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Scientific education to employees of fraud control units of banks 

It is evident from the history now that most of the frauds in India have ultimately affected the banks. Ultimate victim of any big fraud in India was the Banks. Even the information security experts thinking negative are trying to attack the banks.

This has actually lead to the need of fraud control units in the banking sector in India. Fraud control units are a necessary part of keeping the banking system safe because there is a lot of room for fraud to occur. Fraud control units are typically made up of anti-fraud employees who are hired specifically to monitor the banking system for potential fraud and other threats that may negatively impact a banking institution.

Employees of the fraud control units help the banks to fight the financial frauds and ultimately to improve the operational efficiency. By preventing the frauds they stop the revenue losses for the banks.

Fraud control is a very important function and employees working in these units play even important role.

Indiaforensic carried out the survey recently and found that more than 80% of the employees in the fraud control units have not undergone any scientific training or certification process for combating with the frauds. They do this job just because of their occupation demands the same. They are not aware of the scientific ways and methods of combating the frauds in the banking sector. 

As a result it can also be said that 80% of the times detecting or investigating the frauds in the bank is the not the function of the scientific efforts but is more of an accidental exposure.

Certified Bank Forensic Accounting is the dedicated course on the banking frauds which deals with various areas like Cheque frauds,anti-money laundering ,traditional frauds and technology frauds. This course is a result of the research in bank frauds in India. This is probably the only course in the globe which deals with the prevention, detection and investigation of the frauds in the Indian banks.

Another thing to understand here is that there are many different categories of scientific education, which fall under the general idea, and while many are quite beneficial to anyone who is employed by a banking fraud control unit. Though, there is a variety of different scientific studies that teach processes and ideas to aid in improving the processes in the banking industry not many speak about the frauds. 

Hence any scientific study, which specializes in research processes or in detecting different types of fraud, is probably going to be beneficial for anyone looking to join a fraud control unit, or anyone who is currently employed within one. Employees of fraud control units, especially when it comes to the banking industry where fraud is running rampant, are required to have a great deal of experience and know-how in order to be successful in their field. Therefore, the more scientific and research background that they have, the more likely they will be to earn a place in a high-profile industry such as fraud control within the banking sector. 

Because people are constantly working on new ways to scam banks and other private sector companies, there is a constant need for new employees for fraud control units, which dedicate themselves to identifying potentially fraudulent transactions and eliminating them before the risks associated them, are realized. Obviously part of having the right education and experience background involves obtaining an educational background in scientific studies, because many of the processes involved in scientific education can also be applied to the principles involved with fraud detection, prevention and investigation.

 Are you considering fraud control as a viable option for your career? If you are currently enrolled in college, you should strive to expand your scientific studies so that you may be properly educated and equipped to handle all of the challenges that you will face when entering into the banking industry as an employee of a fraud control unit. Everything that you learn while obtaining your scientific education will play a part in preparing you for your fraud control career in the future, so take your scientific education seriously and you will see it pay off later on in life.

Edited by : Abhijeet Mehendale

2004-2006 Indiaforensic Research Foundation,Pune,India