Can bank fraud be committed even though the fraudster does not obtain any money or other...

Can bank fraud be committed even though the fraudster does not obtain any money or other benefit from the bank? Use details to support your answer.

Expert Solution

Bank fraud takes place when anybody uses illegitimate and or unauthorized means to access the bank, its assets, its data related to customers and any other assets that is owned by the bank or financial institution. It may not necessarily mean to obtain money or take any other benefits from the bank. For example, illegitimate access to to bank IT system to identify the proprietary system and copy it for some other purposes, will also be treated as bank fraud. Here, no money or direct benefit is received from the bank, but fraud took place. On a similar note, stealing of data of high net worth individuals using illegal means, and they making phone call to them for extortion of money and threat, is also a bank fraud, where the data in the control of the bank, has been stolen and now misused for different illegitimate purposes. Hence, it can be said that bank fraud can happen, even if fraudsters do not take any money or benefits from the bank.

Rahul Sunny answered 1 year ago

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