8.125 Bank Fraud-Scheme to Defraud Bank (18 U.S.C. Sec. 1344) is a federal crime that involves a plan or scheme to defraud a financial institution. This type of fraud includes any attempt to obtain money or property from a bank or other financial institution through false pretenses, misrepresentation, or deception. The penalties for this offense can range from a fine to a prison sentence of up to 30 years. The types of 8.125 Bank Fraud-Scheme to Defraud Bank (18 U.S.C. Sec. 1344) include check kiting, mortgage fraud, loan fraud, money laundering, identity theft, and other forms of fraud. Check kiting involves depositing a check for more money than is in the account and then withdrawing the money before the check is returned for insufficient funds. Mortgage fraud is when a person falsifies information to get a loan or a mortgage. Loan fraud is when someone applies for a loan using false information or deceptive practices. Money laundering is the process of disguising the source of illegally obtained money. Identity theft is when someone steals another person’s identity to commit fraud. Lastly, other forms of fraud can include creating fake accounts and transferring funds to them, using a stolen credit card, and forging documents.
8.125 Bank Fraud-Scheme to Defraud Bank (18 U.S.C. Sec. 1344)
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FAQ
Section 1344 of Title 18, United States Code, covers any scheme to defraud occurring on or after October 12, 1984. The statutory language is modeled directly after the mail fraud statute.
Banks hire personnel, such as internal credit fraud investigators, who use electronic transaction trails and account-based rules to determine the origin of fraudulent transactions.
Once your account (or the account holder information) has been reported lost or stolen, the account is immediately blocked. If necessary, the bank will then issue a new card with a new account number. Also, your bank will send you a letter explaining the steps you can take to protect yourself further.
Under federal law, bank fraud in the United States is defined, and made illegal, primarily by the bank fraud statute in Title 18 of the U.S. Code. 18 U.S.C. § 1344 states: Whoever knowingly executes, or attempts to execute, a scheme or artifice?
Do Banks Press Charges for Fraud? Yes. Fraud charges of sufficient scale can result in state or federal charges and time in jail.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.
Section 1344. 1344. The deposition taken must, by the magistrate, be sealed up and transmitted to the Clerk of the Court in which the action is pending or may come for trial.