What is a financial fraud and what types of financial fraud we know



What is fraud in the financial world?

Answering the question What is a fraud transaction, it should be defined as a deliberate action of criminals (Fraudsters) aiming at obtaining financial benefits to someone else as a result of deceiving the victim. The effect of fraud operation is to illegally enrich the fraudster (offender) at the expense of the victim who lost funds.

What are the types of frauds and how to defend against them?

Internet bank account fraud - illegal withdrawal of funds from an account

An example of fraud may be an unpaid withdrawal of funds from a bank account by a fraudster using illegally obtained account access codes.

The attack cheat can use many techniques to gain passwords or one-time codes allowing access to online or mobile banking.

An example of such an action is phishing - a method based on a specially prepared bank website in such a way that the victim is not aware that he is not logging in to his bank.
In fact, he is loggin to a confusingly similar page prepared by a fraudster who intercepts the entered data like login and password.

Another method allows you to gain access to funds on your bank account may be the use of a computer virus - a special program that makes a change of the target bank account number when the transfer is made by an authorized person.

In this scenario, the victim entering the bank account number to the person to whom I want to send the transfer is not aware that it is swapped by a program running in the background to the bank account number of the attacker. As the result the victim sending a transfer - unknowingly powers the fraudster's bank account.

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