IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 9 NO. 7 2023
DOI: https://doi.org/10.56201/jafm.v9.no7.2023.pg115.130

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Internet Payment System, Forensic Accounting and Forensic Investigation: 3M Theory in the Financial Frauds

EFUNTADE, Alani Olusegun, FCIB, FCA., EFUNTADE, Olubunmi Omotayo, PhD

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Abstract

In view of the rapid development in internet payment system and information and communication technology (ICT) that is changing banks mode of payment operations and bringing innovations to banking transactions, and even the method fraudsters operate as well as the likely effects of their activities on the banks and customers if not tackled, t h i s e x p l o r a t o r y p a p e r e x p l o r e s f orensic accounting, forensic investigation, digital environment, 3M (Manipulation, Misrepresentation, Misapplication) Theory in the Financial Frauds, electronic payment risk management, data mining technique, data matching technique and network security management in internet payment system within banking infrastructures. The paper highlights how forensic accounting and investigation can be employed to resolve the problem of internet and electronic payment fraud and crimes. It is recommended that investigative accounting that will comprehensively entails ICT-related fraud investigation, prevention of fraud and analyzing antifraud ICT-controls in addition to gathering non-financial and financial information should be intensified with modern technology within the banking security infrastructure. There should be fraud control software for financial frauds in digital environment. In today's world where technology has reached a different dimension, sophisticated cases in today's internet banking businesses cannot be revealed by traditional methods and the need for fraud control software against possible negative cases in information environment should be fulfilled in order to eliminate this complexity.

keywords:

Forensic Accounting; Forensic Investigation; Internet Payment System; digital environment; 3M (Manipulation, Misrepresentation, Misapplication) Theory in Financial Frauds, Data Mining; Data Matching

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