SAR – Work at Home Scam
Answer by Randy Carey, BOL Guru Guru Bios
Question: A customer of our bank is a victim of the work at home scam. The customer cashed the checks and spent the funds, now the checks are being returned as fraudulent. The customer is taking an unsecured loan for the amount they owe. Do we consider this a loss at this time on the SAR or because they are taking a loan would we treat it as though no loss would occur at this time? If the loan defaults, would we need to do a correction of the filed SAR to report the loss?
Answer: Are they the victims or the suspects? If the suspect is unknown, it would have to exceed $25,000 to even consider a SAR.
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