Below is a glossary of definitions and terminology currently and commonly
used within the fraud and financial crime industry?
- Account/Facility Takeover
The perpetrator of the fraud impersonates a victim and falsely claims
a change of address in order to ‘takeover’ and control
existing financial products. Examples include, although not exclusive
to account/facility takeover, previous address fraud and previous
- Application Fraud
Applications containing material falsehoods or false supporting documentation,
when the name used has not been identified as false.
- Bin Raiding
In order to help facilitate identity theft fraudsters are known to
raid household rubbish in bins to search for useful documents thrown
out by unwitting householders such as bank and credit card statements,
utility bills etc.
- Change of Address Fraud
Bogus 'changes of address' are increasingly used by criminals to commit
fraud and are often used to facilitate an account/facility takeover.
The fraudster obtains details of a genuine customer's account
and then contacts the business to advise that he has changed address.
This is usually accompanied or followed by a request for items of
value such as a chequebook, debit card or statement of account that
are sent to the bogus ‘new’ address. A false change of
address is used to facilitate previous address fraud and account/facility
- Corporate Fraud
The dishonest abuse of position, usually by senior members of staff,
to facilitate the misrepresentation of a company's true financial
position e.g. Enron/Worldcom/Parmalat etc.
- Corporate Identity Theft
The misappropriation of the identity of a company or business, without
that entity’s knowledge or consent, usually in order to facilitate
- Day of the Jackal Fraud
A dead child is impersonated years later when they would have become
an adult to create a false identity which can be used to facilitate
- Identity Fraud
The creation or adoption of a fictitious or false identity to facilitate
illegal or fraudulent activity. This usually involves the use of stolen
or forged identity documents such as a passport or driving licence
to obtain goods or services by deception. Includes cases of false
identity, identity theft, impersonation of the deceased, facility
takeover and other impersonations.
- Identity Theft
The misappropriation of the identity of another person, without their
knowledge or consent. Those with a good financial history are often
targeted usually in order to facilitate identity fraud.
The use of ‘spoof’ emails and websites that are designed
to deceive recipients into divulging personal financial data to facilitate
identity fraud e.g. credit card numbers, account numbers, user names,
- Total Identity Hi-Jack
The fraudster obtains extensive personal details on an individual
allowing a comprehensive fraud encompassing the totality of someone’s
identity. The subsequent fraud can include in excess of 20-30 financial