Abstract
Fraud is an intentional act committed to procure an unfair or unlawful gain. The study found that there were a more number of fraud cases with high variability witnessed in the second half-of-year 2011-12, but the variability was less in case of gender. The Delhi suffered with the higher amount of fraud losses. More than 63 percent of total fraud cases reported in 2011-12 were hailed from the financial services sector, followed by the technology and transportation. The majority of the fraud cases were recorded in the banking sector and money lost by banks due to scams and frauds have doubled in the past-four years. To mitigate the fraud cases the concern authority should apply the process of (1) assessment of risks (2) Design (3) Implementation (4) Evaluation.
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