Okuzeka
Finance & Banking vocabulary · Regulation & Compliance

Fraud

Meaning in finance & banking, with examples

/frɔːd/nounCore term

In finance & banking, fraud means: Deceiving someone to get money or another advantage illegally, such as using stolen card details or opening an account with a fake identity.

In Turkish: dolandırıcılık, sahtecilik, hile

How it is used

Used by fraud teams, call centres and customers. Banks detect, prevent and investigate fraud, and customers report it. Common types are card fraud, phishing, identity fraud and authorised push payment (APP) fraud.

Example sentences

  1. Our fraud team blocked the card after spotting three unusual payments abroad.

  2. Card fraud losses fell after we introduced instant transaction alerts.

Common collocations

  • card fraud
  • fraud prevention
  • report fraud
  • fraud detection
  • victim of fraud
  • money launderingHiding the criminal origin of money by moving it through banks, businesses or transactions so that it looks legal.
  • chargebackThe reversal of a card payment after the cardholder disputes it, for example because of fraud or goods that never arrived. The money is taken back from the merchant.
  • complianceFollowing the laws, regulations and internal rules that apply to a bank; also the name of the department that checks that this happens.
  • operational riskThe risk of loss from failed internal processes, human error, system breakdowns or outside events such as fraud, cyberattacks or natural disasters.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Regulation & Compliance

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This page explains English vocabulary for learners. It is not financial advice.