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Bank account fraud

It refers to the unapproved bank transfers from the customer's account. Such transfer of funds may have been accomplished using identity theft. In such cases, people impersonating officials from banks or government departments try to contact and ask questions to procure the victim's details. 

Such callers indulge in lengthy conversations to gain credibility and encourage the target to divulge information that they can use to access their account or open a new account. Even if they do not ask for sensitive information, they can compromise the account using other information. 

For example, if they get the last four digits of the SSN, they can confirm their identity. Hence, one should reject unsolicited calls asking for any such details.   

How To Protect Yourself?

  • Do not disclose your full name, address or bank details to unknown callers by phone or mail.

  • Do not answer security questions over the phone. 

  • Never reveal the full password or login details.

  • Check all your bank statements carefully, and do not leave bills lying around. Destroy statements or documents, and if you move house, inform about it to the post.

  • Get copies of credit reports to ensure each transaction is trustworthy, and notify the bank if you see any unusual activity on your card.

Date Published: Sep 12, 2023

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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