Over the past decade, financial fraud has transformed from isolated misconduct to intricate, cross-border networks exploiting systemic weaknesses in governance, technology, and regulation. Traditional audit and compliance solutions, which are reactive and compartmentalized, are falling behind the adaptive and scalable nature of fraud. It is challenging to discern between deliberate fraud and legitimate transactions due to sophisticated tactics like smart contract attacks and synthetic identities. As a front-line defence, forensic accounting necessitates a proactive, intelligence-driven strategy that combines knowledge of finance, cyber, regulations, and risk. Despite legislative improvements, India's system is reactive rather than preventive due to large gaps in enforcement, coordination, and specialized capability. Closing this gap requires incorporating forensic methods into corporate governance and encouraging shareholder participation. Advanced technologies like blockchain traceability and real-time surveillance are essential to this evolution. The future of fraud prevention depends on institutions' capacity to promptly identify and eradicate emerging risks. Forensic accounting must evolve into a core pillar of financial oversight to safeguard systemic integrity in an era of engineered deception.
rani et al. (Mon,) studied this question.
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