Fraudulent Conveyance

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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 ?
Summary: New Delhi [India], Feb 18 (ANI): Punjab National Bank officials (PNB) arrested in connection with the fraudulent transaction scam were sanctioned fixed commission for granting Letters of Undertaking (LoU), the Central Bureau of Investigation (CBI) revealed on Sunday.
If a fraudulent transaction is made with a chip card at a chip terminal, then the card issuer is responsible.
A senior official of NAB told Online that former chairman NAB Naveed Ahsan had established a special cell in NAB to probe into fraudulent transaction and massive plundering in housing schemes.
A senior official of NAB told former chairman NAB Naveed Ahsan had established a special cell in NAB to probe into fraudulent transaction and massive plundering by housing schemes.
A Scru Chain consists of sets of debit/credit pairs (general ledger journal entries) that, when connected, net out to a fraudulent transaction.
The proprietary fraud prevention module is comprised of complex algorithms to minimize the risk that a fraudulent transaction can occur, and the company assumes any liability if a fraudulent transaction does take place.
MIAMI -- Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has released a white paper, The Rise and Fall of a Fraudulent Transaction, which looks at the evolution of financial services and how financial institutions must deploy multiple layers of protection in order to stay ahead of the fraudsters.
Summary: New Delhi [India], Feb 18 (ANI): In lieu of the ongoing fraudulent transaction scam involving Punjab National Bank, the ASSOCHAM demanded that the government to reduce its stake in banks to less than 50 percent.
If the merchant uses chip technology on a customer's smart card and fraud still takes place, there is no shift and the credit card company continues to bear the liability for the fraudulent transaction.
Summary: New Delhi [India], Feb 14 (ANI): The Punjab National Bank (PNB) on Wednesday suspended its ten officials, including a branch Deputy Manager, in a fraudulent transaction case that also involved noted jewellery designer Nirav Modi.
The number of fraudulent transactions has decreased, but the average dollar value of a completed fraudulent transaction is higher than last year, indicating the nature of transactions is becoming more severe.
MoneyGram can then put the transaction on hold, contact the original sender, and if needed, stop the fraudulent transaction from being received.