Professions Involved in Carrying Out Financial Fraud


Globe of Hackers
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Credit card fraud is not going to diminish any time soon, as supported by recent statistics on the subject. According to a comprehensive study released by the Federal Reserve System three years ago, around 28 million fraudulent transactions were made on debit, credit and other banking cards, incurring losses of more than $4 billion to individuals and businesses.

It is evident that these financial scams are not carried out by disgruntled and treacherous individuals sitting in their basements and hacking into people’s online financial accounts. Or some petty thieves trying to rob people through ATMs and POS terminals (although that does occur, those actions are considered to be in the category of a violent act and not a white-collar crime).

Most of the time, organized groups who use sophisticated plans are behind these criminal schemes. With the continuous advancements in technology, the work of stealing a person’s financial identity has also transformed into a complex activity involving many different professionals.

In this article, we will discuss the different professions used to carry these financial frauds.

Code Writers

If we talk about the extinct of losses inflicted through swindler activities, then using program code to hack into some major databases tops the list. Malicious software writers are way ahead of the time. They usually work in tandem with organized crime cartels to infringe upon the confidential data stored in the databanks of multinational conglomerates and organizations.

One example of such data breaches was seen back when Verizon’s customer database was hacked and confidential information of more than 14 million customers was exposed including account PINS. One of the worst data breaches was an attack on Yahoo’s computers, whereby $3 billion individual’s identity was stolen.

Sometimes code writers work as freelancers and sell their customized code to third parties. Most of the time they are not even aware of how this code is going to be utilized.

Web Developers

Web developing has been a popular profession for many years. Every entity whether commercial or philanthropic needs an online presence and web developers play an important role in facilitating such jobs.

But web developers can go rogue and develop a webpage that can be employed for phishing. Usually, they work as spoofers with criminals overseeing the activity of phishing.

Clerks and Waiters

Of course not all of the cashiers and waiters are involved in shady activities. But it has been reported many times that dishonest employees are involved in stealing credit card numbers of incoming consumers in retail stores and restaurants.

Specialized Professionals of Electronics

Skimming is one of the major types of ATM frauds. Annually, billions of dollars are lost into skimming heists. But these ATM frauds can’t be instigated without the help of an electrician who has expertise in the making of small electronic circuit boards.

In skimming, electronic card readers are illicitly installed inside the ATMs used to capture the details of debit cards from its magnetic strip. More tech-savvy electricians are able to develop card readers integrated with remote configurations which enable criminals to get the stolen information from any location without going physically to the skimmed ATMs.

Manufacturing Experts

Stolen credit and debit card details are sometimes used to manufacture counterfeit cards by organized and resourceful criminals. Remember, replicating a clone of an authentic card is not an easy task. Several manufacturing processes are involved in making a single counterfeit banking card which can be useful for making fraudulent transactions.

To have counterfeit cards made, magnetic card writers, imprint machines and card stocks are needed. All these things are available in legal market. But not everyone can employ these tools to make fake banking cards. An expert who has the experience in print works and in the making of magnetic strips is the key to such fraud. Usually, criminals who stole the card details outsource the manufacturing to these experts.

Web Hosting

Like web developing, web hosting is another essential service in the realm of the World Wide Web which can be used for malevolence purposes. There are websites who host the stolen data for sale. This data includes credit card numbers and other associated details.

So, it has been evident how different professionals and technical expertise can be utilized to carry out scams, especially the ones involving banking and financial details.


Posted On January 23, 2018