Oklahoma Bankers Association We make bankers better!
Your Oklahoma Bankers Association issued a media alert this afternoon about an account takeover fraud event that has already resulted in millions in losses for Oklahoma businesses.
The OBA suggests banks should proactively contact business online banking customers (especially those with PPP loans listed online) via a message on the online banking log-in landing page, phone calls from an account officer, personal visits or any other way to educate them on this type of fraud. Remind them a bank will NEVER ask for their log-in password. If a customer receives a call from the “fraud department” of a bank, they should hang up and immediately call their account officer.
Suggested post-event actions include:
• Immediately suspend access to online banking services.
• Secure the account and research activity on all company accounts for the ability to stop any scheduled ACH/wires.
• Refer to OBA’s Recovery Action Plan and Indemnification forms for recovery actions.
• Assure your customer you are assisting in every way possible, but recovery of funds is not guaranteed and may be slow.
We also suggest you submit a report to www.ic3.gov as soon as possible. If the transaction(s) qualify for the FBI’s Recovery Asset Team assistance, include as much information as possible.
This includes:
• Originating account name.
• Originating account number.
• Originating bank name.
• Transaction Reported Amount.
• Transaction type (wire/ACH/EFT).
• Transaction date.
• Recipient name on account.
• Recipient account number.
• Recipient routing number
• Recipient bank name.
We also suggest you track the events to include transaction amounts and recovered funds.
Never hestitate to contact the OBA – specifically Sharon Lewis – for information or help involving any fraud event.