GLOSSARY
Personal Loan fraud occurs when an application is made using false information
in order to deliberately defraud the bank.
Current Account fraud occurs when an application is made using false information
in order to deliberately abuse a current account.
Uncleared Effects fraud occurs when a customer attempts to or obtains money
by abusing the clearing cycle e.g. cheques and drafts that have been deposited
by a bank’s customer but have not completed the bank’s clearing cycle either they have not been paid by the drawee bank or the proceeds have not been credited to the customer’s account.
Mortgage Lending fraud occurs when a lending facility or product secured
against a domestic property is made using false information in order to deliberately defraud the bank.
Other secured lending fraud occurs when a lending facility or product secured against a property, other than a dwelling (e.g. securities) is made using false information in order to deliberately abuse the use of the product.
in order to deliberately defraud the bank.
Current Account fraud occurs when an application is made using false information
in order to deliberately abuse a current account.
Uncleared Effects fraud occurs when a customer attempts to or obtains money
by abusing the clearing cycle e.g. cheques and drafts that have been deposited
by a bank’s customer but have not completed the bank’s clearing cycle either they have not been paid by the drawee bank or the proceeds have not been credited to the customer’s account.
Mortgage Lending fraud occurs when a lending facility or product secured
against a domestic property is made using false information in order to deliberately defraud the bank.
Other secured lending fraud occurs when a lending facility or product secured against a property, other than a dwelling (e.g. securities) is made using false information in order to deliberately abuse the use of the product.
