Questionable Incoming Wires and What to Do About Them Compliance Alliance Staff ONE TOPIC WE CONTINUE TO HEAR ABOUT IS THE PREVALENCE of questionable wires coming into customers’ accounts at the bank. Whether it’s part of the classic “Nigerian Prince” scam – where a fraudulent wire temporarily hits the customer’s account in exchange for a smaller payout from the customer’s own funds – or a con artist is wooing an unsuspecting elder from afar, these suspicious transactions seem to be showing up more and more. A common question we receive is, “How can I stop these kinds of shady wires or put a freeze on them before they cause the customer (and by extension the bank) a whole lot of pain?” While the answer to that question is not straightforward, a solution may be simpler than one realizes. Article 4-A of the UCC generally only requires domestic (not international) wires to be considered final once the receiving NEBANKERS.ORG 26
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