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Fraud is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment”.

It can also be described as an unlawful and intentional making/ misrepresentation of material facts with intent to deceive by causing actual or potential prejudice to another party.

  Common Types of Bank Frauds in the industry:

  • ATM Cards Fraud – Swapping, Cloning, Unsolicited helpers, stealing cards & PINs and Skimming, entrusting third parties with one’s card, uncollected cards and stealing the whole ATM.
  • Deliberate cash shortages, either in transit or by tellers
  • False / Incorrect postings or credits to customers’ accounts (Deposit Suppression).
  • Fraudulent postings on Internal GLs and customer’s accounts
  • Forged funds transfer instructions
  • Fraudulent Loan Advances
  • Fraudulent International remittances
  • Hacking and Cyber attacks
  • Identity Fraud/ Impersonation and Forgery
  • Foreign Exchange Fraud
  • Fraudulent Voucher and Account opening and accessibility.
  • Cheque Fraud- counterfeit cheques, cheque kiting, paper hanging, stolen and altered cheques.
  • Trading the float (Lending cash from vault for a commission or interest).
  • Use of Key-loggers. These are usually physically planted hardware into the computer with intentions of accessing your personal data.
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