Financial frauds and their
repercussions on the finances of individuals or businesses cannot be
underestimated. In case of individuals, financial frauds cause loss of money,
peace of mind, reputation and legal hassles when one’s identity has been
misused.
For businesses, the damages are
greater. Financial frauds entail loss of funds, legal issues, loss of
confidential data of clients and customers, seizure of vital information and
trade secrets. Every country is taking rational steps in consultations with experts
in Finances, Accounting, Law, Criminology and Cyber technology. Anti-Fraud Boards, Cyber-crime prevention
cells and special task forces have been set up to nab the criminals and prevent furtherance of financial frauds.
The primary task ahead of these organizations
is that of drawing the attention of people to take professional help. Most
people stop with reporting frauds only to the banks and concerned institutions.
Though this is essential, the evil designs are cast on a wider net, which is
outside the scope of these institutions. Lodging complaint with specific
organizations in each locality created for the purpose of handling financial
frauds must be done. Victims are required to co-operate with the investigation
process and furnish all pertinent details with regards to financial frauds. For
speedy recovery of lost funds and for punishing the money mules, timely
reporting of frauds is pivotal.
- CIFAS
This is a non-profit organization that is head quartered in the
United Kingdom. They have been pioneers in detection and prevention of various
kinds of financial frauds including online financial frauds. Its mission is to
make the UK a safe place for individuals and businesses. Through its blogs and
tweets it connects with people and whistle blowers for achieving its mission.
Cifas protective registration is insulation against identity frauds and can be
opted by individuals and corporates. This is an alert service that
organizations can use to tell the world of their suspicion of an identity
fraud.
It maintains a huge database of national and
international frauds. It undertakes extensive research on various types of
financial frauds and publishes periodic reports on the research results. It
conducts regular conferences where subjects like financial frauds, online scams
and organized crimes are discussed by subject matter experts. It invites people
to come forward and join its noble mission. The fees collected for joining and
registration are not reaped as profits but are reinvested for protection of financial
frauds and other types of scams.
- British Banking Association
This is a huge association with
more than 200 members in its network, one of its primary objectives is
prevention of financial frauds and crime. Essentially, the BBA is the trade
association of the thriving banking sector of the UK and protects as well as
promotes the interests of its members. Since consumers are the face of banks,
the association works for the welfare of banking consumers. It fights financial
frauds by adopting key policies against financial crime, namely, Anti-Bribery
and Corruption, Anti-Money Laundering, Counter Fraud and Sanctions Compliance. It
publishes various articles and reports which keep the members and public
informed of current trends in banking and financial frauds prevention.
