A Review on Banking Sector

Fraud not most effective causes unattainable financial losses but additionally pushes the organization by many steps backwards on this competitive world. Any deliberate act of deceit involving monetary bills or misappropriation of organizations‟ assets for private enrichment is termed as “financial fraud”. In present scenario, enforcing powerful fraud prevention techniques before everything location and detection method in case of failure of preventive measures isn't any more an aggressive gain however a cause that guarantees the survival of the fittest. The probabilities of fraud can be decreased to a degree by way of judging the accuracy of aim and legitimacy of financial transactions, which is almost not possible. For this reason to counter this menace, System must be proactive and consequently put in force fraud prevention and detection strategies. This paper explains the methods to hit upon the fraud in banking sector and how to improve the transaction to discover the frauds.