Stagemeet
22 °c
New Delhi
21 ° Tue
23 ° Wed
27 ° Thu
23 ° Fri
  • Home
  • Stagemeet
  • Influencer Marketing
  • Awards
  • Topics
    • Trending
    • Indian Cities
    • Digital Marketing
  • About Us
  • Contact
No Result
View All Result
Stagemeet
22 °c
New Delhi
21 ° Tue
23 ° Wed
27 ° Thu
23 ° Fri
  • Home
  • Stagemeet
  • Influencer Marketing
  • Awards
  • Topics
    • Trending
    • Indian Cities
    • Digital Marketing
  • About Us
  • Contact
No Result
View All Result
Stagemeet
No Result
View All Result
Home Latest

Types of Bank Fraud in 2022- Explained with Examples

July 23, 2022
in Latest
Reading Time: 4 mins read
0
Types of Bank Fraud in 2022- Explained with Examples
Share on FacebookShare on Twitter

Table of Contents

  • 1. Meaning of fraud
  • 2. Types of fraud in banking

01
of 02
Meaning of fraud

1. What is the meaning of fraud

Any actions are taken to take advantage of someone else dishonestly. In other words, anyone who commits hurtful, unlawful, or immoral conduct is guilty of a civil wrong or a criminal offense.

02
of 02
Types of fraud in banking

These are the types of fraud in banking –

  1. Account opening fraud
  2. Card Skimming
  3. Advance Fees Fraud
  4. Phishing Fraud
  5. Cheque kiting
  6. Accounting data fraud
  7. Cheque fraud
  8. Bank hacking fraud
  9. Money laundering fraud
  10. Loan fraud
  11. Counterfeit securities
  12. OTP Fraud
  13. Letters of Credit
  14. Money transfer fraud

      1. Account Opening Fraud

Account opening fraud refers to the creation of a bank account for the purpose of depositing and cashing fake checks. One of the most widespread scams in the world is this one. Additionally, most of these accounts are opened with fictitious documentation to prevent discovery.

2. Card Skimming

Card skimming is a technique used by fraudsters to record data from users’ debit and credit cards to carry out fraudulent transactions.

For Example – A skimmer is a type of fraudster that copies your credit card information to perform this type of fraud. The data will be sent to a designated computer for storage and eventual use in fraudulent operations.

3. Advance Fees Fraud

When a victim gives money to someone in anticipation of obtaining something, this is known as advance fee fraud. For example, a loan, contract, investment, or gift is received, and then little to nothing is given back.

4. Phishing Fraud

Phishing is a form of internet fraud where private user information, such as login credentials, one-time passwords, and credit card numbers, are stolen. Phishing can also be carried out by responding to phony emails, texts, and phone calls with bank information.

For Example – Fraudsters frequently contact customers to renew their credit card or bank account to obtain their victims’ bank account information and one-time passwords (OTPs) so they may conduct fraud.

5. Cheque Kiting

Cheque kiting is the unlawful act of writing a check to a bank account that does not have enough money in it to cover the amount. This assumes that banks take a few days (or even longer for overseas checks) to decide whether a check is bad.

For Example – You deposit $2,500 in one bank, then write a check for that amount and deposit it to your account at a different bank; as a result, you have $5,000 available to you until the check clears.

6. Account Data Frauding

To conceal a significant financial issue some businesses falsify their books to inflate their sales, profits, and market value when the business is losing money. These false documents may assist the business in obtaining bank loans, among other things.

7. Cheque Fraud

The three main types of check fraud are as follows:

1. Altered – A check that has been legitimately issued by the account holder but has been changed, often by fraudsters, to modify the payee name or the cheque’s value.

2. Counterfeit – A simple piece of paper that has been altered to look like bank check paper can then be used to create a real check that is linked to a real bank account that has been set up and issued by a fraudster.

3. Forged-This fraud involves a real cheque that was stolen but was not signed by the account holder. The check’s signature was added by the fraudster.

8. Bank Hacking Fraud

Gaining access to bank information by computer hacking and manipulation in order to make deposits, transfer money unlawfully, or remove any record of transactions. However, spreading malware or hacking into bank computers or networks would lead to computer fraud.

