Fighting Fraud and Corruption at the World Bank

Abstract

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Sustainable response system building against insider-led cyber frauds in banking sector: a machine learning approach

“…Previous studies (Abdul Rahman and Salim, 2010;Manacorda and Grasso, 2018;Nguyen and Pontell, 2017) reveal that junior or middle-level employees targeted the Middle East, African, European and American financial institutions. They mainly engaged in cybercrimes by cracking passwords and willfully diverting customers' funds.…”

Internal-led cyber frauds in Indian banks: an effective machine learning–based defense system to fraud detection, prioritization and prevention

“…Studies in Nigerian and Iranian banks (Crespo et al. , 2011; Manacorda and Grasso, 2018; Rahman et al. , 2016) showed that cyber frauds were committed by bank employees who had IT expertise and perpetrated unauthorized data use, money transfers and money laundering types of fraud.…”

“…These employees are involved in cracking customers' passwords and diverting customers' funds to potentially lucrative transactions. Studies in Nigerian and Iranian banks (Crespo et al, 2011;Manacorda and Grasso, 2018;Rahman et al, 2016) showed that cyber frauds were committed by bank employees who had IT expertise and perpetrated unauthorized data use, money transfers and money laundering types of fraud. External parties commit information theft with the help of internal employees' credentials for account takeover and hacking (Harrison and Moore, 2012;Kazemian et al, 2019).…”

Bank’s battle against insider frauds ignitors and mitigators: an emerging nation experience

“…Pontell (2005), Rahman et al (2016), Manacorda and Grasso (2018), Kazemian et al (2019) in their study on American, European, Middle East and African banks identified a category of frauds perpetrate specifically for the personal benefit of insider’s mid to junior level employees i.e. secret commission and bribery, diversion of employee to a potentially profitable transaction, etc.…”

“…secret commission and bribery, diversion of employee to a potentially profitable transaction, etc. Button et al (2011), Rahman et al (2016), Manacorda and Grasso (2018) in Nigerian and Iranian banks classify the types of frauds committed by internal bank employees in alliance with IT experts i.e. loan fraud, misuse of an expense account, unwarranted information usage, money transfer fraud, money laundering, cybercrime, etc.…”