Methods of Fraud Management in the Financial Services Market of the Region

Abstract

Purpose: In analyzing the current state of financial fraud aimed at embezzlement of other people's funds, it must be said that this problem requires both national and international legislation to deal with this crime. Design/methodology/approach: The work presents a detailed study of the concept and types of financial fraud, as well as an analysis of the state in the Russian Federation. Findings: Fraud is an “intellectual tool,” and the forms of its manifestation in the context of economic development are becoming more susceptible to change and difficult to disclose. Fraud causes significant financial damage to the economy, fraud is adaptive and volatile, while it extends to all types of economic and financial activities. Originality/value: The authors concluded that fraud in the modern economy is becoming the most attractive for unscrupulous people. Therefore, only the struggle of all branches of state power can be the key to further transformation. It follows that only in this case it is advisable to talk about the potential impact on preventing and reducing the growth of fraudulent activities in the field of the economy, as well as ensuring the economic security of the state.