Financial Fraud

Financial fraud involves various deceptive practices aimed at illegally obtaining money. Common examples include:

• Identity Theft: Stealing personal information, such as Social Security numbers or credit card details, to make unauthorized purchases or access accounts.
• Credit Card Fraud: Using someone else’s credit card information for unauthorized transactions, either online or in person.
• Chargeback Fraud: Also known as friendly fraud, this occurs when a consumer disputes a legitimate transaction with their bank, claiming it was unauthorized or fraudulent.
• Investment Fraud: Deceiving investors with promises of high returns and minimal risk, often seen in Ponzi or pump-and-dump schemes.
• Mortgage Fraud: Misrepresenting information on mortgage applications to secure loans or engaging in predatory lending practices.
• Embezzlement: The theft or misuse of funds by someone trusted to manage them, such as an employee stealing from their employer.
• Check Fraud: Includes schemes like forging signatures, altering amounts, or using stolen/fake checks for purchases or withdrawals.
• Pyramid Schemes: Promising high returns for recruiting others into the scheme, where returns come from recruits’ payments rather than actual profits.
• Forgery: Creating or altering documents, like checks or contracts, with the intent to deceive for financial gain.
• Healthcare Fraud: Billing for unprovided services, upcoding procedures, or receiving kickbacks for patient referrals.