{"id":352004,"date":"2023-09-29T16:01:35","date_gmt":"2023-09-29T21:01:35","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/criminal\/criminal-charges\/bank-fraud.html"},"modified":"2023-09-29T16:01:35","modified_gmt":"2023-09-29T21:01:35","slug":"bank-fraud","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/criminal\/criminal-charges\/bank-fraud.html","title":{"rendered":"Bank Fraud"},"content":{"rendered":"\n
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Bank Fraud<\/h1>\n\n
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\n By Christie Nicholson, J.D.<\/a> | Legally reviewed by Rhonda Earhart, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Bank fraud is a federal crime. It involves the use of deception to steal money or property from a financial institution. Bank fraud schemes often use social engineering, hacking, forgery, or identity theft.<\/p>\n\n <\/div>\n\n\n\n

Every year, thousands of people are charged with bank fraud in the United States. According to the ABA Banking Journal<\/a>, the number of bank fraud attempts between 2020 and 2021 increased by over 40%.<\/p>\n

Most bank fraud is committed online. In fact, in 2021, 33% of these crimes<\/a> occurred through online banking, while another 29% were executed on mobile devices.
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If you have been charged with bank fraud, you should immediately speak with a defense lawyer<\/a>. This is a serious offense. Any federal crime is bound to carry significant penalties, including a federal prison sentence, heavy fines, and other legal consequences.<\/p>\n

This article will discuss the federal crime of bank fraud and the possible penalties you may face. It will also briefly touch on why it’s so important that you retain a criminal defense lawyer as soon as the government files criminal charges against you.<\/p>\n

Elements of Bank Fraud<\/h2>\n

As with most other crimes, there are specific elements of bank fraud. The legal definition of this crime is when a person knowingly uses a scheme or artifice to execute, or attempt to execute, a plan to:<\/p>\n

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  1. Defraud a financial institution; or<\/li>\n
  2. Obtain any money, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution<\/li>\n
  3. By means of false or fraudulent pretenses, representations, or promises<\/li>\n<\/ol>\n

    Bank fraud is different from other white-collar crimes. It is also different from ordinary fraud. With fraud<\/a>, an offender uses a scam or artifice to convince an individual or entity to give them something to which they are not actually entitled. With bank fraud, the intended victim is the financial institution itself.<\/p>\n

    Federal Bank Fraud<\/h2>\n

    Some crimes, but not all, are codified by the federal government. This is the case for most white-collar crimes, including bank fraud. In part, this is because most, if not all, banks are secured by the Federal Deposit Insurance Corporation (FDIC)<\/a>.<\/p>\n

    The federal bank fraud statute, 18 U.S.C. section 1344<\/a>, outlines the scope of the crime. It also outlines the penalties associated with a conviction of the offense.<\/p>\n

    The scope of federal bank fraud law is broad. There are several types of bank fraud, including:<\/p>\n