This paper highlights the gravity of financial fraud in recent years. It also explores as to whether financial frauds can be detected and prevented by Forensic Accounting. What is the situation of financial frauds in India and the global impact of the same on the economy? The role of forensic accountants in contemporary society today and in future has also been analysed and discussed vis a vis ever increasing financial crimes. How global embracement of new technologies is affecting the economic scenario, has been mentioned.
Financial Frauds; Forensic Accounting; Contemporary Society; New Technologies; Economic Scenario