Types of Bank Frauds

Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain.

Though vishing and its relative, phishing, are troublesome crimes and sometimes hard to identify, here are some tips from the FTC to protect your identity. Smishing. Just like phishing, smishing uses cell phone text messages to lure consumers in. Often the text will contain an URL or phone number.

Bank fraud can be devastating to your personal and business finances. More and more tools and techniques are used by thieves and scam artists to steal your identity and money, or corrupt your business.

The purpose of these frauds is generally to encourage the victim to send money to a foreign bank, where it is eventually transferred to an off-shore account in the control of the con artist. From there, the victim’s money is used for the perpetrator’s personal expenses or is laundered in an effort to make it disappear.