Banking Fraud

Bank Fraud Solicitors

If you are seeking advice or legal representation from a bank fraud solicitor, DPP Law should be your first port of call.

We know that when banks investigate individuals due to allegations of banking fraud, the situation can become worrying. After all, offences of this kind are considered serious and often come with hefty penalties – including large fines and even the possibility of incarceration.

However, there is a great deal that our team of experts can do to defend you at any stage of a bank fraud investigation – which is why it is vital for anyone facing allegations of this kind to get in touch with us as soon as they are able.

What is considered bank fraud?

An individual or organisation accused of banking fraud may be suspected of any of a number of legal transgressions relating to a bank or any similar financial institution. These may vary in scale from the one-off use of another person’s credit card to large-scale fraudulent conspiracy.

Types of banking fraud may include:

• Credit card fraud (including the cloning of credit cards)
• Bank account fraud (e.g.. opening an account using a false identity)
• False accounting
• Conspiracy to defraud
• Rate fixing (this is, in fact, an offence on the part of a financial institution or money lender where interest rates are falsely inflated. One of the most famous banking fraud cases of this kind was the LIBOR – London Inter-bank Offered Rate – the scandal of 2012)

How is bank fraud investigated?

The specific steps involved in bank fraud investigations vary between financial institutions. However, they generally begin with the bank in question first identifying possible fraudulent activity – such as unfamiliar payments or the unexpected creation of new accounts.

From here, the bank may contact the suspected victim of fraud to check the validity of any activity – though, equally, it may be that the victim is the one to contact the bank to notify them of the concerning activity on their account.

Depending on the evidence, the bank may elect to return any missing amount to the victim. However, if there is no clear proof of fraud, it may be suspected that the victim themselves is attempting to defraud the bank, and the institution may refuse to refund them.

If there is sufficient cause to suspect fraud, the bank will then take action to prevent further illegal action. This may involve cancelling cards or even freezing an account.

The issue will be reported to authorities, through organisations such as Action Fraud UK. Via this route, the matter may be taken up by the police, the SFO (Serious Fraud Office) or FCA (Financial Conduct Authority).

The investigatory body may then approach suspects for questioning, or invite them to a non-mandatory “interview under caution”. Individuals in this situation may – and should – attend with a legal specialist who may advise them throughout the process.

As part of the investigation, the authorities may obtain a warrant to search certain relevant locations or confiscate pieces of evidence.

Investigations may take many months or even years before the case is either dropped or legal proceedings begin.

Fraud is triable “either way” – so, if the case proceeds, it may be heard in either the Crown Court or Magistrates Court depending on its perceived severity.

What should I do if I’m accused of bank fraud?

Should you be prosecuted for bank fraud, you are likely to face a substantial fine – or even incarceration. As this is the case, it is vital to instruct an expert banking fraud solicitor as soon as you become aware of any investigation into your financial activities.

The legal specialists at DPP Law can accompany you throughout any police interview and provide you with assistance and advice.

We will offer you support and guidance all the way from the police station to the courtroom – helping you to collect evidence to prove your innocence and building the strongest possible defence to help you achieve the best possible outcome.

The most effective way to defend against allegations of bank fraud is usually to provide clear evidence that any activity that a financial institution has deemed suspicious was either:

1. Undertaken intentionally, legally and fairly
2. Undertaken accidentally – by way of an honest mistake or as a result of working without due care and attention

While the latter may still result in penalties such as fines, it is preferable to many of the possible alternatives when an individual is accused of serious fraud.

Alongside bank fraud, our solicitors advise individuals on matters such as:

• Criminal Defence
• Sexual Offences
• Benefit Fraud Defence
• Serious Driving Offences
• Military Law
• Family Law
• Personal Injury
• Road Traffic Accidents

Bank Fraud: Frequently Asked Questions

How long does a bank fraud investigation take?

Depending on their severity and complexity, bank fraud investigations can take anything from a few weeks to several years.

While it can be relatively easy to explore and rectify banking issues that have been flagged as potential fraud and shut down a needless investigation, other cases can involve international experts, convoluted paper trails and complex legal matters.

What is the penalties for bank fraud?

Individuals convicted of banking fraud may face an unlimited fine and, depending on the nature and seriousness of the offence, up to ten years imprisonment.

Get in touch with the expert solicitors at DPP Law today to receive guidance, advice and representation from seasoned legal specialists. If you are concerned that you may be accused of bank fraud, it’s vital to act fast to start collecting evidence and building your defence.

We have an emergency arrest line that you can call at any time of the day or night, all year round, to receive urgent help.