What is considered bank fraud?

On Behalf of | Dec 9, 2022 | Firm News

There are different types of ways that people can commit fraud in New York. At a basic level, fraud occurs when people use false or misleading information to gain financially at the expense of other individuals. One of the common types of fraud that people commit is bank fraud, but like fraud in general, bank fraud can come in many different forms as well.

Bank fraud in general occurs when people use false information or illegal information to obtain money from a bank.

Different types of bank fraud

As stated above, this comes in many different forms, which includes the following:

  • People can commit check fraud by washing checks or using someone else’s checks to make purchases.
  • Credit card fraud: This occurs when people use another’s credit card without authorization or someone obtains a credit card using false information.
  • Loan fraud: This occurs when businesses change the numbers on their books to make it seem like they have more than they really do, which they then use to obtain loans they will not be able to pay back. This can also occur if people use false information to obtain a loan.
  • Wire transfer fraud: This occurs any time people are sent money illegally through a wire transfer over the Internet. This can occur when hackers steal login information and then use it to steal money from the company. It can also occur when people convince others to send them money for what may seem like a legitimate interest and then simply keep it once they have it.
  • ATM Fraud: This occurs when people put skimmers on the machines to get the card details from people using the machine. They then use that information to make purchases elsewhere.
    Bank fraud is an extensive type of fraud and encompasses many different types of activity in New York. People accused of these types of fraud could face serious consequences if they are convicted of the crime. However, like any other crimes, people are innocent until proven guilty. It is important to have a strong defense and consulting with experienced attorneys could be beneficial.