized signature is wholly inoperative, and your bank cannot debit your account with such a cheque, unless you facilitated the forgery? This is just the icing on the cake. Bank Instruments & Accounts Management: Detecting and Preventing Fraud is a recipe for making the soup of banking practice sweet. It is, therefore, an essential work tool for all discerning bankers, a reference partner for all bank customers and the last line of defense for passing the professional banking examination.
Handbook of Research on Theory and Practice of Financial Crimes
Black money and financial crime are emerging global phenomena. During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. Among a large number of problems is a lack of general awareness about all these issues among various stakeholders including researchers and practitioners. The Handbook of Research on Theory and Practice of Financial Crimes is a critical scholarly research publication that provides comprehensive research on all aspects of black money and financial crime in individual, organizational, and societal experiences. The book further examines the implications of white-collar crime and practices to enhance forensic audits on financial fraud and the effects on tax enforcement. Featuring a wide range of topics such as ethical leadership, cybercrime, and blockchain, this book is ideal for policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Fraud Prevention and Detection
Lessons can be learned from major fraud cases. Whether the victim is a company, public agency, nonprofit, foundation, or charity, there is a high likelihood that many of these frauds could have been prevented or detected sooner if early Red Flag warning signs had been identified and acted upon. Fraud Prevention and Detection: Warning Signs and the Red Flag System will enable officers and directors, internal and external stakeholders, as well as outside analysts to protect themselves and their organizations against fraud by effectively detecting, analyzing, and acting on early Red Flag warning signs. Based on an empirically tested strategy, the Red Flag System reflects the authors’ more than 100 years combined experience in the investigation of fraud in high-profile, global cases in North America, Africa, Europe, and the Far East. Readers of this book will: Acquire a general awareness of the nature, characteristics, and dynamics of fraud Understand the process for determining whether a fraud has been committed Develop an understanding of enterprise risk management approaches for fraud risk management, compliance risk management, and managing the risk of fraudulent financial reporting—including an understanding of the limitations inherent in these approaches Learn how to find Red Flag indicators of fraud or suspicious transactions in financial statements, budgets, and contracts Know how to ensure that, once a Red Flag has been identified, appropriate action is taken Fraud can lead to significant financial loss as well as bad press and publicity with significant reputational impact for officers, directors, corporations, and their stakeholders. This book’s no-nonsense approach empowers those charged with protecting organizations to stop these frauds before the organization’s livelihood is jeopardized or to mitigate damage when fraud has occurred.