Regrettably checking account theft is not a well-known type of crime but is one of the most quickly expanding felonies in the world. A lot of known cases happen of course! in America. The “land of the free” is probably too free when it regards bank account theft. On the average, one in twenty adults are casualties of one or more sorts of bank account theft: stolen credit cards or credit cards numbers, social security numbers and other individual ID.

Bank account theft by Internet Hackers

Internet hackers will provide databases of thousands of social security numbers or personal bank data to hundreds of crooks who will then use them to obtain funds, loans and a financial document in your name.

Banking identity theft by regular thieves

Thieves can get your mail, conterfeit a check you’ve written and write themselves a fat check.

After stealing your wallet they will use your ATM, especially if you wrote your PIN on your card (don’t do it).

They also set-up phony ATM devices that will read and record all the information of your card along with your PIN.

Protect Yourself Against bank account Theft

Have you forgotten or “misplaced” your credit card? Even if you don’t think it was taken, don’t procrastinate too long to report the incident to the authorities and your lenders. Remember that it is not so easy to detect bank account theft; and when you do, it could be too late! Such a happening can seriously damage not only your financial status, but your reputation as well.

• It is not easy to protect yourself from bank account theft, but if you run a credit report on yourself from time to time, you will definitely find out if anyone tried to get a loan on your name.
• Avoid keeping too many bank accounts, and discontinue all your old ones. Keep your credit cards in place or decrease their limits for safety concerns.
• Do not give vital ID data to someone you don’t know over the telephone. That includes: date of birth, federal ID number, driver’s license information, bank account, or other important ID details.
• Always destroy files containing these details once you no longer need them.
• Look over your bills and account statements. Double check that they are yours before sending money.
• If you close a checking account, destroy all the remaining checks.
• Take care of your passwords and PIN numbers. Memorize them and don’t choose easy ones like your birthday or zip code.
• Try to provide as little information as possible online. Think that by getting your birthplace, any bank account thief can copy your birth certificate and other sensitive documents.
• Take care of your wallet and purse. Never leave your most important documents where you can’t see them! Not at work, in a diner, in a lobby. Nowhere!

Sometimes to solve theft of your checking account, you need to get a private investigator, as more traditional ways take often too long. Don’t believe you’ll pay too much. Bank account theft is one of those situations where time is really money! A private investigator may prove to be more of a saving than an expense.

Investment banking is a branch of banking which exists mainly to assist companies and other businesses when it comes to fund acquisition. Investment banks specialize in activities that will provide new sources of funds for their clients, which are mainly business entities. In the past, banks had to focus specifically on investment banking as their business. Today, however, banks tend to diversify and a single corporation may engage in different aspects of banking, including investment banking.

How an investment bank is organized

An investment bank may be divided into separate units, each of which has its own functions. In general, an investment bank may be divided into three main groups – the front office, the middle office, and the back office.

The front office takes care of the actual fund raising activities for their clients. This unit is also involved in investment management, which is basically the management of professional assets such as securities, bonds, and other similar items.

The middle office is tasked with risk management and other aspects of operation. With any business venture, there is always a degree of risk involved. It is the middle office that is tasked with analyzing risks associated with the market and credit.

The back office is tasked with monitoring risk and managing the company’s capital. They have the responsibility of ensuring that everything in the background is going smoothly. The Information Technology team also falls under the jurisdiction of the back office.

Advantages and disadvantages of working in investment banking

There are a lot of pros to working in investment banking. Perhaps the biggest attraction for many people is the fact that money flows in this branch of banking. There is no denying this – the industry is willing to offer very attractive pay packages to their top employees. Of course, in exchange for this attraction, one involved in investment banking has to have a lot of skill and talent. More so, one has to be willing to work long and hard hours in order to make a career in investment banking.

Another advantage when it comes to investment banking is more intangible – the prestige that comes with it. The nature of investment banking makes it inevitable for people working in the field to rub elbows with the who’s who of their community. More so, there are also extensive travel opportunities for those working in this sector.

Swiss bank accounts have long been used mostly for their detail to secrecy. This loyalty to confidentiality has caused many unsavoury thoughts against the clients who use a Swiss bank account, and the product itself has gained a not-so-legal reputation. In defence of the Swiss bank secrecy policy, however, it must be stated that the policy is lifted for criminal crimes such as gun smuggling and drug trafficking, but not for tax evasion because, in Switzerland, tax evasion is not a crime.

History

After Louis XVI exiled the protestant bankers from France in 1865, they continued to fund the kings from Geneva. After all, what better client could there be but a king who had the ability to pay back any monies borrowed, plus an insatiable appetite for lavish spending? Secrecy became a vital concern due to the need for the kings to hide the fact their banker was a protestant heretic.

In 1934, the Federal Banking Act was passed, making a breach of bank secrecy a criminal offence, punishable by hefty fines and imprisonment. There were two major reasons the act was passed:

• Hitler made a public proclamation in 1931, which stated that any German citizen found to hold foreign capital would be punished by death. The Gestapo began an intensive search of Swiss banks, and three Germans were put to death. This prompted the Swiss government to strengthen bank secrecy.
• In 1932 over 2000 French elite were discovered owning Swiss accounts. With a government that refused to fight against tax fraud, the French leftist movement tried to denounce this harsh program. The leftists tried to gain control of the French accounts in Switzerland with little success.

The numbered account

The numbered Swiss bank account is so highly protected, only a handful of employees have access to the information; and then, only to a portion of the whole. Names, addresses and account numbers are all kept in separate files, and locked down tight in a vault. Obtaining access to the full file is totally impossible. There are no maintained databases with information about the numbered account. Even when a transfer is requested, it must be done through the account manager or by credit card. Due to the fact that even accepting a transfer indicates there is in fact an account, the account manager creates a conversation that detects the identity of the client. If the client refuses the transfer, the bank disavows any knowledge of the said account.