Greed an Attribute of Fraudster

A number of fraud cases shocked the economic markets in the recent past. Fraud is an emerging global problem in private and public organizations and it could not distinguish in its occurrence. The detection and prevention of frauds are challenging for the organization due to adopting and the methods with which the fraud is committed by fraudsters. Detecting fraud is not an easy task and requires in depth knowledge about the nature, modus operandi for auditing, investigating agencies responsible for corporate governance. In year 1953, Cressey had explained three attributes (pressure, opportunity and rationalization) of fraud committer with help of “Fraud Triangle”. In 2004, Wolfe and Hermanson introduced the “Fraud Diamond Model” with addition of another attribute i.e.; capabilities / expertise. The basic theme of this paper would facilitate understanding the fraud and why it occurs with another attribute i.e; greed. Further, an approach is taken for development of a new model “Fraud Five Stars”.