GLOSSARY
Fraudulent Encashment relates to withdrawals at a bank branch counter either
in the form of cash or a bank draft. This fraud may happen when a stolen cheque
is drawn on an account at the branch or is presented by a third party for cashing.
The fraudster may pose as the true customer or the payee, and may pay in a deposit
in order to allay suspicions.
Conversion is disposal or sale of goods under a hire purchase, conditional sale, contract hire, leasing or rental agreement, to which the hirer/buyer does not
have title. For a bank, this may be collecting a cheque on behalf of a customer
who has no right to it.
Forged Instructions are the submission of fraudulent payment instructions
e.g. standing order, direct debit, using methods such as; letter, bank form, fax, telephone, e-mail or Internet banking and the genuine accountholder has not
issued the instruction.
in the form of cash or a bank draft. This fraud may happen when a stolen cheque
is drawn on an account at the branch or is presented by a third party for cashing.
The fraudster may pose as the true customer or the payee, and may pay in a deposit
in order to allay suspicions.
Conversion is disposal or sale of goods under a hire purchase, conditional sale, contract hire, leasing or rental agreement, to which the hirer/buyer does not
have title. For a bank, this may be collecting a cheque on behalf of a customer
who has no right to it.
Forged Instructions are the submission of fraudulent payment instructions
e.g. standing order, direct debit, using methods such as; letter, bank form, fax, telephone, e-mail or Internet banking and the genuine accountholder has not
issued the instruction.
