Fraud Detection in Banking Transactions

* “…regularly sent and received wire transfers to and from other countries…transactions were always below the limit that triggered the bank’s reporting requirements.”

an outgoing IFTI-E occurs when the ordering institution (such as a bank) accepts the instruction at or through a permanent establishment in Australia and the transferred money is made available to the payee at or through a permanent establishment of the beneficiary institution in a foreign country; whereas

With the advent in technology there has also been a steep increase in the crime rate. These crimes can be closely related to the graph database model. Usually the crimes have a number of sources from which they can start. These sources can be considered as the nodes of the graph. Usually these speculations lead to one or more paths which further add to the case. These are connected by edges leading to newer nodes. Thus forming a graph. The greatest similarity between the two involves eliminating formation of huge relational database. This involves the first step towards the construction of the graph database.

When the GCU gathers evidence for later use for the court, sources of evidence can be monitored to detect threatened incidents in a timely manner. The GCU employee’s needs to be aware of suspicious transaction related to any activity in the customer account. Securing intrusion detection systems (IDS) components are important because IDS are often targeted by attackers that want to prevent the IDS from detecting attacks or want to gain access to sensitive information on the IDS, such as host configurations and known vulnerabilities. In monitoring and auditing, the types of activities recognized as suspicious will be different from different business needs. For example, a forensic accountant may look for specific patterns of financial data to trigger suspicion of fraud or theft. A suspicious event might be multiple emails on a sensitive subject from a person that is not involved in the subject. Recommend resources that can be used

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

In 2008, Expanded taking information offense to any private computer system within the United States (i.e. the outer reach of the Commerce Clause). Expanded extortion offense to cover threats of taking information and demands following damage. Increased penalties. Added criminal

Customer is already frustrated at the experience he had regarding his internet and cable service. His internet connection issues been going on since it was connected. He mentioned as well that he’s been waiting for a supervisor’s call as what was promised to him but haven’t heard anything, he’s been calling several times.

Dennis Seeds (October 31, 2014). How oversight and a little skepticism can help curb fraud in the workplace. Retrieved from http://www.sbnonline.com/article/how-oversight-and-a-little-skepticism-can-help-curb-fraud-in-the-workplace/

Capabilities: Schmitz (2012) refers to capabilities as “what the organization can do” to effectively utilize its resources. Some examples of Raytheon’s capabilities are Raytheon’s Six Sigma progress, integrated supply chain management, and a variety of technological capabilities. Raytheon’s Six Sigma is “a disciplined, knowledge-based approach designed to increase

[A. Fees are displayed when you take money out of an ATM. Terms and conditions must be explained to the consumer when funds are withdrawn from an account. Disclosures must be written in comprehensible language. Any change in terms must be communicated to the consumer within 21 days of the change taking effect. Financial institutions are required to provide consumers with statements for electronic transactions. Any of these is acceptable.]

Keep all receipts for transactions. When you are reviewing your account statements, online or on paper, keep a close eye out for unauthorized transactions. If you notice any contact the institution in which the unauthorized transaction was made.

Regulation W governs transactions between a bank and its related companies. This document outlines the steps taken by the CSI Cashiering Manager/Delegate to implement additional controls around the IBP process. The Cashiering Manager/Delegate will generate a daily report from Streetscapes Integrated Cashiering platform, identifying any Intra Bank Credit transaction over 100,000.00 being credited to a CSI account from a Citizens Bank account. The Cashiering Manager/Delegate will verify the funds are available by reviewing EASI to confirm the funds are available. If the Cashiering Manager/Delegate identifies funds are not available, they will cancel the IBC request.

relate to transactions that (a) show the personal information of third parties in violation of applicable law, (b) support pyramid or ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs, (c) are associated with purchases of real property, annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are by payment processors to collect payments on behalf of merchants, (f) are associated with the following Money Service Business Activities: the sale of traveler’s cheques or money orders, currency exchanges or cheque cashing, or (g) provide certain credit repair or debt settlement

Capabilities mean how the company mixes and utilizes all assets to bring the best product offered. These capabilities summarize in company 4Ps, which are listed as below:

Technology has been the main driver for globalization of banking operations. Various advancements in technology have not only changed the banking business but also the way customers perform their banking activity. Banking industry is moving from the traditional brick and mortar set up to the virtual channels at a very rapid rate. Technologies like ATM, POS terminals, internet and mobile banking have increasingly influenced the use of e-money over paper money. The purpose of my research paper is to examine how the advancement in technology affects the banking services. I will also examine how technology impacts the financial transaction costs and revenue generation for banks. For the purpose of this research paper I have reviewed academic peer reviewed articles, case studies and internet resources. Since virtual channels can be used to offer standardized banking products, banks can shift their focus on relationship management. On one hand banks are adopting newer technology to reduce cost and provide convenience to customers, but not all technology is easily adopted by customers as they raise some serious security concerns. In order to bridge this gap, banks will have to provide advanced security measures and assure information quality.