A growing number of bank customers are having their accounts shut down without much warning or explanation, leaving them without access to their money. The banks do this when they suspect some form of bank fraud. But experts say in the majority of cases, no fraud is ever found, leaving customers to wonder, Why Me?
After speaking to Bank of America, we learned that the FBI had flagged Nehorai’s account. This was after he says he was the victim of “email masking,” where a scammer pretended to be him and asked one of his clients for money. He reported that fraud to the FBI last week.
Interesting. So, the client immediately reached out to the FBI? How strong was this working relationship? I feel like there may be more to story in regards to this point.
Banks are required to file Suspicious Activity Reports, or SARs, to regulators. In 2014, banks filed about 830,000 SARs. In 2021, that number jumped to more than 1.4 million.
But a 2018 report by the Bank Policy Institute found that less than 5 percent of suspicious activity reports actually warranted follow-up by law enforcement.So, it would be nice to how all of these cases were “resolved.”
I read that as he himself reported it and the result was his account being suspended.
