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Money laundering & movement

Criminals often use electronic media or other hidden ways to handle their earnings, and some international agents transport illegitimate wealth between financial systems across countries. In general, such non-electric deals are linked to hawala. 

In other cases, the fraudsters convert it into financial instruments or invest through shell firms into various properties to avoid getting tracked. Also, it is deposited into multiple bank accounts over a long time (also called smurfing), and it helps to evade tracking and bypass local taxes. 

Many illegitimate organisations generate money through criminal activities and recruit people to accept deposits. Then, they are asked to transfer them to another or make payments through credit cards or prepaid vouchers. 

The banks have reported multiple money-laundering complaints, where they had to refund customers. As a result, financial institutions are shutting down or blocking customers on such grounds. In addition, the banks are improving their security systems and integrating technically advanced methods to identify risky transactions. 

Some of the suspicious activities identified by them are-

  • The customer has a zero balance, but the credit card limit is $2K, and only one person is listed. 

  • The customer authorises a large check payment through an ATM.

  • The client is a property developer and earns over $300K yearly.

  • If multiple transactions are attempted through different channels from different locations, and the attempted ATM withdrawals are made from high-risk locations, it's an alert.

  • If you suspect any such fraud, report it to the authorities.

Date Published: Sep 14, 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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