Fraud can occur in numerous ways and is defined as anyone that has intentionally deceived another individual to make a gain from or damage that individual.
Fraud can be charged at the state or federal level. However, if the fraud has crossed state lines, it can only be charged at the federal level.
About Bank Fraud in Arizona
Bank fraud occurs when an individual poses as a financial institution to obtain or gain access to money, assets, or property that is owned by banks. This is a federal offense.
Under the 18 U.S. Code §1344, committing bank fraud can result in fines up to $1,000,000 and/or imprisonment of up to 30 years. Bank fraud is considered a level seven offense.
Types of Bank Fraud
There are various types of bank fraud. Below are the four most popular bank frauds according to Australia and New Zealand Banking Group:
- Credit/Debit Card Fraud: This fraud is the reproduction of a credit or debit card in order for an individual to use credit balance for financial purposes.
- Check Fraud: Occurs when an individual seeks to gain a financial advantage by altering a check’s amount, stealing checks and altering them, counterfeiting checks, and using false invoices to legitimize checks in order to obtain more money.
- Electronic Fraud: This type of fraud occurs when an individual uses email scams or fake websites to pose as a bank to solicit money from individuals.
- Identity Theft: Occurs when an individual’s personal identify information is obtained and used to get some sort of financial benefit. Information can be obtained through mailboxes, scams, and the Internet.
To avoid being a victim of any of these bank frauds, the best way is to keep an eye on all accounts and frequently check-in on your banking information to protect your money and assets.
Arizona Fraud Defense Lawyer
If you are charged with bank fraud in Arizona and need an attorney, JacksonWhite’s criminal defense lawyer, Jeremy Geigle, has experience helping clients with a wide variety of fraud issues. Call (480) 467-4370 to set-up a free consultation today.