Fraud typologies and the victims of fraud:literature review
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Financial fraud: A literature review
Full text linkThis paper describes the empirical universe of financial fraud as it has been documented in the academic literature. More specifically, it describes the different forms of fraudulent behavior in the context of financial market activities, the prevalence and consequences of such behavior as identified by previous research, and the economic and market structures that scholars believe facilitate it. To structure the discussion, a conceptual distinction is made between three types of financial fraud: financial statement fraud, financial scams, and fraudulent financial mis-selling. What emerges is a picture of financial fraud as a complex phenomenon that can take very different forms, depending on the market segments in which it occurs, the financial instruments it pertains to, and the actors involved. Moreover, the findings of the literature review highlight a number of recent developments that scholars think have facilitated the occurrence of financial fraud, including: (1) the development of new fundamental conflicts of interest and perverse incentive structures in the financial industry; (2) an influx of unsophisticated, gullible participants in the financial marketplace; (3) the increasing complexity involved in financial market transactions as a result of rapid technological, legal, and financial innovation and an ever-widening menu of financial products; (4) an increase in the use of justified secrecy in the form of strict confidentiality rules around banking and legal services and the use of off-balance-sheet constructions and shell companies located in secrecy jurisdictions.Das Discussion Paper beschreibt die empirische Vielfalt des Finanzbetrugs anhand eines Literaturvergleichs. Im Einzelnen untersucht es verschiedene Formen betrügerischen Verhaltens im Kontext von Aktivitäten auf dem Finanzmarkt, die Verbreitung eines solchen Verhaltens und sich daraus ergebende und bereits durch vorhergehende Forschung bekannte Folgen sowie Wirtschafts- und Marktstrukturen, die betrügerisches Verhalten möglicherweise fördern. Um die Diskussion zu strukturieren, werden drei Formen von Finanzbetrug unterschieden: Bilanzfälschung, Finanzschwindel und Verkaufspraktiken mit betrügerischer Absicht. Es entsteht ein Bild des Finanzbetrugs als komplexes Phänomen, das sehr verschiedene Formen annehmen kann - jeweils abhängig vom Marktsegment, in dem es auftritt, von den betroffenen Finanzinstrumenten und den beteiligten Akteuren. Darüber hinaus heben die Ergebnisse dieses Literaturüberblicks eine Reihe neuerer Entwicklungen hervor, die im Verdacht stehen, Finanzbetrug zu fördern: (1) die Entstehung neuer grundsätzlicher Interessenkonflikte und Fehlanreize in der Finanzindustrie; (2) der Zustrom von uninformierten und naiven Teilnehmern in den Finanzmarkt; (3) die steigende Komplexität von Finanzmarkttransaktionen als Ergebnis rasanter technologischer, rechtlicher und finanzieller Innovationen und einer sich ständig erweiternden Palette von Finanzprodukten; (4) ein verstärkter Rückgriff auf Geheimhaltung in Form von strengen Vertraulichkeitsregeln für Bankgeschäfte und juristische Dienstleistungen sowie von außerbilanziellen Konstruktionen und Briefkastenfirmen in Offshore-Finanzplätzen
Financial Fraud: A Literature Review
Get PDFThis paper describes the empirical universe of financial fraud as it has been documented in the academic literature. More specifically, it describes the different forms of fraudulent behavior in the context of financial market activities, the prevalence and consequences of such behavior as identified by previous research, and the economic and market structures that scholars believe facilitate it. To structure the discussion, a conceptual distinction is made between three types of financial fraud: financial statement fraud, financial scams, and fraudulent financial mis-selling. What emerges is a picture of financial fraud as a complex phenomenon that can take very different forms, depending on the market segments in which it occurs, the financial instruments it pertains to, and the actors involved. Moreover, the findings of the literature review highlight a number of recent developments that scholars think have facilitated the occurrence of financial fraud, including: (1) the development of new fundamental conflicts of interest and perverse incentive structures in the financial industry; (2) an influx of unsophisticated, gullible participants in the financial marketplace; (3) the increasing complexity involved in financial market transactions as a result of rapid technological, legal, and financial innovation and an ever-widening menu of financial products; (4) an increase in the use of justified secrecy in the form of strict confidentiality rules around banking and legal services and the use of off-balance-sheet constructions and shell companies located in secrecy jurisdictions.Das Discussion Paper beschreibt die empirische Vielfalt des Finanzbetrugs anhand eines Literaturvergleichs. Im Einzelnen untersucht es verschiedene Formen betrügerischen Verhaltens im Kontext von Aktivitäten auf dem Finanzmarkt, die Verbreitung eines solchen Verhaltens und sich daraus ergebende und bereits durch vorhergehende Forschung bekannte Folgen sowie Wirtschafts- und Marktstrukturen, die betrügerisches Verhalten möglicherweise fördern. Um die Diskussion zu strukturieren, werden drei Formen von Finanzbetrug unterschieden: Bilanzfälschung, Finanzschwindel und Verkaufspraktiken mit betrügerischer Absicht. Es entsteht ein Bild des Finanzbetrugs als komplexes Phänomen, das sehr verschiedene Formen annehmen kann – jeweils abhängig vom Marktsegment, in dem es