Banks should better protect you from these scams
Sign The Petition
Consumers are losing millions each year to scams involving bank wire transfers – where criminals pose as bank employees or other imposters, and use stolen bits of your personal information to convince you to wire thousands of dollars from your account in order to safeguard your money.
Banks are refusing to reimburse customers for the vast majority of these losses, using a legal loophole that shields them from responsibility if the transaction was ‘authorized’ – meaning that even if the customer was conned into handing over an account number or password, the bank is off the hook.
Help us close this loophole, and pressure the banks to take steps to better protect consumers from these losses. Sign our petition to the incoming CFPB Administration to investigate wire fraud and take action.
Petition to Consumer Financial Protection Bureau
Consumers are losing millions each year to sophisticated scams involving bank wire transfers – where criminals pose as bank employees and use stolen bits of personal information to convince customers to wire money from their accounts. Yet the banks are refusing to reimburse customers for the vast majority of these losses, using a legal loophole in the Electronic Fund Transfer Act. We urge the CFPB to investigate wire-fund scams and support commonsense protections, such as requiring banks strengthen account authentication and security to prevent unauthorized account takeovers by scammers; more security verification for large and unusual wire transfers; and putting a temporary hold on the funds for one or two days to give the customer and the bank time to identify fraud and reverse the wire transfer.