| With the prevalence and necessity of computers, computer fraud in financial institutions appears to be a frequently prosecuted offense. Employees, directors, and agents of financial institutions have access to their customers' information on a daily basis and at their fingertips. It is quite simple, for example, for an employee to delete unfavorable information of a client and add favorable information to the client's file. In the example above, the client may be able to obtain credit approval for certain items that he otherwise would not qualify for.
Computer fraud, as with any type of fraud offense, involves the following elements:
- An individual, employee, director, officer or agent.
- A financial institution.
- The defendant's intent to defraud the financial institution by altering, deleting, or adding information to the client's file by way of computer access.
- The defendant's actions were voluntary and intentional in nature.
If an individual intentionally accessed a computer without authorization or exceeded their authorized status and obtained information that he or she otherwise would not have been privy to, the individual may be charged with computer fraud.
With respect to the offense of computer fraud and financial institutions, the prosecution often decides to charge the defendant with bank fraud, embezzlement, or misapplication. The defendant may be charged with computer fraud in connection with a financial institution as well as other offenses.
Penalties
If the defendant is convicted of computer fraud in connection with a financial institution, the defendant may be fined, sentenced to time in prison, or both.
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