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Banking Scams

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Bank fraud is the false impersonation of a bank or other financial institution in order to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors. Bank fraud is a criminal offense in many cases. While the specific features of each jurisdiction’s banking fraud laws differ, the word “bank fraud” refers to crimes that involve a scheme or deception, as opposed to bank robbery or theft. As a result, bank fraud is sometimes referred to as a white-collar crime.

People with bank accounts, credit cards and debit cards are being targeted regularly. Now, banking scams are on the rise because of three factors. First, public information on financial institutions are wide spread that people can just search their information online, second, people can make fake business accounts and maintain anonymity on the web, and third, automation tools are easily available to scammers that is why they can spread their scams to a wider network.

Financial Fraud

Fraud is misleading conduct committed with the goal of gaining an illegal advantage for the perpetrator or depriving a victim of a right. Tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud are all examples of fraud. Fraudulent conduct can be perpetrated by a single person, a group of people, or a company as a whole.

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Credit Card Fraud

Credit card fraud refers to any type of fraud involving a payment card, such as a credit or debit card. It could be for the aim of obtaining goods or services or to make a payment to a criminal-controlled account. The Payment Card Industry Data Security Standard (PCI DSS) is a data security standard developed by the Payment Card Industry to assist financial institutions in securely processing card payments and reducing card fraud.

Credit card fraud can be authorized, in which a legitimate customer makes payment to a criminal-controlled account, or unauthorized, in which the account holder does not provide authorization for the payment to proceed and the transaction is completed by a third party.

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If you are an innocent victim of this scam, fill out the consultation form and reach out to us. An expert on our team will get back to you.

Debit Card Fraud

When someone obtains access to your debit card—or your card details—and uses it to make unlawful transactions or withdrawals, this is known as debit card fraud. It’s a serious offence, and anyone who uses a debit card should be aware of the warning signals and how to avoid being a victim of debit card fraud.

You might believe that with your card safely tucked away in your wallet, you can’t be a victim of debit card fraud—but this isn’t the case. Criminals hope that by not physically stealing your card, you will not realize anything is wrong. Fraudsters can obtain your card information in a variety of methods.

Report a Debit Card Fraud!

If you are an innocent victim of this scam, fill out the consultation form and reach out to us. An expert on our team will get back to you.

Cheque Fraud

Check fraud continues to thrive in the United States, despite the fact that fewer people are utilizing paper checks. According to the American Bankers Association, attempted check fraud totaled $15.1 billion in 2018, accounting for nearly half of all bank deposit fraud that year. Despite the fact that banks stopped 91 percent of attempted check fraud in 2018, check fraud costs Americans more than a billion dollars per year, according to the ABA. Any attempt to collect money illegally through the use of paper or digital checks is referred to as check fraud. Someone signing a faulty check on their own account, forging a check in someone else’s name, or crafting a wholly bogus check are all examples of this. However, it can also refer to a variety of other sorts of check fraud.

These schemes take advantage of a federal rule that mandates banks to make check deposit money available to account holders within a few days. A fraudulent check, on the other hand, can take weeks to detect. It’s too late at that time; your money is gone.

Check fraud can come in a variety of shapes and sizes. Typically, the scammer will send you a false or faulty check to deposit and ask you to transfer back part of your own money before the bank completes the transaction and recognizes the check is bogus.


Report a Cheque Fraud!

If you are an innocent victim of this scam, fill out the consultation form and reach out to us. An expert on our team will get back to you.

Phishing Attacks

Phishing is a type of cybercrime in which a person posing as a genuine organization contacts a target or targets via email, phone, or text message to persuade them to provide sensitive data such as personally identifying information, banking, and credit card information, and passwords.

The data is then utilized to get access to sensitive accounts, which can lead to identity theft and financial loss.

Spam filters can be used to protect against spam emails. To decide if a message is spam, the filters look at the message’s origin, the software used to transmit it, and the message’s appearance. Spam filters can sometimes prevent emails from legitimate sources, thus it’s not always 100% accurate. To prevent fraudulent websites from loading, browser settings should be modified. Browsers store a list of phony websites in their cache, and when you try to access one, the URL is blocked or an alert message appears. Only trusted websites should be allowed to open in the browser’s settings.

While the user image is visible on many websites, users are required to input login credentials. This type of system could be vulnerable to cyber-attacks. Changing passwords on a frequent basis and never using the same password for many accounts is one technique to assure security. For added security, it’s also a good idea for websites to implement a CAPTCHA system. To avoid phishing, banks and financial institutions utilise monitoring systems. Individuals can report phishing to industry organizations, which can then take legal action against bogus websites. Employees should receive security awareness training so that they are aware of the threats. To avoid phishing, you’ll need to change your browsing habits. If you need to verify something, call the company before inputting any information online.

If an email contains a link, mouse over the URL first. “HTTPS” denotes a secure website with a valid Secure Socket Layer (SSL) certificate. At some point, all websites will be required to have a valid SSL certificate.

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Report a Phishing Attack

If you are an innocent victim of this scam, fill out the consultation form and reach out to us. An expert on our team will get back to you.

Save Yourself from Banking Scams

Banking scams are becoming increasingly more dangerous. Even if you use the wisest measures to protect yourself you might still end up getting scammed. In case you get scammed, Funds Trace is here to save the day!.

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