Integrating Individual Factors to Construct Recognition Models of Consumer Fraud Victimization

Consumer financial fraud has become a serious problem because it often causes victims to suffer economic, physical, mental, social, and legal harm. Identifying which individuals are more likely to be scammed may mitigate the threat posed by consumer financial fraud. Based on a two-stage conceptual framework, this study integrated various individual factors in a nationwide survey (36,202 participants) to construct fraud exposure recognition (FER) and fraud victimhood recognition (FVR) models by utilizing a machine learning method. The FER model performed well (f1 = 0.727), and model interpretation indicated that migration status, financial status, urbanicity, and age have good predictive effects on fraud exposure in the Chinese context, whereas the FVR model shows a low predictive effect (f1 = 0.565), reminding us to consider more psychological factors in future work. This research provides an important reference for the analysis of individual differences among people vulnerable to consumer fraud.

CITIC Guoan Financial Fraud Case Analysis

With the diversified development of contemporary China ' s economy, the rapid growth of high-quality economy, but fraud occurs frequently, emerge in endlessly. This paper introduces the theoretical knowledge, reviews the case of CITIC Guoan, and expounds the background and fraud situation of the company. Then through the analysis of CITIC Guoan ' s financial fraud cases of A-share listed companies for seven consecutive years, this paper comprehensively summarizes the means of fraud from six aspects, triggering the thinking of business ethics and accounting professional ethics. Finally, from the staff, management and external supervision and management of listed companies to prevent financial fraud recommendations.

Financial Fraud Detection and the Importance of Internal Control

In an environment that is becoming increasingly unstable due, primarily, to new international requirements and rapid changes, the problem of financial fraud detection has grown in importance. One of the main causes is the growing dependence on new technologies. This environment has required companies to adapt to face the new constraints. In fact, financial fraud is a problem that has a profound impact on the financial industry, government, businesses and ordinary consumers. The objective of this paper is double: the first one is to study the explanatory factors and the main variables developed in order to better detect the existence of financial fraud and we have emphasized the importance of taking into account non-accounting variables in the detection of financial fraud which remains little treated by empirical studies. The second objective of this research is to emphasize the importance of internal control, through a literature review, in the fight against financial fraud.

A Relative Investigation of Various Algorithms for Online Financial Fraud Detection Techniques

Online financial transactions play a crucial role in today’s economy. It becomes an unavoidable part of the business and global activities. Transaction fraud executes thoughtful intimidations to e-commerce spending. Now-a-days, the online contract or business is fetching additional sound by knowing the types of online transaction frauds associated with, these are raising which disturbs the currency accompanying business. It has the capability to confine and encumber the contract accomplished by the intruder from an honest consumer’s credit card information. In order to avoid such a problem, the proposed system is established transaction limit for the customers. Efficient data is only considered for detecting fraudulent user action and it happens only at the time of registration. Transaction which is happening for any individual is not at all known to any FDS (Fraud Detection System) consecutively at the bank which mainly issues credit cards to customers. To speak out this problem, BLA (Behaviour and Location Analysis) is executed. The FDS tracks at a credit card provided by bank. All the inbound business is directed to the FDS aimed at confirmation, authentication and verification. FDS catches the card particulars and matter to confirm that the operation is fake or genuine. The pick-up merchandises are unknown to Fraud Detection System. If the transaction is assumed to be fraud, then the corresponding bank declines it. In order to verify the individuality, uniqueness or originality, it uses spending patterns and geographical area. In case, if any suspicious pattern is identified or detected, the FDS system needs verification. The information which is already registered by the user, the system identifies infrequent outlines in the disbursement method. After three invalid attempts, the system will hinder the user. In this proposed system, most of the algorithms are checked and investigated for online financial fraud detection techniques.

