20 Biggest Bank Frauds of All Time

Bank frauds are common in every era. These acts are pure illegal and cause severe damage to not only bank but the people trust bank. Doing fraud with the bank is not an easy job. But there are many types of frauds associated with the bank sector. How do you feel when you hear about bank fraud? You will certainly be surprised and this surprising behavior gets triggered after hearing the fraud amount. Let’s assume the amount in millions and billions. For a few moments, we keep thinking that such cases are happening and there is no proper action against it. Sometimes the fraudsters get caught so late that they already have caused a million losses. Well, these kinds of topics are quite interesting to know. Here in this post we have found and described the top twenty biggest bank fraud of all times. Scroll down and give this post a read!

1- 1873 Bank of England Forgeries
This is one of the most famous bank frauds of all time and even London times called it an adroit plan to fool the bank. The gang was notorious for bank forgery. These men caused fraud of 10 million to the bank of England.

2- Gone in 60 Seconds (Bank Fraud)
This is another case which involved advance cash kiosks that represented bank fraud. The bank which faced this was Citibank. The loss to the bank was more than one million.

3- Moldovan Bank Fraud Scandal
Moldovan bank fraud is the prime example of any bank fraud that ever happened on earth. Do you want to guess the amount? It was one billion dollars. It was a game of bank loans. The fraudsters took the amount as loan from three banks.

4- Russian Laundromat
Oh Russia, you have the biggest money-laundering scheme ever by your filthy rich people! The fraud involved the laundering of 20 to 80 billion dollars to global banks and five hundred people are part of that scheme.

5- The Bankruptcy of Lehman Brothers
Lehman Brothers filed for bankruptcy due to a huge financial and mortgage crisis. This was the fourth biggest investment bank in the United States. The fraudster audit earned almost 150 million dollars.

6- Collapse of Barings Bank
There was a movie on it because of the incident that took place in England. This was one of the biggest bank frauds in England. The bank lost 1.4 billion ponds due to inexperienced trade activities.

7- Korea Credit Bureau That was a huge shock to three banks and half of the bank customers. There was a loss of 20 million credit cards; the culprit was an employee in this bureau.

8- JP Morgan Chase
A group of Russian men caused damage to the JP Morgan investment bank. This gang earned more than 100 million dollars and stole sensitive data of the customers to make fraud.

9- Money Laundering by Standard Chartered Bank
Standard Charted bank was fined by the Financial Conduct Authority for not following anti-money laundering breaches because the bank opened an account without verifying the authentic source.

10- Bangladesh Bank
The anonymous fraudster presumably Lazarus group but the culprit is not known yet caused a loss of 81 million dollars. The culprits used the SWIFT global money transfer system for money laundering.

11- Portuguese Bank Note Crisis
This is one of the largest bank fraud that happened in the history that was done with the bank of Portugal. The culprit was involved in fake note printing and caused a loss of almost 150 million dollars.

12- BTA Bank Kazakhstan
The chairman of the BTA Bank was responsible for financial fraud of almost 6 billion dollars. That happened with BTA bank funds.

13- Allfirst Bank
This bank fraud was the fourth biggest in ranking in the world and happened in Ireland. There was a loss of 700 million dollars.

This case has a series of fraud schemes associated with the London Interbank Offered Rate. This fraud took place in many parts of the world.

15- Tyco International
This case involved fraud of unauthorized bonuses worth 81 million dollars and when the case was disclosed, it showed a huge amount of loans. The fraud was in billion dollars.

16- Punjab National Bank
The culprit obtained Letters of the undertaking and managed to take loans from several other banks in India. The employees of Punjab national bank were involved in this case and the bank lost two billion dollars.

17- China Construction Bank
The employees of the bank were involved in this case. They stole data from eBay customers and caused a loss of 2.4 million dollars.

18- CitiFinancial
This was interesting bank fraud as in this case the data about the people who had taken loans from the bank was lost. The hackers removed more than 55000 names.

19- Epsilon
A group of three men stole the customer data through the email system and caused a loss of up to 4 billion dollars. This incident was the largest data breach of all time.

20- Nordea Bank
This bank fraud happened by breaking into the e-mail system of Nordea Bank. The culprits made people believe that the emails are from the bank. There was a loss of 175 million dollars.

The stories of bank fraud are not new, these can be traced back in history as well likely mentioned few cases above. However, these frauds with banks are still going on and the amazing thing is sometimes bank employees are part of that fraud.

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