Anatomy Of A Bank Fraud

Bank fraud involves the use of fraudulent means to obtain something of value from a financial institution. There are numerous types of bank fraud including identity theft, account takeover, loan fraud, wire transfer fraud, and check fraud. In this issue, an experienced bank fraud investigator, Rachael Vamos, CFE, describes a case study involving these types of bank fraud that led to the bank suffering a loss of nearly $200,000. She also discusses how the bank instituted several policies to prevent these frauds. This column is adapted from a paper Rachael completed for her graduate fraud examination course at Stevenson University near Baltimore, Md. She's the fraud manager at a Maryland financial institution.

BUILDING THE FOUNDATION: IDENTITY THEFT AND ACCOUNT TAKEOVER 

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