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Bank fraud is defined as planning to obtain property or money from any federally insured financial institution and is codified in 18 USC §1344, which provides: Whoever knowingly executes, or attempts to execute, a scheme or artifice- (1) to defraud a financial institution; or (2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises; shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Examples of bank fraud include:
Check Fraud, when either fake checks are used for deposits (this is usually offset by watermarks and other security features on the checks), or when someone uses a false identity and stolen checks to withdraw cash from a bank account
Deposit Account Fraud, or "Check Kiting," when in-transit or non-existent cash is recorded as a deposit into a bank account, a fraudulent check or cash withdrawal is drawn on that account, and the bank pays based on the unfunded deposit
Falsification of Loan Applications (see also Mortgage Fraud)
Credit Card Fraud, which works in the same manner as check fraud.
Many bank fraud schemes are carried out through use of the Internet, which implicates wire fraud charges as well. For example, a data breach is one of the most common online bank fraud schemes, where data of a bank is stolen to gain sensitive information from unknowing bank customers. The information is then used to gain access to money in the bank customer's accounts.
Ann Fitz is a federal criminal defense attorney in West Palm Beach and will aggressively defend your rights if you are charged with any type of bank fraud. Call us today for a free consultation.