Ever since fractional reserve banking started centuries ago, it has been fraudulent. The reason is simple. FR banks, 1, accept deposits, 2, make loans, and 3, tell depositors their money is safe, when it quite clearly is not because if a bank makes enough silly loans (and that happens regular as clockwork), the bank cannot repay depositors. There's more on that point here:

https://fractionalreserveisnonsense.weebly.com/