What is bank fraud?

Bank fraud is a white collar crime in South Dakota which includes any type of deception, misrepresentation, or other fraudulent activity intended to unlawfully obtain money from a financial institution. This crime involves any attempt to use a bank account, debit card, or credit card in an unauthorized manner. Bank fraud can range from a minor infraction such as writing a check on an account with insufficient funds, to major criminal activity such as a wire transfer fraud or identity theft. Common forms of bank fraud in South Dakota include check fraud, counterfeiting, money laundering, forgery, mortgage fraud, and credit card fraud. Check fraud usually refers to when a person provides a check knowing that it will not be honored due to insufficient funds. Counterfeiting is creating a false document or item to be used as if it were genuine. Money laundering is the process of disguising the source of money illegally obtained and illegally transferring it. Forgery is the process of creating a false document or item with the intent to use it as if it were genuine. Mortgage fraud is when a person, often a loan officer, provides false information on a loan application or closing documents to illegally obtain money from a lending institution. Credit card fraud is when someone uses another’s credit card or account information without authorization in order to obtain goods or services. Though the severity of punishment for bank fraud in South Dakota may vary, all forms of bank fraud are serious and can result in substantial fines and imprisonment.

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What is bank fraud?

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