A structured review and theme analysis of financial frauds in the banking industry

Abstract

Organizations of all types are vulnerable to frauds. Banks contribute to a significant extent in a country’s economic development by generating a large part of revenue in the service sector. Deterrence of fraud is impossible without understanding it. The present study attempts to extract themes by highlighting the major areas of the bank fraud literature within a specific time frame of 2000–2019 and finding the research gaps citing the future scope for research. Post the review of existing literature, using thematic analysis, two major themes were observed by the author, namely, “regulatory and compliance”–based studies and studies related to the “socio psychological” aspect of the literature. An examination of themes indicated that the popularity of the research areas shifted from accounting frauds or balance sheet frauds in early 2000s to areas such as cyber frauds and identity theft at the later decade. The present study paves way forward for future research on the bank customer’s vigilance, experiences and perspectives on frauds. Other significant areas of research include coping mechanisms with the various challenges faced by banks in marketing themselves after any major fraud occurrence.