Bank Theft is the illegal taking of money or other property belonging to a bank, financial institution, or its depositors, without the depositor's consent. Bank Theft can range from small-scale frauds such as check kiting to large-scale robberies or embezzlement. Bank Theft can be perpetrated by individuals or groups of people, either inside or outside the bank. Types of Bank Theft include: • Check Kiting: the illegal practice of writing checks for more money than is held in a bank account. • Robbery: the taking of money or property by use of force or threat of force. • Embezzlement: the misappropriation of funds by a bank employee or a trusted individual. • Counterfeiting: the production of fake currency or other financial instruments. • Skimming: the illegal use of debit or credit card information to make unauthorized purchases. • Phishing: the use of emails or other online communication to obtain personal information such as passwords and account numbers.
Bank Theft
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FAQ
Contact your bank or card provider to alert them. Reporting is an important first step to getting your money back, and you could be liable for all money lost before you report it. If you've been targeted, even if you don't fall victim, you can report it to Action Fraud.
1) The Central Bank of Iraq Robbery On March 18, 2003, the Central Bank of Iraq in Baghdad was robbed of approximately $920 million in cash, on the eve of the Iraq War.
There is a type of robbery known as the ?Morning Glory? where perpetrators will assault employees as they open up the premises for the day, take them inside and demand money, or they may have sequestered themselves within the premises during the night by some means.
Under federal law, bank robbery is a serious offense and you could be sentenced for up to 20 years in a federal prison, a fine up to $250,000, or both. If you used violence to accomplish the bank robbery, you could face more severe penalties.
The FBI has had a primary role in bank robbery investigations since the 1930s, when John Dillinger and his gang were robbing banks and capturing the public's attention. In 1934, it became a federal crime to rob any national bank or state member bank of the Federal Reserve System.
FDIC deposit insurance does not apply to financial products such as stocks, bonds, money market mutual funds, other types of securities, commodities, or crypto assets. FDIC deposit insurance does not protect against losses due to theft or fraud, which are addressed by other laws.
Yes, contrary to what you might think, a bank can take money out of your checking account, even if you don't authorize it. It's called a "right to offset" and it typically happens in one situation: When you owe your bank money on a loan.
When your money is in the bank, the bank is the custodian in trust. Money taken from a robbery is taken from the bank, not the individual depositors. In such a case, the bank has insurance that pays out to the bank, not the depositors. As far as the depositors are concerned, nothing happened to their money.