Bank fraud is increasingly becoming a major crime in today’s world. It occurs when a person uses illegitimate mechanisms to receive money or other assets from a bank or any other financial institution. Additionally, the term refers to the acquisition of money from bank customers through falsifying means. In this case, a person poses as a representative of a financial institution and, in the process, obtains money from unsuspecting bank customers. Unlike bank robbery, the perpetrators of bank fraud commit the crime in secret without raising any alarms.

According to the U.S’ federal law, particularly under the Bank Fraud Statute (Title 18, Section 1344), anyone who executes or attempts to carry out a plan to swindle money from a financial institution or obtain moneys or assets belonging to, or under the care of a financial institution through illegal means, such a person is charged with bank fraud,” said William J. Mauzy. “The Bank Fraud Statute underscores that a person who commits bank fraud could receive a fine of not more than $1,000,000, serve a jail term of not more than 30 years, or face both penalties.”

What Is Bank Fraud?

Major Bank Frauds

Bank customers are vulnerable to fraudsters, especially if they lack knowledge on how to protect themselves. Here are some of the most major bank fraud threats that the public in Minnesota need to be aware of:

Credit card or Debit card Fraud

This fraud can occur when one loses his or her cards, and they are used by another person to buy goods or withdraw money. Moreover, you can fall a victim to a dishonest trade dealer who intentionally undertakes illegal duplicate dealings on your card. In order to avoid being a victim of credit or debit card fraud, you should put these measures in place:

-Never share your PIN to anyone.

-In case you notice any strange transactions on your statements, notify the necessary authorities immediately.

-Always ensure that your cards are kept secure.

Check Fraud

This fraud happens when a check is used to get illegal access to unauthorized transactions,” said Mark Herman of Expungement Lawyer MN. “This can occur through various ways including changing the details of a check without authority, duplication of checks and theft of valid checks and modifying them for financial advantage. Based on the commonness of this bank fraud, it is important to protect yourself by signing checks after every detail is put across, avoid signing blank checks and most importantly, report any theft of checks as soon as possible.”


Bank fraudsters send emails to bank customers advising them that their security details need to be updated, and in the process they, without their knowledge, provide their bank accounts’ logging details to the fraudsters. Therefore, it is significant for bank customers to be vigilant of electronic bank fraud.

In case you have been arrested in connection with any form of bank fraud, it is valuable to find a good criminal defense lawyer for legal counsel, considering the magnitude of the issue in federal law. We will be able to offer you the best professional legal counsel to help solve your case. Once contacted, we will act with urgency and utmost professionalism to represent you accordingly.

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