May 2024 | General |

Table test

Type of fraud What is it? Ways to prevent it
Identity theft or fake account fraud The illegal use of someone else’s personal information to set up a new account or for any other financial gain. Enforce strict data security policies, regularly train employees on data protection, and implement multi-factor authentication for transactions.
Internet or cyber fraud Any and all online fraud activities, including phishing, hacking, and data breaches. Invest in top-tier cybersecurity measures, keep security protocols up-to-date, and hold regular employee training on cyber threats.
Credit card fraud The unauthorised use of a credit card to make transactions or withdraw funds. Utilise secure and modern payment systems, integrate fraud detection tools, and train staff to spot unusual transaction activities.
Bank fraud The illegal acquisition of money, assets, or other property from a bank or financial institution. Implement rigorous internal controls for financial dealings, conduct frequent financial audits, and use secure, encrypted banking methods.
Insurance fraud Acts intended to defraud an insurance process, such as inflating claims or fabricating incidents. Perform detailed checks on insurance claims, keep comprehensive records, and work closely with insurers to detect fraud.
Investment fraud All deceptive practices in investments, including promising unrealistic returns. Thoroughly vet all investment opportunities, educate your team about the risks of investment scams, and maintain transparency in all investment dealings.
Tax fraud Any illegal action to evade paying the appropriate taxes. Ensure all tax filings are accurate and compliant, use professional accounting services, and regularly conduct internal reviews.
Mail and telemarketing fraud Using postal services to commit fraudulent acts, such as sending deceptive offers. Telemarketing fraud involves using phone calls to deceive people, often through misleading sales pitches. Train staff to identify fraudulent mail, establish protocols for managing unsolicited mail and unexpected calls, maintain an updated do-not-call list, and use secure communication methods for sensitive information.
Application push payment (APP) fraud When someone is tricked into sending large amounts of money to a fraudster who is posing as a legitimate and trusted individual or business. Consumers should question any large bank transfer requests, including diverting a payment or moving savings. Genuine organisations won’t mind waiting for payments, so they should never be rushed. And all payment details should be checked via a bank or firm over the phone.
Romance scams Fraudsters creating fake profiles on dating websites or social media to start a relationship with a victim. From there, they’ll earn their victim’s trust and convince them to send money for a fabricated issue. Consumers should be aware that romance scam fraudsters will usually share very little about themselves and try to quickly move their conversations away from an app and onto email or text. They’ll also be hesitant to meet in person and have lots of excuses as to why they can’t. All of these should all be considered warning signs.
Bonus abuse Fraudsters creating multiple accounts to claim promotions and incentives run by gambling and gaming operators. Having stricter and more complex requirements can put off a lot of fraudsters owing to the time and effort needed. Blocking risky territories that are prone to bonus abuse can also help, as can lowering the monetary value of payouts.

here is another comaprison table (it has the class compare)

Type of fraud What is it? Ways to prevent it
Identity theft or fake account fraud The illegal use of someone else’s personal information to set up a new account or for any other financial gain. Enforce strict data security policies, regularly train employees on data protection, and implement multi-factor authentication for transactions.
Internet or cyber fraud Any and all online fraud activities, including phishing, hacking, and data breaches. Invest in top-tier cybersecurity measures, keep security protocols up-to-date, and hold regular employee training on cyber threats.
Credit card fraud The unauthorised use of a credit card to make transactions or withdraw funds. Utilise secure and modern payment systems, integrate fraud detection tools, and train staff to spot unusual transaction activities.
Bank fraud The illegal acquisition of money, assets, or other property from a bank or financial institution. Implement rigorous internal controls for financial dealings, conduct frequent financial audits, and use secure, encrypted banking methods.
Insurance fraud Acts intended to defraud an insurance process, such as inflating claims or fabricating incidents. Perform detailed checks on insurance claims, keep comprehensive records, and work closely with insurers to detect fraud.
Investment fraud All deceptive practices in investments, including promising unrealistic returns. Thoroughly vet all investment opportunities, educate your team about the risks of investment scams, and maintain transparency in all investment dealings.
Tax fraud Any illegal action to evade paying the appropriate taxes. Ensure all tax filings are accurate and compliant, use professional accounting services, and regularly conduct internal reviews.
Mail and telemarketing fraud Using postal services to commit fraudulent acts, such as sending deceptive offers. Telemarketing fraud involves using phone calls to deceive people, often through misleading sales pitches. Train staff to identify fraudulent mail, establish protocols for managing unsolicited mail and unexpected calls, maintain an updated do-not-call list, and use secure communication methods for sensitive information.
Application push payment (APP) fraud When someone is tricked into sending large amounts of money to a fraudster who is posing as a legitimate and trusted individual or business. Consumers should question any large bank transfer requests, including diverting a payment or moving savings. Genuine organisations won’t mind waiting for payments, so they should never be rushed. And all payment details should be checked via a bank or firm over the phone.
Romance scams Fraudsters creating fake profiles on dating websites or social media to start a relationship with a victim. From there, they’ll earn their victim’s trust and convince them to send money for a fabricated issue. Consumers should be aware that romance scam fraudsters will usually share very little about themselves and try to quickly move their conversations away from an app and onto email or text. They’ll also be hesitant to meet in person and have lots of excuses as to why they can’t. All of these should all be considered warning signs.
Bonus abuse Fraudsters creating multiple accounts to claim promotions and incentives run by gambling and gaming operators. Having stricter and more complex requirements can put off a lot of fraudsters owing to the time and effort needed. Blocking risky territories that are prone to bonus abuse can also help, as can lowering the monetary value of payouts.