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What constitutes bank fraud?

Bank fraud is a common type of crime in Tennessee, and it can take many forms. In general, this type of fraud consists of the use of illegal means to obtain money and other assets by fraudulently posing as a financial institution.

The Office of the Controller of the Currency discusses some examples of bank fraud. Some victims may receive contact from a bank that is fictitious or from an unlicensed bank that is operating in an unauthorized way. There is also high yield investment fraud, in which promotors trade financial instruments that do not exist in reality. Cashier's check fraud is another common way scammers take other people's money. This occurs when a fraudster sends a fake cashier's check and asks the receiver to wire money back. Once the bank realizes the check is not real, the deposit is taken out of the account, and the victim is also out the wired money.

According to the United States government, setting up automatic withdrawals is a common scam. A fraudulent company may set up programmed debits from the victim's account and say it is to collect lottery winnings or as part of a trial. Scammers are also constantly sending out phishing scams, in which they try to trick the victim into giving out a credit card or bank account number.

The government offers some advice to help prevent being a victim of bank fraud. One is to not accept a check or wire money to strangers or an unrecognizable company. One should also have the bank verify a cashier's check authenticity first, as fake ones look very convincing. No one should ever give someone bank account information through email or phone methods.   


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Murfreesboro Office
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
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