ABSTRACT
Introduction Banks, large and small; credit unions; lenders; etc. are all known as big-pocket institutions. In an effort to dip into these big pockets, criminals will develop various types of attacks in order to gain access to that big pile of money. Causing billions of dollars of losses to financial institutions across the country, criminals looking to attack banks use various tactics to gain access to the assets. Individuals looking to commit financial institution fraud can be a lone wolf, a small group of people, or large and well organized fraud rings. The largest dollar loss threats facing financial institutions are
◾ Business account takeover fraud ◾ New account fraud ◾ Counterfeit and forged checks
In order to be successful at two of the major threats (new account and business takeover) facing financial institutions, those looking to commit the acts of fraud need to become someone else. John Fraudboy, opening new checking/savings accounts at a local bank branch and using his real name and identification, will have a brief career. If John Fraudboy obtains the necessary personal information of an individual or business, he can then obtain the necessary documentation to become someone else. Acting as another individual or business owner, John Fraudboy can have more success committing financial account fraud.
