Development of a policy and regulatory framework for mitigating cyberfraud in the South African banking industry

Akinbowale, Oluwatoyin Esther; Klingelhöfer, Heinz Eckart; Zerihun, Mulatu Fekadu; Mashigo, Polly

doi:10.1016/j.heliyon.2023.e23491

Cited by 6 publications

(1 citation statement)

References 11 publications

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“…Monitoring and supervising activities that may pose risks, proposing risk mitigation actions, and reporting to designated authorities is the next step. In addition, entities can promote good corporate governance by implementing ethical practices and cultivating risk awareness [52].…”

Section: Methodsmentioning

confidence: 99%

Auditing the Risk of Financial Fraud Using the Red Flags Technique

Munteanu,

Zuca,

Horaicu

et al. 2024

Applied Sciences

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Major financial irregularities have contributed significantly to the destabilization of the world economy and the financial environment, by short circuiting investment flows and discrediting financial markets, with significant financial, social, and political consequences. Through the auditor’s key role of providing an independent, objective and professional opinion on the correctness of financial statements, the accounting profession has promoted a new procedure, the anti-fraud audit, which is responsible solely for financial prevention and fraud detection. Fraud detection audits have a methodology and a set of customized tools that help auditors in their mission to ensure the smooth execution of their audits. The purpose of this research is to conduct a comprehensive examination of both theoretical and practical aspects, with the objective of determining the risk profile of financial fraud among auditors. This will aid in preventing, detecting, and correcting such harmful practices. Through an empirical study of a fraudulent corporate entity, the quality of information contained within financial reports will be assessed, as well as the effectiveness of managerial decision-making substantiation. The data processing was carried out using the statistical software SPSS 19.0. when making graphs and interpreting the obtained results.

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Section: Methodsmentioning

confidence: 99%

Auditing the Risk of Financial Fraud Using the Red Flags Technique

Munteanu,

Zuca,

Horaicu

et al. 2024

Applied Sciences

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Analyzing trends: A bibliometric study of administrative law and forensic accounting in the digital age

AL-Raggad,

Al-Raggad

2024

Heliyon

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Effectiveness of long-short term memory network in financial fraud detection

Qiao

2024

Preprint

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To limit the impact of the financial frauds in capital market, it is essential to create a rigorous and effective financial fraud identification model. Our paper discusses the effectiveness of long-term and short-term memory (LSTM) network in detecting financial fraud. In total, 660 Shanghai and Shenzhen listed companies from 1994 to 2018 have been selected as our research samples. Among them, 165 entities were with records of false financial information disclosure. Different types of research approaches are adopted during two stages of the study. The first stage is data preprocessing, during which Artificial neural networks (ANN) are used to screen important variables. In order to accomplish a high-precision financial fraud detection model, both financial and non-financial variables are included. The second stage is the performance evaluation and classifiers comparison. Various classifiers are used to execute and compare the performance of the model: support vector machine, K-Nearest Neighbor (KNN), random forest, multilayer perceptron and LSTM neural network. The results show that the variables screened by ANN and processed by LSTM neural network have high accuracy in identifying financial statement fraud.

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Development of a policy and regulatory framework for mitigating cyberfraud in the South African banking industry

Cited by 6 publications

References 11 publications

Auditing the Risk of Financial Fraud Using the Red Flags Technique

Auditing the Risk of Financial Fraud Using the Red Flags Technique

Analyzing trends: A bibliometric study of administrative law and forensic accounting in the digital age

Effectiveness of long-short term memory network in financial fraud detection

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