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Understanding the Financial Fraud: An Extended Model

Understanding the Financial Fraud: An Extended Model
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Author(s): Georgios Loukas Vousinas (National Technical University of Athens, Greece)
Copyright: 2021
Pages: 20
Source title: Handbook of Research on Theory and Practice of Financial Crimes
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-5567-5.ch001

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Abstract

This chapter aims to elaborate on the theory of fraud by enhancing the existing theories that force people to commit fraud. The chapter reviews the most commonly used and widely accepted models for explaining why people commit fraud: the fraud triangle, the fraud diamond, the fraud scale, and the MICE model. The author argues that these models need to be updated to adapt to the current developments and the ever-growing fraud incidents, both in frequency and severity. The chapter identifies a major element, ego/entitlement, which plays a crucial role in compelling people to commit fraud and builds on the theoretical background to conclude in the formation of the SCORE model, which is graphically depicted in the fraud pentagon. It goes further by adding the factor of collusion for its better application in cases of white-collar crimes.

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