The following scenarios are some of the most common occurrences in banking fraud. Person-to-person (P2P) fraudulent transactions:P2P fraud is a consumer scam whereby a bad actor uses social engineering to trick a consumer into sending money through a P2P channel (Zelle, Venmo, Paypal) for fraudulent financial gain. Deposit fraud: This type of fraud is the practice of making illegitimate or falsified deposits into a bank account with the intention of inflating account balances or obtaining unauthorized funds. It may involve unemployment for people who have died or never existed, counterfeit checks, or other altered payment instruments. Account takeover:Account takeover fraud involves illegitimate access to a person’s financial (banking) or non-financial accounts (like email or social media accounts). In an account takeover, fraudsters gain access to login information through social engineering, hacking, or credential stuffing. Then the fraudster changes certain aspects of the account’s contact information to their own, taking over the account. Money laundering: This is a type of fraud where the bad actor makes transactions and lies about the source of the money. This makes illegally-obtained funds appear legitimate and makes it difficult for authorities to trace the illicit funds back to their criminal source. Oftentimes consumers wittingly participate in these money laundering scams (first party), and even partner with bad actors to perpetrate the fraud (second party). Consumers can also unwittingly participate in fueling fraudulent money movement and are considered victims in the process. Authorized push payment fraud: In authorized push payment fraud, individuals are deceived into making illegitimate bank transfers. The victims authorize the payments willingly, often due to social engineering tactics or impersonation, leading to the loss of funds with little to no chance of recovery. Wire transfer fraud: Wire transfer fraud involves the fraudulent use of electronic funds transfer systems to unlawfully send money from one account to another.