9. Money Laundering Fraud

Money obtained illegally and deposited in banks by transforming the cash into undetectable transactions is known as money laundering. Fraudsters’ attempts to make money appear to have originated from a legitimate source.

For Example – If someone is selling drugs, they could try to make it look like the money comes from a company and put it in the company’s account.

10. Loan Fraud

Loan fraud refers to the lending of money to a borrower who has gone over his credit limit or to a non-borrower.

For Example – Loan fraud occurs when people use fraudulent information to get a loan. Another instance of loan fraud is when a burglar obtains a loan in someone else’s name by using that person’s identification.

11. Counterfeit securities

When presenting documents, securities, bonds, shares, and certificates to a bank to obtain a loan using these instruments as collateral, they are often falsified, duplicated, changed, or otherwise altered.

12. OTP Fraud

The codes that make up the OTP messages sent by telex could be changed to direct the money to a different account, making it easier for fraudsters to move money.

13. Letter Of Credit

Generally, importing items on credit is done through letters of credit. The majority of international trade uses this. Most often, letters of credit fraud are committed against banks by presenting fictitious documents indicating that products have been transported when none have been.

14. Money Transfer Fraud

Money transfers using organizations like Western Union and Money-Gram are used by scammers as part of numerous schemes to obtain your funds. For fraudsters to obtain the money before the victims are aware that they have been defrauded, scammers put pressure on people to make money transfers as rapidly as possible.

Online cash transfers are equivalent to sending cash, and the sender is not protected. Moreover, there is no way for anyone to undo the transaction or find the money.

Previous Post

How to Earn Money with Blogspot (Blogger) without Investment

Next Post

Types Of Companies | Classified With Example

Team

Team

Related Posts

What is Yes Group | Network Marketing
Latest

What is Yes Group | Network Marketing

July 29, 2022
What is Team fire 64 (Forever)- How to Earn, Steps to join?
Latest

What is Team fire 64 (Forever)- How to Earn, Steps to join?

July 29, 2022
What is Network Marketing
Latest

What is Network Marketing

July 27, 2022
Weight Gaining Exercises at Gym with Proper Method
Latest

Weight Gaining Exercises at Gym with Proper Method

July 26, 2022
Next Post
Types Of Companies | Classified With Example

Types Of Companies | Classified With Example

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
How to Earn Money with Blogspot (Blogger) without Investment

How to Earn Money with Blogspot (Blogger) without Investment

July 22, 2022
Hyderabad

Kurukshetra

March 16, 2022
Similarities between MNC and TNC

Similarities between MNC and TNC

July 23, 2022
What is Team fire 64 (Forever)- How to Earn, Steps to join?

What is Team fire 64 (Forever)- How to Earn, Steps to join?

July 29, 2022
Hyderabad

Hyderabad

0
Hyderabad

New Delhi

0
Hyderabad

Shimla

0
Hyderabad

Bhubaneswar

0
What is Yes Group | Network Marketing

What is Yes Group | Network Marketing

July 29, 2022
What is Team fire 64 (Forever)- How to Earn, Steps to join?

What is Team fire 64 (Forever)- How to Earn, Steps to join?

July 29, 2022
What is Network Marketing

What is Network Marketing

July 27, 2022
Weight Gaining Exercises at Gym with Proper Method

Weight Gaining Exercises at Gym with Proper Method

July 26, 2022

Stagemeet

Meet

Company

  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

More

  • Awards & Certificates
  • Brand Sponsers
  • Featured Interviews
  • Post Requirements
  • Advertise with us

Stay Connected

Facebook-f Twitter Youtube Instagram Linkedin

© Copyright 2022 - Stagemeet | Developed by Sitesurface

No Result
View All Result
  • Home
  • Stagemeet
  • Influencer Marketing
  • Awards
  • Topics
    • Trending
    • Indian Cities
    • Digital Marketing
  • About Us
  • Contact

© 2022 Stagemeet - Developed by Sitesurface.