Fraud against international students in education and banking sector.
1 Introduction
The banking industry is in the formative stage, to which it is essential to take steps in banking institutions. In developing countries, the directions of banking institutions should be considered seriously to which does not harm the economic growth of the country (Agoyi & Seral 2010). There arises the need to focus on practical steps taken by the government to consider sound and infinite services and act as a dynamic factor for the development of the economy. The role of the financial and education sector is to enhance the economy with the development process to be considered in the economic unit and ensure paramount intermediation in the educational industry. International students need safety and security in the country to which the role of the educational sector and financial sector should support students and not face a situation like fraud and loss. Intermediaries are the sources of problem creators to which international students suffer in the country (Bhasin 2015). The problem varies in the country, and the government should consider several aspects. Strict actions against intermediaries and punishment to intermediaries will resolve the matter of fraud and loss of money for international students. Fraudulent work practices will lead to a loss of economic conditions. Fraud and damage are expected to be the primary reason for creating an underdeveloped society.
The research report investigates fraud against international students in education and banking sector. The scope and gravity of the research create a significant concern in the economy. The study identifies the primary aspect of growth in the marketplace while curbing the fraud in the country and ensuring that the banking and education sector does not cause deception to international students. The fraud clearing strategies and falsification of account are the primary criteria to be noticed to which economy respectively ensures growth and internal aspects of the control system are considered (Chiezey & Onu 2013). Fraud is called a social evil activity that the banking sector performs with the inclusive loss for a person, which is the expected part of the business. Fraud in the banking sector is a significant lookout condition that involves loss of money or asset. Generally, international students face these types of situations in the banking and education sector, which need to be controlled on a primary basis.
2 Aim and objectives 200
The report aims to investigate the international student’s perception of fraud in the education and banking sector. The research objectives are
To discover the ways students are targeted in education and banking frauds
To investigate the age group of young students who are targeted
To find possible solutions and effective control measures in the banking system
The research objectives will fulfill the primary criteria for establishing and investigating fraud in the banking and education sector. The banking institutions should focus on the benefits and economic development of the country for interest groups such as the agricultural sector, individual customers, industrial sector, and the government sector (Vigneshwaran & Yokesh 2018). Fraudulent practices like credit card market usage and transactional purposes impact the economic development of the country (Siddique & Rehman 2011). The reasons for banking fraud are a negative impact on morale, disruption in business, and workplace culture. International students are targeted for banking fraud. The research question is to what extent are students aware of fraud in the education and banking sector? What steps does the government take to reduce banking fraud?
3 Literature review 1000
Banking fraud practices such as money laundering, creative accounting, dummy colleges, and Bogus visa are few practices that weaken the education and banking sector. The direct need for considering globalized business practices is essential as it could mitigate the risk with conscious actions. The need for transparency in the banking sector is essential as it helps to raise the economy and ensures the international capital market (Lokare 2014). Mergers of giants in the finance industry will lead to the concept of too big to fail aspect, which ultimately ensures response to consumer protection and provides new agencies to prevent and monitor fraudulent practices.
Money laundering
According to Bhasin (2012), Money laundering consists of a range of practices that lead to a source of profit for bankers and financiers. Money laundering leads to washing dirty and ensure clean practices. Criminals use the technique to hide the source of income with the help of money laundering techniques. However, these types of activities happen in the educational and banking sector. The different forms of illicit money, such as corruption, commercial, and criminal, are used in money laundering. Universities use money laundering techniques with the help of payment of tuition fees and expenses, which lead to a disruptive technology that hinders the economy. According to Bhasin (2013), Anti-money laundering schemes are used to combat terrorist financing, corruption, and crime. Money laundering is a content of depravity to which it is a great deal to direct and control the system by preventing terrorist financing and scope. As per Richard (2011), The most common aspect of the money laundering method is corrupt officials to which inter-governmental policy composes 34 nations, including Canada, the UK, and the US. Money laundering leads to corruption practices that need to be stopped depending on the nature of corrupt activities in the country. There are three necessary steps of money laundering that were applied in a study, placement, layering, and integration stage.
Creative accounting
Creative accounting is a technique that ensures accounting knowledge and focuses on jurisdiction to engage in-laws and regulations that are within government norms. The method provides the transformation of financial accounting to which actual desires and advantages of rules and regulations are practices by taking existing laws. Creative accounting leads to deliberate fluctuations of figures to save the level of earnings and consider a compelling brand image for the firm. According to Kundu & Rao (2014), The selection of accounting measurements based on several aspects of growth is considered with a variety of trend and disclosure management. Universities use creative accounting to hide the real figures and engage in modified accounting rules. As per Salaameh, Ghazi, Al-Nsour & Al-Hiyari (2011), a study of preventing creative approaches, there are main strategies that companies adopt are cash flow statements, accounting for subsidiary undertakings, reporting financial performance, indicating the substance of transactions and capital instruments. Four basic requirements are involved in achieving goals such as credibility, service quality, professionalism, and confidence. According to Trishala, Lakshmi & Rajeshkumar (2018), Creative accounting is a concept that is applied with a professional perspective with creative accounting standards. As per Yadav (2013), The significant aspect of creative accounting is to influence the decision that leads to underline corporate reports to make it evident to users’ consent and create effects of items that are important. The information is in numerical or verbal form to which creative presentation is prepared adequately.
