One of the more common types of bank fraud is online banking fraud. These frauds start when someone hacks into the computer system of a financial institution and transfers money from one account to another. The hacker will then pretend that the customer made the transaction in an effort to get away with stealing money.
A thief takes the customer's signature from a check or other form of identification, steals the customer's debit card information from the bank's databases, and then uses a fake ID to withdraw the entire customer's balance from another ATM. Skimming is another name for this con.
Cheque fraud is the most prevalent kind of banking fraud. A cheque is a written instruction from a customer to his bank to transfer a certain sum of money straight into another person's account or into his own account.
Misuse of payment gateways is one of the key ways that this crime can happen. A payment gateway connects your bank account to a merchant account so that money is immediately deducted from your account when you make a purchase.
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