One of the main targets for identity thieves has always been bank accounts. With your financial and personal information many criminals are capable of draining your existing bank account, opening fraudulent accounts and applying for credit. One fraud on the rise is home equity line of credit takeover. This crime uses identity theft as its platform and can utilize other types of fraudulent activity such as wire fraud, mail fraud and pretexting. For years banks and other financial institutions have been trying to find ways to fight various kinds of frauds. Every so many years there arises a new fraud or scam that banks and others have to learn about, detect and deter. There are many tools available to combat this seemingly growing problem. Some of the tools described in this paper are old, some tools are new and some are more costly than the others. One thing that is for sure is that banks and consumers have the right to have their personal and financial information protected. Advances in technology have benefited financial institutions in the way of many new fraud prevention techniques. We have entered into an age of global electronic commerce, the risk of fraud is growing exponentially and at the same time, controls to prevent fraud and methods to detect fraud have now, more than ever, become significant. The research that went into this paper involved the author reviewing multiple types of fraud detection systems available today. By comparing what's available those in charge of bank and financial fraud prevention can make better choices. Better choices could equal better protection for banks and consumers.One of the main targets for identity thieves has always been bank accounts.
|Title||:||Home Equity Line of Credit Account Takeover Via Identity Theft|
|Author||:||Janice A. Boyd, Utica College|