A Machine Learning-based System for Financial Fraud Detection

Companies created for money-laundering or as a means for taxevasion are harmful to the country's economy and society. This problem is usually tackled by governmental agencies by having officials to pore over companies' financial data and to single out those that exhibit fraudulent behavior. Such work tends to be slow-paced and tedious. This paper proposes a machine learning-based system capable of classifying whether a company is likely to be involved in fraud or not. Based on financial and tax data from various companies, four different classifiers – k-Nearest Neighbors, Random Forest, Support Vector Machine (SVM), and a Neural Network – were trained and then used to indicate fraud. The best-performing model achieved a macro-averaged F1-score of 92.98% with the Random Forest.

Senior financial exploitation through wills, trusts, and guardianship: basics, red flags and prevention measures

Purpose The purpose of this paper is to discuss financial fraud and exploitation against seniors relating to wills, trusts and guardianship. The paper describes how this fraud affects its victims, points out red flags and makes recommendations that may help control this pervasive type of fraud. Design/methodology/approach Information from a range of different sources, such as journal publications, law textbooks, law enforcement websites and estate planning cases are used as a basis to provide information about how fraudsters are committing this type of fraud, which red flags to watch out for and how to prevent this fraud from occurring. Findings Fraud relating to wills, trusts and guardianship is oftentimes difficult to detect and continues to be a grave threat to its victims. While this fraud will likely never be eradicated, specific efforts have been put into place to track financial exploitation. Further steps presented in this paper can be deployed to help rein in these fraud schemes. Practical implications The paper provides useful information about frauds related to wills, trusts and guardianship for stakeholders. This includes, but is not limited to, anyone whose work is related to seniors, such as accountants, lawyers, regulators, bankers, financial planners, law enforcement personnel, academics, medical professionals, caregivers, family members and ethicists. These stakeholders can use this information to help combat this fraud and prevent not only financial losses of seniors but physical harm as well. Social implications Decreasing financial exploitation of seniors will not only improve their financial position and may reduce their reliance on Medicaid but will also improve their mental and physical well-being and save lives. Originality/value Research in the area of maltreatment and exploitation of older adults is still in its early stages, as knowledge of effective prevention, intervention and remediation practices are limited. This paper adds to the research in this arena by drawing on a unique set of resources that shed light on financial fraud commonly committed against seniors. This study also makes much needed recommendations that are aimed to prevent this threat related to wills, trusts and guardianship.

Impact of Forensic Accounting on Financial Fraud Detection in Deposit Money Banks in Nigeria

The study examines the impact of forensic accounting on financial fraud detection in Deposit Money Banks (DMBs) in Nigeria. Survey research design was employed for the study with extensive reliance on primary data obtained through the use of structured Likert scale questionnaire. The data were tested using descriptive statistics and regression analysis on Statistical Package for Social Sciences (SPSS version 20.0). The study findings showed that forensic accounting techniques of conducting investigation, analyzing financial transactions and reconstructing incomplete accounting records have significant effect on financial fraud detection in deposit money banks in Nigeria. In the light of the study findings, the following recommendations were provided; more forensic accountants should be employed by DMBs in Nigeria to assist curb modern day financial fraud brought about by advancement in technology. The Central Bank of Nigeria (CBN) should in collaboration with all financial institutions establish an electronic fraud risk information center staffed with forensic accountants. DMBs should incorporate automated control measures such as biometric authentication of transactions to serve as deterrent for fraud occurring.

Assessing Financial Well-Being and Awareness to Prevent Financial Frauds – A Study Based on Kolkata

Financial well-being refers to a person's ability to satisfy present and future financial obligations, to feel confident about their economic situation, and to make decisions that allow them to enjoy life. Financial fraud is also a serious problem that has far-reaching implications in the banking industry, government, business, and for everyday people. This study is mainly focused to measure the financial well-being of the individuals and identifying the demographic variations on the basis of it. Further this study is also intended to gauge the association between financial well-being of an individual and his awareness regarding the financial frauds as in this digital era financial fraud is a very is one of the major obstacles which a person has to face in his daily life.