Financial fraud has been increasing in recent years, and criminals are becoming more sophisticated, exploiting digital systems and the public’s lack of knowledge.
1. Identity Theft
Identity theft is when a criminal steals personal information – such as addresses or bank credentials – to impersonate a victim. Using this data, the criminal may open new accounts, apply for loans, or commit tax fraud.
2. Payment Fraud
Payment fraud includes any unauthorised transaction made using electronic payments, mobile wallets, or online transfers. Common techniques include forging cheques, manipulating invoices, and intercepting payment details through phishing. Businesses are frequent targets of this.
Many financial fraud cases eventually require assistance, like from a London law firm.
3. ACH Fraud
ACH fraud is the unauthorised initiation of electronic debits or credits through ACH networks. Criminals typically use compromised bank account numbers obtained through breaches or phishing.
4. Account Takeover Fraud
Account takeover is when a criminal gains unauthorised access to an existing financial account, often accomplished using stolen details or by bypassing weak authentication.
5. Advance Fee Fraud
In advance fee schemes, victims are persuaded to pay up front for a benefit that never materialises. Examples include fake loan offers, lottery winnings, or investment opportunities. It’s a good idea for victims to seek guidance from a London law firm for further advice and support.
6. Credit Card Fraud
Credit card fraud is the unauthorised use of a card or card number to make purchases or withdraw funds. It can result from card skimming, data breaches, physical theft, or online credential theft.
