What are the top financial crimes people get caught for? - Dave's Wallet

What are the top financial crimes people get caught for?


Financial crimes have become all the more prevalent with the advent of digitized currency and smartphone apps that allow you to make your payments.

Allow us to walk you through the top financial crimes that people get caught for:

Identity Theft

Identity theft refers to using the personal information and identity of another individual to reap wealth and financial gains. This theft can be conducted through credit cards, social security numbers, and banking information, and it typically involves unauthorized shopping, bank loans, and credit card usage. It is one of the most common types of financial crimes in the world.

Credit Card Abuse

One of the major hazards of having a credit card, credit card abuse or fraud is very common, and it basically involves the use of another individual’s credit to make unauthorized purchases. In order to commit this crime, the credit card does not have to be stolen.

Embezzlement of Funds

Embezzlement of money typically involves the misuse of funds that have been entrusted by an organization or institution, and it commonly occurs in NGOs, government organizations, and businesses. It can also take place when an individual is managing the estate of another.

Insurance Fraud

Another extremely common financial crime, insurance fraud occurs when an individual attempts to file an insurance claim for an accident that did not take place. It can also occur if the amount of damages is overstated in order to receive a greater amount of funds from the insurance provider.

Taxation Fraud

A common state and federal offense, tax fraud can occur if the individual fails to file a return, or pay his/her taxes, or make any unauthorized deductions. It can also occur if the individual has failed to report an income and its source adequately.