Strengthening Financial Resilience: A Holistic Approach to Combatting Fraud
Amit Rohilla
Dr. Amit Rohilla, Assistant Professor, Department of Commerce, Gargi College (University of Delhi), New Delhi, India.
Manuscript received on 18 February 2024 | Revised Manuscript received on 28 February 2024 | Manuscript Accepted on 15 May 2024 | Manuscript published on 30 May 2024 | PP: 20-21 | Volume-4 Issue-1, May 2024 | Retrieval Number: 100.1/ijef.A256604010524 | DOI: 10.54105/ijef.A2566.04010524
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Financial fraud poses a persistent threat to individuals, businesses, and the broader economy, requiring a proactive and collaborative response. This paper navigates through the intricate landscape of financial fraud, addressing its various dimensions and offering a comprehensive strategy to fortify defenses. The overarching theme revolves around the critical nexus of innovation and entrepreneurship in the financial sector. Recognizing the significance of these elements in shaping the contemporary business environment, the paper elucidates the key challenges and opportunities they present. The literature review provides a thorough examination of existing studies on innovation and entrepreneurship, identifying gaps and areas for further research. Major theories, frameworks, and models relevant to the theme are explored, supplemented by insightful case studies showcasing successful endeavors in these domains. A meticulously crafted conceptual framework integrates essential concepts related to innovation and entrepreneurship. This framework not only clarifies key terms but also informs the subsequent analysis by establishing theoretical underpinnings. The research methodology section delineates the chosen approach, whether qualitative, quantitative, or a mix of both. It justifies the selected methods, outlines data collection techniques, sampling strategies, and acknowledges any inherent limitations. Moving into the heart of the paper, the analysis and findings section presents the results of research or analysis. Visuals such as charts or graphs augment the discussion, offering a visual representation of key findings. These findings are then dissected and connected back to the conceptual framework and the literature reviewed. In the subsequent discussion section, the results are interpreted within the broader context of innovation and entrepreneurship. Practical implications for businesses, policymakers, or researchers are dissected, addressing unexpected results and limitations encountered during the study. Possible avenues for future study are also discovered. The concluding section ties together the main points, revisits the initial objectives, and emphasizes the paper’s key contributions to the field. The conclusion doesn’t merely recapitulate; it offers practical insights and recommendations derived from the collective insights gained throughout the paper. In essence, this paper provides a roadmap for fortifying defenses against financial fraud, proposing recommendations for businesses, policymakers, and regulatory bodies. By embracing collaboration, technological innovation, and prioritizing awareness, the strategies outlined aim to contribute to a more secure financial landscape.
Keywords: Emerging Technologies in Fraud Detection and Prevention, Financial Fraud, Fraud Prevention, Financial Resilience, Innovation, Personal Finance, Regulatory Framework.
Scope of the Article: International and Financial Accounting