Warnings from Other Authorities - FEDERAL RESERVE BANK of NEW YORK

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Warnings from Other Authorities

If you have any information about a potential fraud involving the use of the Federal Reserve's name, notify us at report.fraud@ny.frb.org.

Fraudulent Correspondence Regarding the Release of Funds Supposedly Under the Control of the Office of the Comptroller of the Currency
March 11, 2013

Fraudulent Work-at-Home Funds Transfer Agent Schemes
Individuals are using deposit accounts to receive unauthorized electronic funds transfers and forward funds overseas to criminals. The Federal Deposit Insurance Corporation (FDIC) is warning financial institutions of an increase in schemes to recruit individuals to receive and transmit unauthorized electronic funds transfers (EFTs) from deposit accounts to individuals overseas. These funds transfer agents, often referred to as "money mules," are typically solicited on the Internet by criminals who have gained unauthorized access to the online deposit account of a business or consumer. Criminals target online deposit accounts at institutions where business customers can originate EFTs, such as automated clearing house (ACH) and wire transfers, over the Internet.
October 29, 2009

Other Work at Home Fraud Alerts
Internet Crime Complaint Center
Federal Trade Commission OFFSITE

FDIC Consumer Alerts
Common fraudulent scam alerts issued by the Federal Deposit Insurance Corporation.

OCC Consumer Alerts
Fraudulent scam alerts issued by the Office of the Controller of the Currency.
Fraud Alerts
Anti-Fraud Resources
Foreclosure Protection Resources, including Scam Alerts

E-Mail-Based "Phishing" Schemes for Personal Financial Information
In a bid to head off phony e-mails that may be sent in its name to investors asking for confidential financial information, the Securities Investor Protection Corporation (SIPC) cautioned investors that it does not use unsolicited e-mail or the Internet to obtain any brokerage account numbers or other data. SIPC maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms.

SIPC Advises Investors to Ignore E-mail-Based "Phishing" Schemes for Personal Financial Information OFFSITE
February 4, 2004

Federal Bank, Thrift and Credit Union Regulatory Agencies Provide Brochure with Information on Internet "Phishing" OFFSITE
September 8, 2004

Nigerian Funds Placement Schemes
A number of scams involve persons purporting to be high-ranking officials in the Nigerian government. These scam artists usually contact the unsuspecting victim via e-mail and request his assistance in keeping a large amount of government funds out of the hands of corrupt agents or entities.

The victim is then asked to supply his account number and is told that a large sum of cash will soon be deposited. In exchange, a portion of the deposit is promised to the victim as payment for the assistance. The victim is told that the entire transaction is legal and highly confidential. Neither is true.

Sample Fraud (jpg - 98 kb)

Nigerian Black Money Scams
The Federal Reserve Bank of New York is aware of a Nigerian advance fee scheme, commonly referred to as a black money scam. Nigerian advanced fee schemes usually involve the payment of fees, taxes or bribes to receive a percentage of funds to be moved out of Nigeria. In this variation, the scam artist tells the victim that it was necessary to dye the money black in order to smuggle it out of the country. The victim is then shown a suitcase or trunk containing currency-sized pieces of black paper. The victim is told that in order to clean the currency, it must be washed with special chemicals that will purportedly remove the dye without damaging it. The cost of the chemicals, however, is substantial and the victim is asked to provide payment for the purchase up front.

In order to prove the truthfulness of the circumstances, the scam artist offers to demonstrate the efficacy of the process with a small sample of the chemical. Accordingly, the victim is allowed to select some paper from the trunk. The paper is then cleaned with the chemical, revealing a Federal Reserve note. The demonstration is accomplished by slight of hand wherein the black paper is exchanged for a legitimate U.S. currency note that is covered with a substance easily removed by the cleaning solution.

Sample Fraud 1 (jpg - 37 kb)
Sample Fraud 2 (jpg - 34 kb)
Sample Fraud 3 (jpg - 34 kb)

The Central Bank of Belize advises that United Exchange International Bank is not licensed to provide banking and other financial services in Belize.