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Are You a Target of Bank Fraud?

Bank and banking related fraud can occur in many ways from cheque fraud to credit card fraud. Read on to learn about some of the different types of bank and banking related frauds and learn ways to protect your personal information and prevent yourself from becoming the next target of bank and banking related fraud.

Types of Bank and Banking Related Frauds

  • Cheque Fraud: is responsible for the loss of about $815 million yearly, which is nearly 12 times the amount robbed from banks each year. Many types of cheque scams exist, including:

    • Forged Signatures – involves forging a signature on legitimate blank check

    • Forged Endorsement – includes endorsing and cashing or depositing a stolen check

    • Counterfeit Checks – is on the rise with the advancement in color copying and desktop publishing

    • Altered Checks – where a person changes the name of the payee or dollar amount on a legitimate check

    • Check Kiting – where a person deposits a non-sufficient fund check into an account, then writes another check against that amount for another account.

  • Uninsured Deposits: occurs when illegitimate companies persuade customers with high rates of interest or offshore secrecy to avoid paying taxes. These companies are not monitored or authorized by any federal bank or financial institution, meaning depositors do not receive protection or insurance on their investments from any state or federal institution.

  • Credit Card Fraud: is a common type of fraud that affects millions each year. Statistics show that credit card causes $500 million in damages to card companies and credit card holders. So, it’s wise to learn how to keep your credit card and bank documents safe to prevent credit fraud from happening to you. And, if you suspect that you’re a target of credit fraud contact your bank or credit card company immediately to check for fraud.

  • Falsification of Loan Applications: also known as Loan Fraud. It occurs when a person produces false information to qualify for a loan, such as a mortgage for their house. Sometimes, loan officers may be in on the fraud.

Ways To Protect Yourself

The best way to protect yourself from bank and banking related fraud is by being informed of these types of fraud. Here are some useful tips you can use to help keep your money safe:

  • Keep an eye on your credit cards, bank documents, and cards at all times
  • Treat your cards and check book like it’s cash
  • Monitor your accounts and keep receipts of your purchases to check against your monthly statements
  • Report any suspicious or bogus activity or charges made to your accounts
  • Write down all your card numbers and keep it in a safe place, incase you need to report a lost or stolen card
  • Educate yourself about the risks of online banking fraud.

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In 2003, more than 10 million Americans fell victim to identity theft.

Identity theft costs business and individuals $53 billion dollars annually

In 2003, Americans spent 300 million hours resolving issues related to identity theft.

70% of all identity theft cases are perpetrated by a co-worker or employee of an affiliated business.