Types of Financial Frauds You Must Know – Sanjay Choudhury Koda Financial Consultancy

These days many technological safeguards and a lot of regulatory have been applied to protect people from frauds in banking sectors but when we look at the statistics, the number of banking frauds is still increasing day by day. The customers can only rely on proper awareness and constant vigilance. You might also take guidance from experienced financial experts. There is a very good financial expert named Sanjay Choudhary who works with Koda financial Consultancy at present, you can refer to him. The consultancy also offers different kinds of financial services in Dubai.

Here is little information for you to give you some ideas about the types of financial frauds that usually happens and how you can avoid becoming a target:

  • Identity Theft: Most of the frauds happen because of identity fraud. In this case, someone simply steals the personal details of other alive or dead people. The details such as copies of their utility bills, bank account details, and email id and password. They use this information to pose as that person and commit identity fraud. The criminals can guess your password; steal old papers from your recycle bin or look on your social media to find any personal details. This also involves using complex techniques such as using false ATM, and malware.
  • Facility Takeover: It usually happens when someone steals your personal information and bank account details and poses himself as the real holder of the account. This can be achieved through a lot of ways such as resetting the password by answering your security questions, stealing your credit or debit card, intercepting PIN code. So, make sure that you always keep an eye on your account activities and investigate at once if these are any unusual activities you see happening on your account. You can take guidance from Sanjay Chaudhary who works with Koda financial Consultancy. He might show you ways how to avoid these kinds of frauds. Koda Financial Consultancy also offers multiple financial services.
  • Mortgage Fraud: This financial crime involves misstatement and misrepresentation of mortgage documents and forms. The Fraud Enforcement and Recovery Act helped the federal law officials to crack down the mortgage frauds.
  • Embezzlement: It is a crime when the people who are responsible for the certain property of money steal the property or money instead of protecting it. This kind of crime is very commonly seen in corporate sectors.
  • Security Fraud: It is a fraud when someone makes a false statement about a company’s stock and people make their financial decision believing that lie. This is a very common case. The company’s director or the officials do not make statements about the financial condition of the company to the shareholders.
  • Tax Evasion: When a person or a company underpays its taxes it is considered as tax evasion. This is a purposeful crime.
  • Cheque Fraud: There are three types of cheque frauds, forged cheques, counterfeit cheques, and fraudulently altered cheques.

Fraudsters rely on the gullibility of bank customers. So you must be alert.