Banking Fraud Types & Key Purpose

Identity Theft

Steal personal details for financial gain; opening fraudulent bank accounts

credit card fraud

make unauthorized transactions; stolen card details used for online shopping

phishing & smishing

trick victims into revealing banking details; fake emails posing as banks

check fraud

after or use stolen checks; forged signatures on checks

wire transfer fraud

trick businesses into wiring money; fake invoice scams

ATM fraud

steal card details at ATMs; skimming device installed on ATM

Insider fraud

Employees misuse access to commit fraud; bank teller stealing customer funds

money laundering

hide illegally obtained money; criminals depositing small amounts in multiple accounts

ponzi & pyramid schemes

fake investment schemes; paying old investors with new investor money

forgery fraud

falsify financial documents; fake loan applications

account takeover fraud

gain control of someone’s bank account; hacking into an online banking account

investment fraud

trick investors into fake schemes; selling non-existent stocks

mortgage fraud

manipulate real estate transactions; fake income details for mortgage approval

social engineering fraud

manipulate individuals for information; phone scam pretending to be a bank officer