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Banking Fraud Cases

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What is the penalization for bank fraud?

Federal Prosecution for Bank Fraud Crimes Under federal law, bank fraud is punishable by a sentence in federal jail for up to thirty years and up to a Rs 1,000,00 fine

Accounting Fraud

Accounting fraud has a major impact on business financing. Accounting fraud occurs when a company "cooks the books" to appear more profitable on paper than it is. Banks loan money to these businesses based on these false statements, but the businesses are unable to repay the loans because they are insolvent. The banks are then left with a loss.

Loan Fraud

Accounting fraud can lead to loan fraud; however, this type of fraud isn't restricted to companies providing misleading info on loan applications. Loan fraud occurs when people provide fraudulent details to get a loan. Similarly, loan fraud occurs when a burglar steals someone's identity and applies for a loan in their name. Additionally, if a person has a line of credit and a scam artist drains funds from that line, that comes under this category as well. (P)

Wire Transfer Fraud

Wire fraud includes all types of fraud involving wire transfers or the online.. In some cases, the scammers steal the username and password of a banking customer, and they wire money to themselves. For example, when an attacker gained the sign-in info from a Missouri business, the attacker was able to steal $440,000 in wire transfers

Fraudulent Phishing

Phishing happens when a scam artist utilizes email, texts, phone calls, or other techniques to gain a victim's bank details. This sort of fraud often combines with other types of deception. For example, fraudsters frequently utilize phishing emails to acquire bank account information from their victims in order to commit ACH or wire transfer fraud.

Demand Draft Fraud

Demand drafting fraud, like rogue trading, happens internally. One of the financiers simple generates a demand draught payable at a different part or even another bank. Then, to avoid detection, they use what they know about the system, cash the demand draught, and keep the money

Bill Discounting Fraud

Although this form of bank fraud is unusual, you should be aware of the risk. In most cases of bill discounting fraud, the fraudster opens a company account at a bank. The "business owner" next persuades the bank to start collecting bills from the company's customers. Because the so-called clients are complicit in the scheme, they always pay the invoices. After a while, the financial institution begins to feel lulled into a false feeling of security regarding this consumer. Finally, the customer requests that the bank credit the bills in advance. When the bank does this, the fraudster takes all of the money and flees, and the bank never sees the money again. the money

ATM fraud

ATM fraud can range from reconfiguring the machine to adding a skimmer to collect card information. It can, however, include making fraudulent deposits by putting empty envelopes – an envelope-free ATM is usually the easiest technique to prevent this.

How do I make a complaint about bank fraud?

Call 14440 if you need further information. If you suspect that someone has fraudulently removed funds from your bank account, notify your bank immediately. Remember to get acknowledgement from your bank when you notify them. The bank is required to resolve your complaint within 90 days of receipt.