Introduction

The banking industry has to deal with various types of fraud and financial crimes. Here are some examples of the types of fraud that banks attempt to detect:

• Credit card fraud: when someone uses a credit card without the cardholder's consent or when someone counterfeits a credit card.
• Electronic transfer fraud: when someone attempts to obtain personal or financial information from a bank account holder in order to make an unauthorized electronic transfer.
• Phishing: a method in which criminals attempt to obtain confidential information, such as passwords or account numbers, by posing as a trusted entity, such as a bank, in fraudulent emails or websites.
• Loan fraud: when someone attempts to obtain a loan on behalf of another person using false or stolen information.
• Money laundering: when someone attempts to conceal the illegal origin of funds by transferring them through bank accounts.
• Check fraud: when someone counterfeits a check or attempts to deposit a fake check into a bank account.