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Jan 31, 2025
“Because that’s where the money is.” Bank fraud is different than bank robbery or theft, but the same reasoning applies as when Willie Sutton was once asked, “Why do you rob banks?” Banks always have been and always will be subject to fraud because that’s where the money is, as aNew Jersey federal defense attorneywill tell you.
A Crime of Secrecy
Bank fraud may be defined by a New Jersey federal defense attorney as an intentional misrepresentation to fraudulently obtain money or other assets from a bank or other federally insured financial institution. Perpetrators of bank fraud act in secret, hoping that some time passes before their fraudulent act is detected. The lack of violence or force in committing bank fraud makes it among the offenses categorized as white collar crimes.
An Inside Job or an Outside Job
Inside bank fraud is perpetrated by someone who works for a bank or has access to restricted information. It can be particularly difficult to detect because of the number of individuals who have positions of responsibility with each bank. Included among insider bank fraud are:
Forging documents to conceal a theft
- Making fraudulent loans
- Identity theft
- Using the bank’s funds to invest in the stock market
- Wire fraud
Outside fraud involves people not associated with the bank. Common crimes a New Jersey federal defense attorney sees include:
- Forging checks
- Check kiting
- Passing bad checks
- Identity theft
- Stolen debit/credit cards
- Money laundering
- Accounting fraud
