Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh
Financial fraud activities are very frequent in recent days in rural areas where people are more in need of money and desperate to make some in any way possible. This research explores the nature, causes, and consequences of rural financial fraud with the impact on rural life and the responses of la...
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| Format: | Article |
| Language: | English |
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Sciendo
2024-12-01
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| Series: | European Review Of Applied Sociology |
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| Online Access: | https://doi.org/10.2478/eras-2024-0007 |
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| author | Nabi Md Masud Fahim Mostak Bari Akter Mahmuda |
| author_facet | Nabi Md Masud Fahim Mostak Bari Akter Mahmuda |
| author_sort | Nabi Md Masud |
| collection | DOAJ |
| description | Financial fraud activities are very frequent in recent days in rural areas where people are more in need of money and desperate to make some in any way possible. This research explores the nature, causes, and consequences of rural financial fraud with the impact on rural life and the responses of law enforcement to these occurrences. The primary data for this study was collected through in-depth interview from 24 victims of financial fraud, and 4 KIIs were conducted to get the data through semi-structured questionnaires using the qualitative research method, and the findings are presented using thematic analysis. This study found greed, temptation, and believing in fraudsters are the main causes of these fraud incidents. The fraudster, in all cases, motivated the victims in a certain way and took as much money as possible before running away, and the responses of law enforcement, credit cooperative authorities, and the local government are not satisfactory as they did nothing much to prevent and combat these fraudulent activities. The impact of these fraudulent schemes is severe, as the victims faced financial breakdown, family pressure, and psychological pressure. Moreover, reducing cravings for money, inspecting schemes before investing, monitoring by the respective authorities and building awareness among people can be preventive factors to stop these kinds of rural financial fraud. |
| format | Article |
| id | doaj-art-cd76f28079554bf9add227380c3b153c |
| institution | OA Journals |
| issn | 2286-2552 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Sciendo |
| record_format | Article |
| series | European Review Of Applied Sociology |
| spelling | doaj-art-cd76f28079554bf9add227380c3b153c2025-08-20T02:36:19ZengSciendoEuropean Review Of Applied Sociology2286-25522024-12-01172911710.2478/eras-2024-0007Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, BangladeshNabi Md Masud0Fahim Mostak Bari1Akter Mahmuda21Mawlana Bhashani Science And Technology University, Bangladesh1Mawlana Bhashani Science And Technology University, Bangladesh1Mawlana Bhashani Science And Technology University, BangladeshFinancial fraud activities are very frequent in recent days in rural areas where people are more in need of money and desperate to make some in any way possible. This research explores the nature, causes, and consequences of rural financial fraud with the impact on rural life and the responses of law enforcement to these occurrences. The primary data for this study was collected through in-depth interview from 24 victims of financial fraud, and 4 KIIs were conducted to get the data through semi-structured questionnaires using the qualitative research method, and the findings are presented using thematic analysis. This study found greed, temptation, and believing in fraudsters are the main causes of these fraud incidents. The fraudster, in all cases, motivated the victims in a certain way and took as much money as possible before running away, and the responses of law enforcement, credit cooperative authorities, and the local government are not satisfactory as they did nothing much to prevent and combat these fraudulent activities. The impact of these fraudulent schemes is severe, as the victims faced financial breakdown, family pressure, and psychological pressure. Moreover, reducing cravings for money, inspecting schemes before investing, monitoring by the respective authorities and building awareness among people can be preventive factors to stop these kinds of rural financial fraud.https://doi.org/10.2478/eras-2024-0007fraudulent activitiesrural financial fraudbusiness fraudcredit cooperative fraud |
| spellingShingle | Nabi Md Masud Fahim Mostak Bari Akter Mahmuda Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh European Review Of Applied Sociology fraudulent activities rural financial fraud business fraud credit cooperative fraud |
| title | Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh |
| title_full | Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh |
| title_fullStr | Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh |
| title_full_unstemmed | Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh |
| title_short | Prevalence of Mass Financial Fraud in Rural Areas: An Exploratory Study in Tangail, Bangladesh |
| title_sort | prevalence of mass financial fraud in rural areas an exploratory study in tangail bangladesh |
| topic | fraudulent activities rural financial fraud business fraud credit cooperative fraud |
| url | https://doi.org/10.2478/eras-2024-0007 |
| work_keys_str_mv | AT nabimdmasud prevalenceofmassfinancialfraudinruralareasanexploratorystudyintangailbangladesh AT fahimmostakbari prevalenceofmassfinancialfraudinruralareasanexploratorystudyintangailbangladesh AT aktermahmuda prevalenceofmassfinancialfraudinruralareasanexploratorystudyintangailbangladesh |