A few days back, a freak trade wiped out nearly USD 58 billion of wealth in two minutes when NIFTY fell by nearly 900 points due to a set of faulty orders by a broker. 9. Frauds and deceptions have been the bane of banking and finance down the ages.
Advent of computers have not only made novel ways of fraud possible, but also made the consequence of such frauds – the quantum of potential loss astronomical. The banks are susceptible to frauds both from external as well as internal sources.