Suspicious Activity/Reporting Possible Scam

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Question:

I am new to my role and I am needing some guidance on a situation with a customer and situations with future customers. If we are noticing customers are making several transactions day after day with several with a week of $500 or $1,000 for Apple gift cards and we believe that our customer is involved in a scam because this activity is not normal for them. Do we have an obligation and/or right to report this activity and shut down the customers cards and/or account?

Answer:

If you feel the activity is suspicious and it crosses the $5,000 threshold for SAR reporting, then yes, of course you have to file. As far as closing the accounts, your depositor's agreement should give you that authority without reservation.