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What is the scope of bank fraud?

On Behalf of | Dec 6, 2022 | Criminal Defense |

You probably already know the term bank fraud. You may not know how broad bank fraud legislation is and what the term covers.

Bank fraud is an attempt to defraud a financial institution, whether against the bank itself or a consumer scammed into giving you money, assets or property under a bank’s control.

In some cases, bank fraud and consumer fraud go hand in hand. The courts can convict you if you commit any of the following crimes.

Writing worthless checks

Writing a check you know you do not have the funds for is a federal crime. Check washing and check fraud also fall under this category.

Unauthorized use of a credit or debit card

Simply using someone’s bank or credit card without their knowledge is an attempt to defraud the bank as well as the consumer.

Extortion

Extorting a person or bank by computer is bank fraud. Extortion is an attempt to use ransom or knowledge that is damaging for financial gain.

Financial computer fraud

This includes scamming people, institutions or businesses through:

  • Email
  • Mail
  • Mortgages
  • Wire transfer
  • Hacking and hacking attempts

All of these instances fall under bank fraud laws.

Embezzlement

Embezzlement is a grey area. Depending on the situation, they can prosecute you through the business, through the bank, or both. If you embezzle money from a bank, it is bank fraud.

Make sure you have as much evidence as possible to disprove it if someone accuses you of bank fraud. Since bank fraud covers many areas, it is difficult to disprove without a solid defense. Those that prosecute bank fraud have far-reaching powers.