Financial institutions and consumers face various fraudulent schemes, with the ten most common bank frauds including: (1) phishing and smishing scams designed to steal login credentials, (2) identity theft involving unauthorized account takeovers, (3) check washing and counterfeit check manufacturing, (4) wire transfer fraud and business email compromise (BEC), (5) unauthorized credit and debit card skimming, (6) employment and payroll scams, (7) mortgage and loan fraud using falsified documents, (8) synthetic identity fraud combining real and fake data, (9) friendly fraud where cardholders falsely dispute legitimate purchases, and (10) romance or investment scams targeting vulnerable account holders.
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