What do you mean by Systems Frauds? Explain.

Systems fraud, also known as systemic fraud or systematic fraud, refers to fraudulent activities or schemes that exploit weaknesses or vulnerabilities within an organization's systems, processes, or controls. Unlike individual or isolated fraud incidents, systems fraud typically involves a systematic and organized approach to commit fraud within an institution. This type of fraud can have a widespread and long-lasting impact on an organization, affecting its financial stability, reputation, and operations. To explain systems fraud in more detail, let's delve into its key characteristics, examples, and preventive measures.

Key Characteristics of Systems Fraud:

1. Systemic Nature: Systems fraud is not limited to isolated incidents or the actions of a few individuals. It often involves a coordinated effort to manipulate or abuse internal systems and processes.

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