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Can identity theft also lead to bank fraud charges?

On Behalf of | Oct 27, 2023 | bank fraud | 0 comments

Identity theft is a serious crime that can have far-reaching consequences for those who commit it, especially in the state of Texas.

In addition to facing charges related to identity theft itself, individuals who engage in this unlawful activity can also find themselves facing bank fraud charges.

Defining identity theft

Identity theft involves the unauthorized acquisition, possession, transfer or use of someone else’s personal information with the intent to defraud or harm that person or others. This includes stealing a person’s name, social security number, bank account details or any other sensitive information for illicit purposes. If caught engaging in identity theft, one may face a  felony charge.

Understanding bank fraud charges

In many instances, identity theft goes hand in hand with bank fraud. Bank fraud occurs when a person uses fraudulent information, including stolen identities, to commit financial fraud, such as making unauthorized transactions, opening fraudulent accounts or withdrawing funds from someone else’s bank account. These actions are illegal and can result in serious consequences.

Defining the consequeces

Identity theft and bank fraud can lead to criminal charges, resulting in convictions that stay on one’s record. These convictions can hinder future employment opportunities and impact various aspects of life. A person charged with this crime can also be subject to substantial fines, depending on the severity of their offenses. These fines can be financially crippling and affect one’s economic stability.

In 2021, 1.4 million reports of identity theft occurred. While the legal consequences for those who commit identity theft and bank fraud are significant, the right defense may provide a more favorable outcome.

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