CAUSES, PREVENTION, AND NOTABLE CASES OF FRAUD ON SELECTED BANKS IN LUCENA CITY

This study examined the issue of fraud on a selected bank and discusses the areas or factors with significant potential for ambiguous and fraudulent activities. It is not easy to find out the main cause of the fraud because often times it remains unnoticed. The objectives of the study were to determine the causes of fraud and to provide a long term plan for fraud prevention in the future. Fraud cases are serious kind of criminal cases which is against to our Philippine law, with penalty of imprisonment and paying money for that depraved activity. Fraud is when trickery is used to gain a dishonest advantage, which is often financial, over another person. The study is discussing the causes of fraud in selected banks in Lucena City and notable cases they encounter. Identifying fraud is usually a two-storage process in which your personal details are robbed from you and then it was used for financial gains or other criminal activity. As a result, it might be left with a poor credit rating, debt or other legal implications. In providing false statement to other parties, fraud may involve false facts representation by intentionally withholding whether important information for the purpose of gaining something that may not have been provided without the deception. The bank purpose is to protect the investors’, clients’, depositors’ money to other clients who wants to borrow money. But in the case of fraud, the entire banking industry may alarm for not to function well as to the normal day to day transaction.