With the advances in technology, it’s become even easier to stay on top of, and manage, our money and financial accounts. The internet has opened up a whole platform in which transfers, deposits and account reconciliation can happen with a few clicks of a finger. Most people use this technology responsibly, but some have leveraged it as a tool from which to engage in bank fraud, or other white collar crimes.
While technology is one means in which those could commit these type of crimes, there are many traditional ways to engage as well. These happen not by using technology, but other means. Fraud is characterized as a crime in which one deceives someone for monetary gain. Therefore, bank fraud happens when a person deceives someone and accesses another’s bank assets or funds that aren’t meant for them.
This can happen in a variety of ways. The point is, if the alleged bank fraud involves a bank (or a federally backed institution) this is grounds for charges in federal court. Federal court is different from state criminal courts in that they are governed by federal laws, not state laws. Generally, this makes the crime allegation more serious.
Bank fraud is sometimes found under the category of crimes called while collar crimes. This name comes from the time when upper management would wear white collars at work. It incites that those who have access to upper level management and thus, improved security clearance to sensitive financial information, are the type who are often accused of this type of crime. However, anyone could engage in or be accused of bank fraud.