Let’s say we all are acknowledged with the term bank fraud. When we hear in the news that there were cases of money laundering, we know that it has been done through banks. There are several accounts that have no verified source of income. Some attackers are or had remained employed in the bank. How these accounts got opened? Well, when the investigation starts he things come to light. It is logical to say here that when a bank fraud happens, there are some internal issues too. Here is the list of banks from all over the world where most bank fraud happens and is happening. One more interesting thing is banking fraud is not a new problem. This is not something that will get stopped unless proper actions are taken against it. Give this post a read and you will come to know how much losses these banks have suffered till so far.
1- State Bank of India
The state bank of India which is known as the largest lender bank in the country has faced fraud of 38% shares. More than 1000 cases have been reported involving fraud of millions.
2- Capital One Bank in Midtown Manhattan
The breach incident of Capital one bank in Midtown Manhattan caused millions of people to suffer due to their locked bank accounts. The hacker hacked the personal information of customers.
3- Barings Bank London
This bank suffered so much due to the loss of money that this incident leads to the collapse of Barings bank. The trader at the bank involved in risky trades and trading loss caused the bank to pay the price of collapse.
4- Daiwa Bank Japan
The bank is a financial institution of Japan and this bank suffered a loss of 1.1 billion dollars due to the former executive of this bank. This reason for the happening of this incident was due to trading loss.
5- Allied Irish Banks
This bank is one of the biggest commercial banks in Ireland. The Irish bank suffered a loss of 700 million dollars in one of the fraud cases by a currency trader at Allfirst. It was the fourth-biggest bank scandal in the world at that time.
6- Punjab National Bank of India
This bank of India has its employees involved in the fraud. One known case of bank fraud involves a famous designer who obtained a letter of undertaking and fled from the country.
7- Nordea Bank Denmark Nordea Bank is located in Denmark. It suffered a loss of 175 million dollars. The hackers attacked the email system of the bank. This bank is notorious for money laundering scandals.
8- UBS Swiss Bank Switzerland
This bank is a prominent bank equally famous in South East Asia. The bank frauds with this bank involve money laundering and transactions. Many countries reportedly fining Swiss banks for fraud cases.
9- Société Générale France
This bank suffered the most notorious fraud. The fraud involved forgery, unauthorized use of bank computers, and trading loss. The loss to this bank was 7 billion dollars.
10- China Construction Bank
This bank-owned 14000 branches and suffered a loss of 2.4 million dollars. The hackers hacked a server present in Shanghai and stole the personal data of customers. Two of the three hackers were former workers in the bank.
11- JPMorgan Chase America
This is a well-known bank fraud that happened with JP Morgan Chase. The Russian gang had access to a bank network system and earned dirty money worth 100 million dollars.
12- ICICI Bank India
This bank of India has been reported to have a maximum number of fraud cases. One investigation revealed that the employees are involved in these fraud cases.
13- Danske Bank Denmark
This bank has been known for the largest money-laundering scandal in the European Union. The transaction worth 200 billion Euros was performed in several years.
14- Allahabad Bank India
This bank has reported the number of fraud cases that are up to 300 and lost money worth millions. This bank is situated in India.
15- Moldovan Bank Moldova
Three banks of Moldova suffered money loss that was around 1 billion dollars. The loan trick was used in these banks.
16- Bangladesh Bank
The hackers were trying to transfer money from Bangladesh bank to another bank. They broke into the global money transfer system and caused a loss of 81 million dollars from bank accounts.
17- Bank of Scotland
The employees of the Bank of Scotland made a deal with other participants and caused a fraud of 245 million pounds. This incident was a huge trouble for many people. The bank was fined for not disclosing
the information on the case.
18- CitiBank New York
CitiBank New York lost the data of customers who had taken personal loans from the bank. The bank failed to trace the lost data.
19- Commonwealth Bank Australia
Like India, the largest lender of Austria named Commonwealth Bank did not take notice of 53000 transactions. The report mentioned the failure of machines to detect transactions.
20- Lotte Card Nonghyup and KB Kookmin Bank
These three banks suffered in Korea Credit Bureau. The details of the million credit cards were lost. The culprit was not known but that person was part of the system. It is said that 40 % of people in Korea were suffered from this data breach.
These are a few banks with famous bank fraud incidents. The cases of bank frauds are continuously being reported everywhere. This race of fraud will continue until the end of time. As many people are apparently more corrupt.