Curbing Cheque Frauds: A Study of Indian Banking Sector

Abstract

The widespread use of the cheques and their ease of access make the cheques very popular among the public. The indefatigable popularity of the cheques accompanied by readily available desktop publishing software has given an upset increase in the cheque frauds. In addition to cheque frauds, different types of banking frauds are seen across the globe and cheque fraud is one among them. The fraudsters are acting like the termites, which weaken the foundation of the nation. The fraudsters are becoming smart and very intelligent; they staggered the world by using the new and advanced modusoperandi. Non-adherence of the banking procedures, advancement of technology and the ease of access plays the lead role in the enhancement of the volume of cheque frauds. This research paper is devoted toward the identifying the methodologies adopted by the fraudsters to tune banks specifically cheque fraud modusoperandi in the banking sector of India. The case study methodology has been used to accomplish the objective of the study. These findings of the study suggest that improving the security features of the cheque and the training programs for improving the skills of the banking staff will be required to minimise the banking frauds along with the individual precautionary measures.