Forms of Financial Fraud and Ways to Minimize Risks

Abstract

AbstractPurpose: The relevance of the research problem lies in the problem of determining the significance of inattention to financial fraud. The purpose of this study is to study the forms of financial fraud. The tasks of this work include consideration of the concept of financial fraud, the main elements of committing financial fraud and the classification of signs of committed crimes.Design/Methodology/Approach: This study examines the schemes of financial fraud, and also analyzes the features inherent in Internet fraudsters.Findings: Fraud is the illegal receipt of property and funds based on an exchange or abuse of trust. Financial fraud is carried out on the basis of the using of new achievements of scientific and technological progress. Financial fraudsters use the Internet to gain access to personal data and bank accounts of users. With the development of the market, the emergence of new types of financial fraud is carried out. There are a large number of types of financial fraud now.Originality/Value: Financial fraud is the most common type of fraud. One of the challenges for financial institutions is the prevention of financial fraud. It’s worth noting that the damage from committed financial fraud is quite large. Financial fraudsters are constantly changing the tactics and strategies of perfect financial fraud.KeywordsCommercial bankMicrofinance organizationFinancial fraudFinancial fraudstersThe Central Bank of the Russian FederationJEL CodeK420