FraudsWatch is а site reporting on fraud and scammers on internet, in financial services and personal. Providing a daily news service publishes articles contributed by experts; is widely reported in thе latest compliance requirements, and offers very broad coverage of thе latest online theft cases, pending investigations and threats of fraud.
Identity theft related to financial fraud is a top concern for banking customers and banking institutions in all parts of the world in cluding St. Paul. In fact, identity theft is the fastest growing type of fraud in the United States, the United Kingdom, and many other developed countries.
Account takeover fraud is one of the two basic forms of financial identity theft (the other being application fraud), and it occurs wh en a fraudster obtains and uses a victim’s personal information to take control of exis ting bank or credit card accounts and carries out unauthorized transactions against them. A pplication fraud occurs when a perpetrator uses someone else’s personal inform ation to establish new accounts.
Fraudsters employ a variety of techniques to obtain the personal and financial information typically needed to take control of existing accounts. Obtaining such information can be as simple as dumpster diving or cold calling. Alternatively, fraudsters may use more technology-reliant methods, such as phishing, SMiShing, or establishing fake websites to collect payment details.
See Scam Alert page on Website for information on “smishing” and “phishing”
The following list provides some useful methods to protect against identity fraud:
• Always check bank and credit card statements for inaccuracies.
• Check your financial information regularly, looking for what should and should not be there.