Banking Exam Question - Methods of Prevention of Banking Crime & Fraud

Introduction - Methods of Prevention of Banking Crime & Fraud

• Multi-Factor Authentication: The best approach is to begin with a multi-factor verification/multi-layered security structure. 
• Banks: Monitor Transactions: In his days in bank operations, the bank used to set up day by day restrains on every client. 
• Businesses: Reconcile Corporate Accounts Daily: For organizations, reconcilement of keeping money records and exchanges consistently - either at end of day or possibly toward the start. 
• Employ Dual, Triple Controls: Double controls at the corporate side are, at any rate, tablestakes. indeed, even triple controls, where one individual makes the exchange, a moment individual endorses it, and afterward a third individual really sends the exchange. 
• Raise Fraud Awareness: At long last, constant instruction of business clients is critical. At the national level, this issue of corporate record takeover has become genuine consideration. However, genuine arrangements won't come until money related establishments and their corporate records alike understand the genuine dangers they confront - and basic arrangements they can actualize to help moderate those dangers.