make a fake bank of america bank statement

Personal information of the account holderĪ bank statement has a variety of applications for both the account holder and third-parties.įor example, a bank statement serves as an important financial planning tool for the individual bank customer.

In the case of digital files, the statement is delivered in a non-editable format, such as a PDF. While most banks provide a paper copy of the statement via mail, many financial institutions now provide digital statements via email and even allow the account holder to “go paperless” and opt out of mail delivery. Usually this is done on a monthly basis, though a custom report can be requested by the account holder for any given period on demand. Bank statements are produced and delivered by the financial institution. In this post, we take an in-depth look at how fraudsters use fake bank statements and other financial documents to fool unsuspecting lenders, as well as how these organizations can leverage technology to improve their fraud detection capabilities so that they can stop bogus applications more quickly, accurately and cost-effectively than ever before.Ī bank statement is a record of all transactions associated with an account over a period of time. Put another way: Document manipulation is highly correlated with loan write-offs. Perhaps more importantly, our research suggests that a fraudulent application document leads to a loan write off rate of 60% on average.

Our data shows that 10% of all financial application documents submitted in an online channel have been manipulated. These documents are made-to-order, meaning they can contain the exact balance amounts and transaction history that the borrower believes they need to pass a credit check from a mortgage company or lender, housing authority, government agency or other party.

But what happens if the documents submitted as part of an application are fraudulent?Ī quick Google search reveals countless shadowy service providers who can produce fake bank statements. To make a sound decision, loan underwriters typically request 3-6 months of bank statements, as well as pay stubs, utility bills, tax forms, and other financial documents, to assess the applicant’s creditworthiness and determine their level of associated risk. Determining a loan applicant’s creditworthiness is based, in large part, on their financial history.ĭo they have sufficient income to repay the loan? Do they have existing funds to cover payments in the event of an emergency event? Does their financial history contain red flags, such as bounced checks, missed payments, unexplained deposits or undocumented, recurring transactions to a private lender? All these questions and more will determine if an applicant should receive a loan and, if so, the amount and the terms.

Make a fake bank of america bank statement