Fraud

The terms

• Account Takeover (ATO)

  Account takeover is a fraud in which a criminal gains control of a genuine customer's existing account, typically with stolen credentials, and uses it to move money, buy goods or take over the customer's identity.

  Domain: Financial Crime

• Advance Fee Fraud

  Advance fee fraud is a scam in which victims are persuaded to pay money upfront for a loan, prize, investment or other benefit that never materialises, with further fees often demanded afterwards.

  Domain: Financial Crime

• Anti-Fraud Policy

  An anti-fraud policy is a formal document, approved by senior leadership, that states the organisation's position on fraud and sets out roles, expected behaviour, reporting routes and how suspected cases are handled.

  Domain: Financial Crime

• Application Fraud

  Application fraud is the use of false information, forged documents or a stolen identity to obtain an account, card, loan or other financial product that would otherwise be refused.

  Domain: Financial Crime

• Business Email Compromise (BEC)

  Business email compromise is a scam in which criminals use forged or hijacked business email accounts, often posing as an executive or supplier, to persuade staff to send payments or change bank details.

  Domain: Financial Crime

• Bust-Out Fraud

  Bust-out fraud is a credit scam in which a borrower builds up a clean record and rising limits, then borrows or spends to the maximum across lenders and disappears without repaying.

  Domain: Financial Crime

• Card-Not-Present (CNP) Fraud

  Card-not-present fraud is the use of stolen card details to buy goods or services where the card is not physically shown, such as online, by phone or by mail order.

  Domain: Financial Crime

• Cheque Fraud

  Cheque fraud is the use of forged, altered, stolen or counterfeit cheques to obtain money or goods dishonestly, including paying in a cheque that the payer will not honour.

  Domain: Financial Crime

• Cryptocurrency Fraud

  Cryptocurrency fraud is any deception that takes money or digital assets from victims through crypto, including fake token sales, giveaway scams, bogus mining services and fake investment platforms that use AI-generated content.

  Domain: Financial Crime

• Cyber-Enabled Fraud

  Cyber-enabled fraud is fraud carried out through computers, phones or online channels, where technology helps the offender deceive victims or reach accounts that would be harder to attack in person.

  Domain: Financial Crime

• Embezzlement

  Embezzlement is the dishonest taking or diversion of money or property by someone who was trusted to look after it, such as an employee, trustee or officer.

  Domain: Financial Crime

• False Billing

  False billing is a scheme in which fake, inflated or duplicate invoices are submitted to obtain payment for supplies that were never delivered or were worth far less than billed.

  Domain: Financial Crime

• Financial Statement Fraud

  Financial statement fraud is the deliberate misstatement or omission of figures or disclosures in a company's accounts to mislead investors, lenders, regulators or other users about its real performance or position.

  Domain: Financial Crime

• Forgery

  Forgery is the making, altering or using of a false document, signature or object so that it appears genuine, with the intention of deceiving someone or causing a loss.

  Domain: Financial Crime

• Fraud

  Fraud is dishonest deception, by a false statement, concealment or abuse of position, carried out to gain money or advantage for oneself or others, or to cause loss to another.

  Domain: Financial Crime

• Fraud Awareness Training

  Fraud awareness training teaches staff, agents, customers or the public how fraud schemes work, what warning signs look like and how to report concerns, so that fewer deceptions succeed.

  Domain: Financial Crime

• Fraud Detection

  Fraud detection is the process of identifying suspected fraudulent activity after or while it happens, using rules, statistical models, data analysis, alerts and human reports, so that cases can be investigated.

  Domain: Financial Crime

• Fraud Risk Assessment (FRA)

  A fraud risk assessment is a structured exercise that identifies where and how fraud could occur in an organisation, rates the likelihood and impact, and tests whether existing controls address those risks.

  Domain: Financial Crime

• Identity Theft

  Identity theft is the use of another person's identifying details, such as name, account numbers, documents or login credentials, without consent to commit fraud or obtain money, credit or services.

  Domain: Financial Crime

• Insurance Fraud

  Insurance fraud is any dishonest act to obtain an insurance benefit, premium advantage or payment that is not deserved, committed by policyholders, claimants, intermediaries, insiders or organised groups.

  Domain: Financial Crime

• Internal Fraud

  Internal fraud is fraud committed by an organisation's own employees, managers or directors, who use their position, access or knowledge to take assets or manipulate records for personal gain.

  Domain: Financial Crime

• Investment Fraud

  Investment fraud is deceiving investors with false or misleading claims about an investment, so they hand over money on the basis of promised returns, safety or opportunities that do not exist.

  Domain: Financial Crime

• Misrepresentation

  Misrepresentation is a false statement of fact, or a misleading silence, that leads another party to enter a contract or make a decision, and which gives that party legal remedies.

  Domain: Financial Crime

• Payment Card Fraud

  Payment card fraud is the unauthorised or deceptive use of credit, debit or prepaid cards, or their details, to obtain goods, services or cash, whether the card is present or not.

  Domain: Financial Crime

• Phishing

  Phishing is a deceptive message, by email, phone call or text, that poses as a trusted sender to trick people into revealing information, installing malware or making a payment.

  Domain: Financial Crime

• Ponzi Scheme

  A Ponzi scheme is an investment fraud in which the operator settles old investors' claims out of fresh deposits from new ones, so promised profits are never earned, and it fails once new money slows.

  Domain: Financial Crime

• Procurement Fraud

  Procurement fraud is dishonest conduct in buying goods or services, such as rigging bids, taking kickbacks, favouring a supplier improperly or submitting false invoices, to gain advantage or cause loss to the buyer.

  Domain: Financial Crime

• Pyramid Scheme

  A pyramid scheme is a scam in which participants pay to join and earn mainly by recruiting others who also pay, rather than from any real product or service, so it collapses once recruitment slows.

  Domain: Financial Crime