Prevention of Financial Frauds Assignment Example | Topics and Well Written Essays - 250 words

Prevention of Financial Frauds - Assignment Example Various strategic practice models for financial fraud prevention have been proposed in the recent years and some of them are discussed in this proposal. Financial frauds are widely perceived to be various deliberately made criminal acts seriously violating civil law while based on financial transactions and meant to attain myriad personal benefits. For the past many years, research reports have been illuminating that the need to combat financial frauds has become increasingly important and inevitable concerning its widespread proliferation and the immense threat it poses to the older citizens especially, though this criminal issue largely involves people of all ages as well. From frauds planned on a large-scale and committed to weaken the roots of national economy to small-scale financial frauds like fake lotteries and work at home plots, this criminal issue has largely succeeded in building many holes in the net the f financial security which was once strong and meant to preserve the public protective. A layered security approach and effective tools are required to handle this dramatic emergency of felonious financial frauds and by controlling who first receives sensitive documents like bank statements, small organizations can prevent financial fraud occurrence (CBIA News, 2007). Expert policy-makers and researchers at (Research Centre on the Prevention of Financial Fraud, 2009) proposed a three-fold strategy to prevent the financial fraud proliferation around the globe. Consolidating information in an attempt to compile the fraud research for providing a disciplinary support to the policy-makers can help in preventing huge losses based on billions of dollars and occurring every year as a result of financial frauds.