Bogus visa
Visa scam is one such activity that is illegal and dangerous for students in terms of employment agency operations. There is a growing number of international students who are victims of visa scams to which scammers do not run the organization with approved sponsors. Specific skills are needed to which an overall genuine aspect of authorization is expected. Medical checks, airfare, and other elements are considered in the fees; visa scam is the actual result for international students. According to Deliversky (2016), Fake student visas lead to a painful condition which apprehends police cases with allegedly providing fake visas to international students. Police take strict actions to control the situation and consider effective syndicate results for the overall claim. According to a study by Mohamedbhai (2016), One such example of Bogus job offers leads to using the name of the genuine organization in Australia and acquiring visa lodgement fees. The victims pay for medical examination and facilities, which is not associated with Australian approved physician.
Dummy colleges
Dummy colleges are the type of coaching centers that generally tie-up with schools to reduce the workload. This strategy helps the student to focus on education and prepare for the entrance exam. The concept is familiar for international students who are trying to achieve a science degree. As per Soni & Soni (2013), Dummy colleges are not equivalent to the degree of regular school. International students face these issues in the education sector, which needs to be controlled while providing awareness and focusing on overall opportunities for international students. International students face these issues which need to be controlled by considering regular school opportunities offered to international students. Dummy schools are disapproved, and as per the report, there are more than 150 coaching centers that are dummy schools in India. At someplace in India, dummy schools are popular such as Kanpur, Patna, and Chandigarh, to which international students are aware and can enroll for admission purposes.
4 Research approach
Positivist and Interpretivist research approach will be considered in investigating fraud against international students. The quantitative research approach includes positivist research, and the qualitative research approach includes interpretive analysis. Quantitative and qualitative research approaches will be used in the research project. Qualitative research is associated with a constructivist paradigm that mostly emphasizes constructed reality. Deeper meaning and investigation of human behavior will be considered in the qualitative approach with beliefs and emotions (Haradhan 2018). Qualitative researchers tend to are focused on the inductive process that ensures a pattern of data that will be collected in the research. The problems will be addressed, and the theoretical lens will be considered to investigate the overall issue that provides a significant framework for data collection. The approach of data collection and data analysis will ensure greater flexibility in quantitative research. There will be several stages to which data collection activity will be considered in the quantitative research approach.
Qualitative research involves numerical data that need to be gathered in the study. The use of photographs, pictures, and observations can be included in the research approach. Qualitative research is rich in data that provides an in-depth view of particular and useful information for exploring new things (Denzin & Lincoln 2011). There are some pitfalls for the research to value of research that can be considered with accuracy and validity. The qualitative research approach presents a harder approach that remains the part of work that involves various people to study and investigate the research. A mixed approach will be used in the study that will help to investigate the fraud against international students in banking and education sector.
5 Research methods
The research method that will be used in the study to investigate fraud against international students at a UK university is the interview and online questionnaire method. The interview method is a structured method that will be considered as one to one interviews with university students if they face any issues in the banking and education sector. Students will be asked questions that will directly provide the details of fraud against international students. The research will be carried out at a particular time with the related subject to which participants can answer the questions and comment directly (Cibangu 2012). The interview will be carried on with ten issues that will result in a good conversation with participants. The disadvantage of the method is the participant will present no clear information due to face to face interview.
The questionnaire method is an online method that will have the number of questions that the respondents should address with the feedback in the form of an email. The participants are allowed to comment and ensure that there are closed-ended questions that are answered adequately by the participants (Creswell 2014). Questionnaires will be returned by the participant to which research will not be completed without analysis and results. Surveys will help to measure the results on a larger scale to which the aim of the study will be addressed with these methods (Coghlan 2011). The real data collection may be the disadvantage of the questionnaire method.
6 Population
The size of the sample for an interview and an online questionnaire is 25 respondents for each study. Ten questions in the discussion and ten questions will be included in the online survey. The size of the sample will be small to which an in-depth analysis of the study is possible (Constant & Roberts 2017). The sample size will be selected randomly to which young international students at a UK university will be interviewed. Data will be collected by using these techniques to focus on results and to ensure practical actions taken for international students.
7 Analysis
The data analysis method will provide useful findings related to the study and investigation of fraud against foreign students in the banking and education sector. The review of qualitative and quantitative research will provide effective results dealing with the advantages of the interview method used in data analysis and the online questionnaire method in terms of a qualitative approach (Choy 2014). The data shows a clear idea about how fraudulent activities are carried on in education and banking sector.
8 Ethics
The research analysis will be conducted following the ethics, professionalism, and security of participants. Professional work ethics and behavior will be considered, which will not harm society and participants in any way (Brinkmann, Jacobsen & Kristiansen 2014). The research will be undertaken with a sincere investigation and will propose effective results that will ensure and help international students to which control measures will be considered. The standards, beliefs and work ethics will be followed in the research project to which the researcher will present useful analysis and conclusion. Therefore, the research will provide practical consideration regarding work ethics and data analysis.
9 Limitations
The data-gathering measures were not appropriate to which reliable information is not provided in the study. The research proposal lacks the primary consideration of results and taking focus groups as the research methodology. The data requires primary information and ensures better research activity. Some limitations can be overcome with in-depth analysis and research projects to be undertaken.
10 Significance
The research proposal presented the primary aspect and investigation of fraudulent activities for international students in the banking and education sector. A research proposal shows the importance of an international student’s degree of involvement. The study will be carried on for young international students at a UK university. The data will provide analysis and results of considering effective change measures and actions by the government and educational sector to curtail fraudulent practices in education (Berg 2012). Bogus visas and dummy colleges are fraudulent activities in the education sector, while money laundering and creative accounting are fraudulent banking activities.