The violation of laws at a banking institution or the usage of accounts of a financial are usually prosecuted as banking frauds in federal courts. As with all other frauds like investment fraud, banking fraud is considered to be a white collar crime. It is defined as a devious planning to obtain money or property from any financial institution that is federally insured. When someone knowingly executes, attempts to execute an artifice or scheme to defraud a financial institution, this is banking fraud. That person can be held guilty of committing a banking fraud. A bank fraud can either be committed by an insider from the bank or an outsider.