Wells Fargo business account holder Robert Branagh is the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. Despite filing a fraudulent claim immediately, Branagh was unable to recover any of the stolen funds and remains frustrated and confused.
Under Nacha rules, a fraudulent Automated Clearing House (ACH) or business transfer must be reported to the bank within two business days. However, it took Branagh four days to notice the first breach on Aug. 17, which resulted in a total of $149,296.48 being taken from his Volusia County business account through a series of small withdrawals. The final withdrawal was taken out of his daughter’s account on Aug. 29 for $530 dollars.
A representative from the U.S. Secret Service Orlando office suggested that the account may have been tested by a potential buyer of stolen accounts, as the small withdrawals suggested a test to see if the account was active. This escalated into a flurry of larger withdrawals totaling just under $150,000 over the course of two days. The Secret Service advises anyone with a checking or savings account to check their accounts every day and report any suspicious activity to local law enforcement or their office immediately if they believe their account has been compromised.
If you have any questions or need assistance, you can email firstname.lastname@example.org or text the words “make ends meet” along with your contact information and issue to 407-676-7428.