Money has become one of the main humans’ passions many years ago. No wonder, every day people make up sophisticated kinds of fraud. Identity theft, online auction frauds, bait and switch – all these words name different ways of stealing your money. Fraudsters are everywhere, even in your bank. Yes, I’m not joking. No matter what financial operations you are going to have in a chosen bank, be ready to get scammed. I do not say that all banks are full of frauds, I just want to warn you that losing money is much easier than you can imagine that. Here are some kinds of bank fraud that you may face:

Concealing a part of gain from securities sale. People who sell their securities through bank broker usually do not compare percentage gain indicated in the securities sale report with market rate. This allows to understate real price and this provide personal income.

Such activity is very hard to control. Usually, id clients have any complaints, they come to broker and say what they are unsatisfied with. In this case it’s absolutely easy for broker to change the results of deals and settle an affair. Meticulous client will be treated carefully, and other clients will become broker’s new victims. As a result, bank’s management will have no idea about such fraud.

Be careful and spend a few minutes to compare the prices.

Deliberately ineffective purchase of securities. Broker enters into an agreement with issuers of now very profitable securities or securities price on which is artificially overrated. Then broker convinces a client to buy offered securities and enjoys brokerage.

Using funds of temporary inactive accounts. Remains of temporary inactive accounts are transferred to the account of fake firm. This account is debited on sums stolen by bank worker.

But not only bank workers can cheat.

There are hundreds of bank fraud cases. One of the most well-known is a case of Austrian Bank Bank Fuer Arbeit und Wirtschaft AG. The bank was owned by Austrian federation of trade unions. The scandal took place in 2006, and since then the case hasn’t been solved. The case can be divided into two parts. First of all, the bank lost 1 billion Euros on currency operations and gave money to the former executive director of American broker company Refco Inc just before his company bankrupted. Two former directors – Wolfgang Fletl and Robert Raitner of the bank are involved in this case. One of the former directors Helmut Elsner tried to find a refuge in France, but was given to the Austrian government.

The story is not finished, and no one knows when and whether it will be finished. There are too many questions and very few answers are left.

Anyone can become a victim of bank fraud. There is no 100% guarantee you can secure yourself, but still you can try to save your money. Be very careful when dealing with banks, try to choose well-known and respected ones and never ignore reading contracts and other documents. Your patience and attentiveness can save you from scam.