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Bank Fraud
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal law, criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime. Types of bank fraud Accounting fraud In order to hide serious financial problems, some businesses have been known to use fraudulent bookkeeping to overstate sales and income, inflate the worth of the company's assets, or state a profit when the company is operating at a loss. These tampered records are then used to seek investment in the company's bond or security issues or to make fraudulent loan applica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Assets
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetaryThere are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the ''Historical Cost'' is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet. value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. ''Total assets'' can also be called the ''balance sheet total''. Assets can be grouped into two major classes: tangible assets and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Fraud
Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property. Criminal offenses may be prosecuted in either federal or state court, and are typically charged under wire fraud, bank fraud, mail fraud, or money laundering statutes, with penalties of imprisonment for up to 30 years per offense. As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud. Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud. Types Occupancy fraud: This occurs where the borrower wishes to obtain a mortgage to acquire an investment property, but states on the loan application that the borrower will occupy the property ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nick Leeson
Nicholas William Leeson (born 25 February 1967) is an English former derivatives trader whose fraudulent, unauthorised and speculative trades resulted in the 1995 collapse of Barings Bank, the United Kingdom's oldest existing merchant bank. He was convicted of financial crime in a Singapore court and served over four years in Changi Prison. Between 2005 and 2011, Leeson had senior management roles at League of Ireland football club Galway United. After it suffered financial difficulties, he resigned from his position as chief executive officer. He is also active on the keynote and after-dinner speaking circuit, where he advises companies about risk and corporate responsibility. Since 2023, he has been a private investigator dealing with cases of financial misconduct. Early life Nick Leeson was born in Watford, Hertfordshire, to working-class parents on a council estate. His father was a self-employed plasterer, his mother a nurse. He attended Parmiter's School in near ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barings Bank
Barings Bank was a British merchant bank based in London. It was one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring, a British-born member of the German–British Baring family of merchants and bankers. The bank collapsed in 1995 after suffering losses of £827 million (£ billion in ) resulting from fraudulent investments, primarily in futures contracts, conducted by its employee Nick Leeson working at its office in Singapore. History 1762–1889 Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. They were sons of John (né Johann) Baring, wool trader of Exeter, born in Bremen, Germany. The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane.D. Kinaston. The City of London, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internet Fraud
Internet fraud is a type of cybercrime fraud or deception which makes use of the Internet and could involve hiding of information or providing incorrect information for the purpose of tricking victims out of money, property, and inheritance. Internet fraud is not considered a single, distinctive crime but covers a range of illegal and illicit actions that are committed in cyberspace. It is differentiated from theft since, in this case, the victim voluntarily and knowingly provides the information, money or property to the perpetrator. It is also distinguished by the way it involves temporally and spatially separated offenders. The most common cybercrimes involving the internet fraud increasingly entail the Social engineering (security), social engineering, phishing, Cryptocurrency and crime, cryptocurrency frauds, romance scams including the pig butchering scam, etc In the FBI's 2017 Internet Crime Report, the Internet Crime Complaint Center (IC3) received about 300,000 complaints. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phishing
Phishing is a form of social engineering and a scam where attackers deceive people into revealing sensitive information or installing malware such as viruses, worms, adware, or ransomware. Phishing attacks have become increasingly sophisticated and often transparently mirror the site being targeted, allowing the attacker to observe everything while the victim navigates the site, and transverses any additional security boundaries with the victim. As of 2020, it is the most common type of cybercrime, with the Federal Bureau of Investigation's Internet Crime Complaint Center reporting more incidents of phishing than any other type of cybercrime. The term "phishing" was first recorded in 1995 in the cracking toolkit AOHell, but may have been used earlier in the hacker magazine '' 2600''. It is a variation of ''fishing'' and refers to the use of lures to "fish" for sensitive information. Measures to prevent or reduce the impact of phishing attacks include legislation, user educa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Card Fraud
Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The Payment Card Industry Data Security Standard (PCI DSS) is the data security standard created to help financial institutions process card payments securely and reduce card fraud. Credit card fraud can be authorised, where the genuine customer themselves processes payment to another account which is controlled by a criminal, or unauthorised, where the account holder does not provide authorisation for the payment to proceed and the transaction is carried out by a third party. In 2018, unauthorised financial fraud losses across payment cards and remote banking totalled £844.8 million in the United Kingdom. Whereas banks and card companies prevented £1.66 billion in unauthorised fraud in 2018. That is the equivalent to £2 in every £3 of atte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Al Capone
Alphonse Gabriel Capone ( ; ; January 17, 1899 – January 25, 1947), sometimes known by the nickname "Scarface", was an American organized crime, gangster and businessman who attained notoriety during the Prohibition era as the co-founder and boss of the Chicago Outfit from 1925 to 1931. His seven-year reign as a crime boss ended when he was imprisoned at the age of 33. Capone was born in New York City in 1899 to Italian Americans, Italian immigrants. He joined the Five Points Gang as a teenager and became a bouncer in organized crime premises such as brothels. In his early twenties, Capone moved to Chicago and became a bodyguard of Johnny Torrio, head of a criminal syndicate that rum-running, illegally supplied alcohol—the forerunner of the Outfit—and was politically protected through the Unione Siciliana. A conflict with the North Side Gang was instrumental in Capone's rise and fall. Torrio went into retirement after North Side gunmen almost killed him, handing c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds into a seemingly legitimate source, usually through a front organization. Money laundering is illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered). As financial crime has become more complex and financial intelligence is more important in combating international crime and terrorism, money laundering has become a prominent political, economic, and legal debate. Most countries implement some anti-money-laundering measures. In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security
Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. pensions), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being through subsidized ''social services'' such as healthcare, education, infrastructure, vocational training, and public housing.''The New Fontana Diction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Identity Theft
Identity theft, identity piracy or identity infringement occurs when someone uses another's personal identifying information, like their name, identifying number, or credit card number, without their permission, to commit fraud or other crimes. The term ''identity theft'' was coined in 1964. Since that time, the definition of identity theft has been legally defined throughout both the UK and the United States, U.S. as the theft of personally identifiable information. Identity theft deliberately uses someone else's personally identifiable information, identity as a method to gain financial advantages or obtain credit and other benefits. The person whose identity has been stolen may suffer adverse consequences, especially if they are falsely held responsible for the perpetrator's actions. Personally identifiable information generally includes a person's name, date of birth, social security number, driver's license number, bank account or credit card numbers, Personal identification ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
