Unfortunately, fake bank statements are created for deceptive and illegal purposes.įinancial statement fraud, the category under which fake bank statements fall, accounts for 10% of corporate fraud cases according to statistics but results in a median loss of $954,000 per incident. In simple terms, they provide an official financial record of the money flowing in and out of an account. They include opening and closing balances for the statement period as well as contact information for the financial institution.īank statements may be issued monthly, quarterly, or on other cycles depending on the account type.
Typically bank statements detail transactions like deposits, withdrawals, checks, debit card purchases, ATM transactions, interest earned, or fees charged. Statements are issued by banks and credit unions to keep customers informed about activity in their accounts. What is a Bank Statement?Ī bank statement is a summary of bank transactions and account balances over a specified period of time.
This guide covers the common signs to inspect statements for fabrication clues.įollow these tips to detect fake bank statements and stop fraud attempts. Fake bank statements are on the rise and being used for unlawful financial gain.īut how can you identify if a statement is falsified?
