Defrauding a bank or a financial institution is not as easy as many Hollywood films and tv shows would have you believe. To start with, all banks have a robust KYC (know Your Customer) system in place to make sure that we are all vetted and who we say we are. So it’s why they employ the services of companies like https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer to have one in place to stop fraud from occurring.

Some of the most common types of fraud attempted on banks is to gain a bank account or mortgage illegally, where criminals adopt a fake persona, or they use the stolen identity of someone else. When an account is set up, they then start to transfer funds into the account to establish it.

Using ill-gotten gains to get a mortgage, mainly so that they can sell the place later to launder the proceeds, is another common way that banks are defrauded. Once the money is “clean” and in the general system of commerce and finance, it becomes difficult to track.

Another example is becoming a serial complainer. As soon as the bank or one of its officials do something wrong, or that could be perceived as wrong, the customer makes a complaint to get some redress. This could be a missed payment or the attitude of the colleague. Too many complaints, especially around the same thing, suggest that the customer is not making the complaints from a genuine position.