Bank account fraud involves unauthorized access to or use of a customer's bank account. This type of fraud typically includes activities such as unauthorized withdrawals, fraudulent fund transfers, or unauthorized account openings using stolen or falsified identity information. Fraudsters often gain access through phishing, social engineering, or compromised login credentials.
Use case / examples for Bank account fraud
Unauthorized Withdrawals: Fraudsters accessing and transferring money from victims' bank accounts without consent, often after stealing login credentials through phishing attacks.
Fake Account Opening: Opening new bank accounts using stolen identities, facilitating money laundering or other fraudulent financial activities.
Wire Transfer Scams: Manipulating account holders into transferring money to fraudsters through social engineering, such as posing as legitimate financial institutions or vendors.
Check Fraud: Using counterfeit checks or unauthorized endorsements to withdraw funds illegally from victims' accounts.
