Bank fraud: A major crime

Bank fraud is a punishable illegal crime done by some of the bank employees or organisations. It can also be defined as possessing money in an illegal way from a bank or any financial institution and nowadays bank fraud is becoming a major issue. This fraud is done for financial purposes.

Bank is a place where people keep all their savings, jewelries, documents and many more because people think that it is the safest place to keep all this but if only frauds are happening then where the common man will keep all this. If important things are not safe at home nor at the bank then where will it be safe? Common people believe the bank employees keep their life savings so that the employees should handle them with care and diligence. RBI has advised the banks to take strong prevention for frauds and also mentioned which area the frauds are happening.

Bank frauds affect the Indian economy. Sometimes it leads to the closure of the bank. The stakeholders come in problem. People’s trust upon the bank goes and the major problem is the mental condition of the people with whom the fraud happened. Even the other people who have accounts in the same bank come in problem but the account holders of a different bank start having a trust issue. Just for one bank fraud every bank comes into target.

There types of bank fraud: Cheque Fraud, Accounting Fraud ,Demand Draft Fraud ,Payment Card Fraud ,Forgery and Altered Cheques ,Money Laundering ,Phishing and Internet Fraud ,Cheque frauds this fraud is done with stolen cheque or duplicate signature of the applicant.

Accounting Fraud this fraud is done usually for hiding some accounts problem or financial problem.

Demand Draft Fraud this fraud is done while giving DD and DD is given when you take any kind of loan i.e education loan or others.

This kind of fraud usually happens in banks.

Payment Card Fraud this fraud is done basically when you pay online through your credit or debit card. Even many fraud calls come to the applicant that they have won many unknowingly they give them the details of their card.

Forgery and Altered cheque this fraud is done when to give your cheque they duplicate your signature or alter the cheque with the real one.

Money Laundering this fraud is giving a huge amount of money getting it by doing illegal business

Phishing and Internet Fraud this fraud is done through the internet i.e email or any online payment.

It is also our responsibility to cross check everything in the bank after doing any work there. It is also true many poor people lose their money in such a kind of fraud so the government, without giving advice, should take strict action against the bank and the employee. Problems come to the people who have knowledge or cannot read or write how they will cross check the work the employees are doing. People nowadays for their own profit doing inhuman works being a human. The technology has become so advanced that frauds have become a game for the people who are this kind of fraud.

There are many cases pending in India of bank fraud so the fraudster are freely doing their work but it is a high time that government should take a strict against them now every people have bank account in some or the other bank if this fraud will be happening then people will trust bank anymore.



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