Bill discounting fraud is essentially and mainly a confidence trick which a fraudster or cheat or dishonest person uses for a company exactly at the disposal to gain confidence with its current bank easily just by appearing as one of the genuine and fake image of profitable customer. The company regularly as well as repeatedly uses the bank methods to get payments or other related things from one or more than one of its genuine customers to give the illusion of being one of the desired customers.The customers in question is part of the fraud will actively pay any and all bills that are raised by the bank without any questions made and its seen that these payments are always made by them.
After a long period or span of time when it seems the bank is happy with the company after that the company will requests that the bank should settle its balance with the company before all process such as billing the customer. But again, business should continue further as normal for the fraudulent company along with its fraudulent customers and also with the unwitting bank. When the outstanding balance calculated between the bank and the company is sufficiently large enough or big enough then the company will start taking the payment from the bank also the company and its customers would disappear along with leaving no-one to pay all the bills issued by the bank.Annual list is also being prepared for unlicensed kind-of banks which are for the type of Treasury Department web sites.
In Vietnam Construction bank scandal where abuse of power and rights is done when performing the simple public duties which are now punishable by them up to at least 15 years in jail. The detainees and Pham Cong Danh allegedly used those capitals from the bank to do trading in government bonds as well as the shares to earn their own.Investigators in Vietnam found their acts of fraud had caused many losses of millions of dollars to state capital.When the fraud arrests were made, the officials were sacked from their posts before all were taken into custody.Vietnam’s economy had grown at its fastest pace since five years that was already boosted by strong exports records of foreign investment and buoyant or light and floating domestic consumption.But economic progress or advance is most vulnerable thing due to high public debts or accounts, huge but ineffective or inefficient state-owned enterprises or organizations and rampant or uncontrolled official corruption.
Communist who is from Vietnam has been struggling or fighting for years to clean up its huge or vast state-run sector.Payment card frauds through Credit Card frauds is most widespread as a means of stealing from banks or merchants or even clients.Booster cheques which are fraudulent or bad cheque or considered fake which are used to make a payment to the account of credit card just to bust out or raise or lift the exact amount of whatever available credit on otherwise legal or legitimate credit cards. The amount of the cheque is also credited to the card account by the bank as soon as the payment is made even though the cheque which has not yet cleared. The bad cheque is discovered before the perpetrator or suspect or culprit goes on a spending spree that is sustained period of unrestrained activity or obtains cash advances until the newly raised available limit or bound on the card has reached. One such case is of Vietnam construction bank scandal.
The original cheque gets bounced, but no use by then as it is already too late. Stolen payment cards Often are the first indication that a fraud or victim’s wallet has been stolen is when a phone call from a credit card issuer comes asking if the person has ever gone on a spending spree which means is it sustained period of unrestrained activity; it’s one of the simplest form of theft which involves stealing by borrowing the card itself and charging or shopping or buying number of high ticket items to it in the starting or first few minutes or hours itself before it is realized or is reported as lost or stolen. When the person comes to know, it’s all over and no solution to it.