Form 211: Application for Award for Original Information How do you report fraud to the IRS? The United States Department of the Treasury has a division called the Financial Crimes Enforcement Network (FinCEN), which is responsible for combating domestic and international money laundering, terrorist financing, and other financial crimes. If you suspect that someone has … Read more
Ponzi Schemes: What They Are, Examples, and How They Started What are some types of financial fraud? There are many types of financial fraud, but some of the most common include: 1. Mortgage Fraud Mortgage fraud occurs when someone intentionally misleads a lender in order to obtain a loan or obtain a larger loan than … Read more
An air loan is a type of fraud that involves the use of inflated appraisals to secure loans for more than the actual value of a property. Air loans are often used in real estate transactions, and can be difficult to detect. For example, a borrower may find a property that is worth $100,000, but … Read more
An altered check is a check that has been modified in some way without the permission of the payee. The alteration could be as simple as changing the dollar amount or the payee’s name. Altering a check is a form of check fraud and is a crime in many jurisdictions. There are a few different … Read more
A credit monitoring service is a service that helps protect individuals from financial fraud. The service monitors an individual’s credit report and alerts the individual if there are any changes or activity that appears to be suspicious. This allows the individual to take action to prevent financial fraud from occurring. What is credit control process? … Read more
Skimming is a type of financial fraud that involves the unlawful removal of funds from a financial institution. This can be done through various means, such as creating fraudulent accounts, using false identification, or by making unauthorized withdrawals. Skimming can also occur when an individual uses a legitimate account to funnel funds out of the … Read more
Tax Evader: Meaning, Definition, and Penalties What is the most common tax evasion? The most common type of tax evasion is failing to report income. This can be done by not reporting all of the income that was earned, reporting income that was not actually earned, or claiming false deductions or expenses. Other types of … Read more
A “credit card dump” is a type of financial fraud that involves the unauthorized copying and selling of credit card information. This can be done either by physically stealing the credit card and then selling the information, or by accessing the credit card information electronically and then selling it. Either way, the end result is … Read more
Credit card cloning is a type of financial fraud that involves creating a duplicate copy of a credit card and using it to make unauthorized charges. This can be done by physically stealing the card and copying down the information, or by using a skimmer to electronically copy the information. Once the cloned card is … Read more
Truncation is the process of shortening a number by cutting off some of its digits. For example, if the number 1234 is truncated to two decimal places, it becomes 12.34. Truncation is often used in financial fraud, as it can make a number seem smaller than it actually is. For example, if someone wants to … Read more
