Fraud Prevention What Responsibility Does Your Bank Have to Customers? By Jim Rechel, President, The Rechel Group Inc. The Fraud Odyssey The criminal ring targeting victims for identity theft, check fraud, loan fraud and auto theft were all connected by illegal drugs. But they used their knowledge of the digital world to monetize their victims in new and creative ways. Not unlike the 66 West Virginia residents charged in a largescale drug ring indictment announced on Jan. 24, 2024, these co‑conspirators brought more and more folks into their drug and fraud ring. The Story of One Victim Highlights a New Peril to Banks To preserve his identity, the following individual’s name has been omitted. He served as a WWII pilot in the Army Air Corps when he was 18 years old, flying multiple missions and training new pilots as the war waged on for more years than anyone thought. He returned stateside after the war ended, married his sweetheart and started a family and a Heating and Air Conditioning company with job sites throughout the Midwest. He was actively working at his company until his 92nd birthday. He wasn’t as strong, but he still had the wisdom and respect of his employees and customers. At 92, he said, “It’s time to retire.” Then came the daily coffee and breakfast at McDonald’s. The table of veterans surrounding the breakfast McMuffins and telling stories was a fixture for all the staff and customers, so much so that on his 98th birthday, the local TV news featured him on the nightly broadcast, and McDonald’s organized a tribute breakfast and invited the community. Unfortunately, his health took a turn down that same year, and he moved into the home of his daughter and son-in-law. He didn’t sell his ranch home and five acres, as he still went down to the old house occasionally to tinker. Unbeknownst to him, a criminal ring was watching the home as well. They saw it unoccupied most of the days and pounced. Unknown to the family, following the instructions provided to a group of burglars, they broke into his unoccupied home and stole financial documents and old checkbooks that the family did not know were still in the house. Within hours of the burglary, online inquiries and credit bureau inquiries took place. The fraud fuse was lit. 21 West Virginia Banker
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