Fraudulent Conveyance

(redirected from Fraudulent Transaction)
Also found in: Legal, Wikipedia.

Fraudulent Conveyance

The transfer of property to another party in order to defraud a creditor. For example, if a person owes the bank for a loan for $15,000, the person may give or sell $15,000 worth of property to a relative, often while still maintaining use of the property, in order to prevent the bank from being repaid. Legally, fraudulent conveyance requires the intention to defraud a creditor.
References in periodicals archive ?
NAB has also removed guidelines placed on its website for warning people against the fraudulent transaction of fake housing societies.
The new release provides companies with a cost-efficient and effective way to identify and resolve potentially fraudulent transactions flowing through a company's ERP and financial systems, essentially serving as a "virtual forensic auditor," the Atlanta-based company says.
The fraud losses stopped reflect the dollar value of potentially fraudulent transactions detected and prevented by CashEdge's risk monitoring services.
Davila launched a similar SMS credit card fraud protection service with great success, resulting in an overall significant reduction of fraudulent transactions.
NEW YORK -- For every $100 in fraudulent transactions, retailers incurred a "true" cost of $230, according to a new study released by LexisNexis[R] Risk Solutions.
From February 2010 to January 2011, the anti-fraud technology accounted for a 40 percent increase in MoneyGram's ability to identify and interrupt potentially fraudulent transactions.
While the total cost of fraud has gone down since last year, retailers still lose more than three dollars for every one dollar lost due to a fraudulent transaction and online or mobile fraud is a growing threat.
The advanced information technology will permit point-of-sale screening of credit card purchases for abnormalities that might tip off a fraudulent transaction.
A Scru Chain consists of sets of debit/credit pairs (General Ledger journal entries) that when connected net out to a fraudulent transaction.
Tonken admitted that the notation on the debit ticket and the change of address were intended to conceal the fraudulent transaction.
It compares a check casher's fingerprint to digital templates stored in the national database and confirms a positive history or flags a potentially fraudulent transaction.
MasterCard's new tool also benefits consumers, as it helps protect them from fraudulent transactions on their cards, while minimizing the potential that legitimate transactions are declined.