People are getting more accustomed to using credit and debit cards instead of paper money. No doubt this denotes convenience for the users. However, cyber crime is on the rise, and it also means that your personal and banking information is out there on the web and may face a threat from hackers.
Today, there are numerous cases of bank fraud and everyone should be aware of the different kinds of banking account-related crimes that can take place. This will help you face them in a better manner in case you become a victim of any such crime. Technically speaking, a bank fraud is said to have taken place when there is a deliberate misrepresentation of personal or banking details to fraudulently obtain money or any other assets that the bank holds for you.
A Different Crime
This crime is very different from any other theft or robbery in that the imposter commits the crime and knows that it will not be noticed until much later. Most of these frauds are actioned online and people do not check bank statements very regularly. Today, most financial institutions follow a procedure of informing customers about any transactions that have taken place on their account, via sms or email. This is why these transactions come to light sooner nowadays.
The White-Collar Criminal
To a certain degree, this also improves the chances of the law being more effective and the criminal being brought to justice sooner than later. Nevertheless, if you have been the victim, you will need the services of a competent criminal lawyer who is well-versed with banking laws and other laws that cover these cons. These scams are mostly actioned online and a certain amount of technical expertise is required to perpetrate them. This is one of the reasons why these are referred to as white-collar crimes.
There are a variety of crimes that can be put into this same category. Identity theft is one of the most common ones. In this crime, the impostor uses another person’s personal identification information to obtain some money or credit. In many cases, this leads to bad debt for the customer who also ends up getting a black mark against his/her credit history. Check forgery, credit and debit card skimming and related crimes and cheque kiting are some of the other common crimes of this type that take place.
Though it is not entirely possible to prevent these crimes, there are some basic things that every person should take care of. Always keep your personal and financial information secure. Never share passwords with anyone and do not write them down anywhere. Always pay attention to transaction alerts that you receive from banks and make sure that no one is peering over your shoulder when you are using an ATM for any transaction.