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Fraudulent activities are dynamic, have no boundaries and could be carried out by anyone. They are only limited by the fraudsters’ creativity in weaving them. Fraud feeds on men’s complacency and system’s weaknesses, which are men-induced too. Thus, the approach to effective fraud prevention and management is not just system-based or risk-based but more importantly, human-based.
Almost all businesses are service-centric and that means it is essentially made up of men and women providing services to customers. Such business nature is a likely warm bed for fraudsters to bloom. Thus, if we understand why, how and when a fraudster would likely to strike then it will be helpful to formulate and implementing preventive measures to manage fraudulent activities.