Bank fraud is the fraudulent means for obtaining assets, money, and other property owned by an individual. Depositor money is obtained fraudulently from a bank. Bank fraud is a criminal offense. The specification may vary from any particular bank concerning terms of bank frauds, actions that need to be taken, jurisdictions, and conditions in case of robbery or theft. Sometimes bank fraud is the white-collar crime.
Stolen Cheques: Fraud criminals get access to facilities that handle a large number of cheques such as a post office or the offices of an authority who receives cheques. Corporate payroll or a social benefit office issues cheques. Accounts are opened assuming names and the cheques which are deposited so that money is withdrawn by thieves. Stolen blank cheque book is signed as if they are the depositor.
Cheque Default: The system gets exploited where a cheque is deposited into a bank account. Money is removed from the depositor’s account without his consent.
Fraudulent loan: The other way to remove money from a bank account is by taking a loan. Practice bankers encourage taking the loan if they know that money is repaid. In a fraudulent loan, the borrower is controlled by a dishonest bank officer. The borrower, after that, declares vanishes or bankruptcy, and the money has vanished. The borrower can be a non-existent entity.
Fraudulent loan applications: A number of forms vary from an individual where the false information is used. The credit history, which is filled with financial issues and unpaid loans to the corporation using accounting fraud, gets an approved loan.
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