Examples of Bank Fraud Charges in Arizona

bank fraud chargesUsing a financial institution like a bank in a fraudulent way to achieve financial gains is defined as bank fraud in Arizona. Fraud schemes can be run in many different ways, which is why the term is so broadly defined.

The provision of false information to get a loan from a bank, for example, constitutes bank fraud. This, however, isn’t the only example of fraudulent activity that could lead to serious repercussions.

Credit Card Fraud

Credit card fraud ranks among the most common types of bank fraud schemes in Arizona.

A credit card can be cloned for the purpose of getting financial advantage in an unlawful manner. This crime is also known as skimming. Skimming can involve both credit and debit cards.

A credit card contains sensitive information that can be scanned and used to make purchases on behalf of the card’s owner and without their consent. Skimming can occur at an ATM machine, via the provision of card details to third parties and in the case of online purchases through questionable websites.

Loan Fraud

As already mentioned, fraudulent information can be provided to a bank in order to receive a loan. Both businesses and individuals in Arizona have been known to commit loan fraud.

Another type of loan fraud occurs through identity theft. Perpetrators can “steal” somebody’s personal information in order to take out a loan in their name. Hence, they will be committing two types of crime – identity theft and bank fraud.

Wire Transfer Fraud

Wire transfers are probably the most common financial service that banks provide. Hence wire transfer fraud is also pretty typical.

Wire transfer fraud is relatively easy to commit online.

Scammers can steal the online banking information of an individual who isn’t vigilant enough. Once they’re inside the account, they can transfer funds without the knowledge or the permission of the account’s owner.

It’s also possible for someone to be convinced by another individual to wire money to them. The perpetrator could present themselves as someone in need (a sick individual) who should get funds for treatment. There have also been cases of online catfishing via dating websites. A person convinces someone that they’re romantically interested, after which they begin requesting wire transfers.

Money Laundering

Money laundering also falls under the bank fraud category.

Fraudulently obtained funds can be deposited in a bank account for the purpose of making the money appear as if it originated from a legitimate source.

Money from drug trade, for example, could be deposited in a company’s business account. It could be presented as revenue from legitimate service provision. Banks in Arizona, however, have become much more adept at detecting money laundering schemes. Digital technologies and intelligent algorithms can identify unusual account activity to potentially pinpoint money laundering attempts.

Phishing and Online Banking Fraud

Digital and e-banking have opened up new convenient opportunities for service provision. These channels, however, have also given rise to new types of bank fraud.

Phishing is a fraud scheme in which emails, text messages and online communication are used to obtain a person’s bank accounts. Fraudsters could impersonate the bank and send an official looking email to get a response and key data from their victims.

Fake websites can also be used to “phish” information out of the victims.

Bank fraud is a serious offense, regardless of the manner in which it’s being committed. Depending on the scope of the crime and the victim location specifics, bank fraud could also be prosecuted under federal law.

Honest mistakes can occur and usually, these will not contribute to serious consequences. Still, if you’re being questioned by your bank or you’re directly being charged with fraud, you should get in touch with a criminal defense attorney immediately.

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