Americans lose millions of dollars each year to wire transfer fraud scams. Could banks do more to stop it?
CBSN
Americans are losing millions of dollars every year to criminals who steal money from their bank accounts through fraudulent wire transfers. Some U.S. senators are now pressing major banks for answers about what they are doing to stop the scammers. "Consumers should always be suspicious of people asking them for passcodes, access to their device, or money to prevent fraud. Banks won't make these requests or ask that you send money to yourself, but scammers will." – Chase spokesperson
In a letter to JP Morgan Chase, Citibank, Bank of America and Wells Fargo, first reported by CBS News, the Senate Banking Committee wrote, "Banks should make consumers whole for unauthorized transactions," including "fraudulently induced transactions" like wire transfers, where "a consumer was deceived or manipulated into initiating a transfer." Scam prevention tips:
That's what several Chase bank customers interviewed by CBS News said happened to them. New York City resident Jennifer Davis said she lost $25,000 to a wire fraud scam. Scammers can "spoof" phone numbers. The caller ID can say the call or text is from your bank even though it's not. They do this to trick people into providing their personal or financial information or to get them to send money
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