Most are wild caught, tagged, then released. There are several different tagging programs. If you do a google search about striped bass tagging there is some good sites that show pics of the different tags and which programs use them.
If you catch a tagged fish, you should take all the measurements like weight, length, etc., and then mail it to address that is on the tag or internet. Usually there is some sort of reward involved, whether it is a hat, patch, or even money!!!