Whether the transaction in question is made via an app, at an ATM, or on a computer terminal, if a bank suspects that an unauthorized transaction has taken place, it can provide investigators with all the related transaction information. Ultimately, footage from surveillance cameras, receipts, and electronic indicators connected to fraudulently depositing or spending funds can all be used by the prosecution as evidence for building its bank fraud case against you.
Case in Point
According to the Laredo Morning Times online, a woman who worked as a marketing manager for about a year and a half (from 2016 to 2017) at Houston’s International Bank of Commerce admitted to defrauding the bank of tens of thousands of dollars via unauthorized withdrawals. The woman is now on her way to federal prison for her fraud conviction. The woman made the withdrawals in question, which amounted to $144,300 in total, by submitting what are known as debit general ledger tickets that were fraudulent. The fraudulently obtained funds were used for the woman’s own benefit, and her sentence includes all of the following:
15 months behind bars
Two years of supervised release
$91,748 in restitution
Because the woman came clean about the fraud she committed, her sentence was less harsh than it could have been, but the legal consequences are severe, nonetheless.
Ultimately, bank fraud refers to a plan that involves a fraudulent act (an intentional misrepresentation) to obtain money, property, or another kind of asset from a financial institution or from depositors in the financial institution. Bank fraud involves stealth and misrepresentation but is not violent, which is what separates it from charges like grand theft or bank robbery. A bank (in the capacity of bank fraud) can be any of the following (according to the Texas Penal Code):
An actual bank
A building and loan association
A credit union
An insurance company
An investment company
A savings and loan association
A trust company
Any other organization that holds itself out as a place for consumers to deposit funds or as a venue for savings or collective investments can also fit the bill.