U.S. flag

An official website of the United States government, Department of Justice.

NCJRS Virtual Library

The Virtual Library houses over 235,000 criminal justice resources, including all known OJP works.
Click here to search the NCJRS Virtual Library

Controlling Financial Services Fraud

NCJ Number
Aub Chapman; Russell G. Smith
Date Published
February 2001
6 pages
This report describes fraud that targets the financial services sector and discusses how this industry has responded in Australia.
Fraud against the financial services sector includes transaction fraud such as check forgery and credit card fraud, and identity-related fraud such as the theft and alteration of documents or the creation of a completely fictitious identity supported by fabricated documents. Actions taken to respond to the problems have occurred both within individual financial institutions, as well as within the entire industry. In addition, some initiatives have involved cooperation among the financial services sector, police agencies, and government. Preventive actions include fraud training, fraud risk assessment, automated fraud detection, and a policy that requires fraud prevention controls in all products and systems. Gradual recognition that fraud is not a competitive issue now provides a basis for industry-wide initiatives. The creation of a national fraud database is one of the most urgent needs. The Australian Bankers’ Association has established a research project to assess the viability of such a database. Another industry-wide initiative has been the establishment of the Australian Credit Card Industry Fraud forum. The industry also needs to collaborate with government to address this issue. 8 references


No download available