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How identity fraudsters steal your overdraft facility

Fraudsters are smart, so much so that they know how to outwit the banks security, clearing system and best of all innocent account holders. So how do fraudsters use identity theft to steal your overdraft facility? Read on to find out more. Here is a good example of how an ‘overdraft fraud’ works.

When a genuine cheque has been stolen it can be used for opening a bank account in someone else’s name. Identity thieves will have the address and personal data to fool the banks security, so setting the bank account up would be relatively straightforward. In most cases the clearing process should identify fraudulent activities i.e. signature, altered name etc. Under these circumstances the cheque would be returned to the bank. Read on…

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