auftritt, von den betroffenen Finanzinstrumenten und den beteiligten Akteuren. Darüber hinaus heben die Ergebnisse dieses Literaturüberblicks eine Reihe neuerer Entwicklungen hervor, die im Verdacht stehen, Finanzbetrug zu fördern: (1) die Entstehung neuer grundsätzlicher Interessenkonflikte und Fehlanreize in der Finanzindustrie; (2) der Zustrom von uninformierten und naiven Teilnehmern in den Finanzmarkt; (3) die steigende Komplexität von Finanzmarkttransaktionen als Ergebnis rasanter technologischer, rechtlicher und finanzieller Innovationen und einer sich ständig erweiternden Palette von Finanzprodukten; (4) ein verstärkter Rückgriff auf Geheimhaltung in Form von strengen Vertraulichkeitsregeln für Bankgeschäfte und juristische Dienstleistungen sowie von außerbilanziellen Konstruktionen und Briefkastenfirmen in Offshore-Finanzplätzen.Preface 1 Introduction 2 Financial statement fraud 2.1 General characteristics 2.2 Financial statement fraud in the context of publicly listed corporations 2.3 Rogue traders: Accounting fraud at the proprietary trading desks of financial firms 2.4 Mortgage origination fraud: Financial statement fraud in the context of loan applications 2.5 Mortgage securitization fraud: Financial statement fraud in the context of structured finance investments 3 Financial scams, cons, and swindles 3.1 General characteristics 3.2 Investment scams: Sham business ventures and Ponzi schemes 3.3 Financial identity scams: Phishing, pharming, and payment scams 4 Fraudulent financial mis-selling 4.1 General characteristics 4.2 Predatory lending: The mis-selling of (mortgage) loans 4.3 The mis-selling of life insurance and pension schemes 4.4 The mis-selling of interest rate derivatives 4.5 The mis-selling of synthetic CDOs 5 Conclusion Reference
Advance Fee Fraud on the Increase: The Shield of Support Over the Victims
Get PDFThis research study addresses the activities of Advance Fee Fraudsters whose activities sometimes impact the status and life of their victims. Research to date appears to have focused on crime, Advance Fee Fraud, and its techniques. The intent of this study is to take the reader through the various types of Advance Fee Fraud (AFF) with special attention to how the victims may get help, an aspect of AFF that has been greatly neglected by previous researchers who mainly focus on the techniques and modus operandi of the fraudsters. Until recently, the concept of AFF was limitedly known, but with the advancement in technology, the concept has become very popular and sophisticated in its techniques. Though a qualitative research model will guide my investigation, I will not be limited in scope by finding useful materials for the study. The reason is that, for a social ill that has so much ravaged the global financial institutions and the finances of governments, corporations, and individuals, no one system will be able to bring to bear what is sought in proffering solutions to the menace. This research will be guided by a theoretical framework consisting of the problem statement, the purpose, the significance, and the research questions. The goal is to determine which types of AFF are more popular and employed, and which of them victims easily fall prey to. This will enable the researcher to access ways of helping the vulnerable citizens, treat, and support those already exposed, prevent revictimization, find how to put in place the required preventive actions, and how justice can be secured for victims of fraud. The data for the study will be obtained through qualitative interviews, and the transcripts of the interview material will be analyzed for emerging themes. It is my hope that the study will be helpful in enabling this research to fill the gap that has been created by previous research, finding help and support for victims
Mapping Romance Fraud Research – A Systematic Review
Get PDFPurpose: This paper aims to systematically review over two decades of academic articles on romance fraud to provide a holistic insight into this crime and identify literature gaps. Design/methodology/approach: More than two decades of peer-reviewed academic journal articles from 2000 to 2023 were systematically reviewed using multiple search engines and databases for relevant papers, identified through searches of paper titles, keywords, abstracts and primary texts. Findings: The findings reveal 10 themes: i) the definitions and terminology of romance fraud; ii) romance fraud’s impact on victims; iii) the profile of romance fraud criminals and victims; iv) romance fraud methods and techniques; v) why victims become susceptible to romance fraud; vi) the psychology of romance fraud criminals; vii) the links between romance fraud and other crimes; viii) the challenges of investigating romance fraud; ix) preventing romance fraud and protecting victims; and x) how romance fraud victims can be supported. Practical implications: The paper reveals implications regarding the future direction of policy and strategy to address the pervasive low reporting rates and narratives of shame bound with victims of this crime. Originality/value: Romance fraud is a serious crime against individuals with impacts beyond financial losses. Still, this fraud type is under-researched, and the literature lacks a holistic view of this crime. To the best of the authors’ knowledge, this is the first systematic literature review providing a holistic view of romance fraud. It combines evidence across the academic landscape to reveal the breadth and depth of the current work concerning romance fraud and identify gaps in the understanding of this fraud crime
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This paper was published in Portsmouth University Research Portal (Pure).
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