FBI Alert on Debt Collection Scheme
The FBI has put out an Alert to warn of a debt collection scheme targeting law firms.
To carry out the scam, what appears to be a legitimate creditor contacts a law firm asking for help to collect a debt. The law firm contacts the alleged debtor, who agrees to pay and sends the law firm what appears to be a valid cashier’s check. However, after the law firm deposits the check and wires the money to the “creditor”, the cashier’s check is found to be fraudulent and the money, of course, is gone.
The Alert touches on some variations of the scheme as well but the FBI warns that this scam continues to evolve. Tips to minimize losses, such as delaying funds and two-step verification procedures, are also provided.
Be sure to keep an eye out for this or similar activity at your institution.
Published
2024/10/14
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!