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Suspicious Activity/Reporting Possible Scam

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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?

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.

First published on 01/02/2022

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