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#2230963 - 02/13/20 02:54 PM Fraudulent wires
LSmith Offline
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LSmith
Joined: Dec 2002
Posts: 703
Two scenarios and questions.

1. We had a customer sell stolen goods (a Side by Side ATV). The customer that bought the ATV, actually received the merchandise, but when he went to title it, the tax assessor checked with NCIC (I think that's what they checked). He was informed that this ATV had been stolen in Georgia. He contacted our bank, and the majority of the money is still in our customer's account. We immediately placed a hold on the account. But what are our legal responsibility in this matter?

2. The other scenario is, we sent a wire that was legitimate as far as the bank is concerned. Our customer had received an email with wiring instructions that had been hacked. Our bank did everything right as far as verification to send the wire. Our customer checked with the company who never received the wire and that's when he realized the money had been wire fraudulently. We requested a return of the money and gave the receiving bank a hold harmless letter. Their response was, "It may take a month or two before it can we returned after we do our investigation".

My question sort of fits both scenarios. "What investigation is the fraud department to do that would take a month or two?"

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#2230967 - 02/13/20 03:07 PM Re: Fraudulent wires LSmith
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,952
Galveston, TX
1. You have no right to hold the funds without a court order. Get the bank out of the middle of this pronto.

2. Not your concern - either the other bank returns fund or they don't. This is the customer's fault and you have done all you can for them
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#2230977 - 02/13/20 04:31 PM Re: Fraudulent wires LSmith
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,449
Pulling people out of the ditc...
agree with randy on both - get yourself out of both of them, you have no responsibility in either situation.
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#2231007 - 02/13/20 07:30 PM Re: Fraudulent wires LSmith
LSmith Offline
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LSmith
Joined: Dec 2002
Posts: 703
Thanks!!!

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