We've told you about this trick before, where thousands of dollars are transferred out of bank accounts in minutes.
"I think that people recognize that there is a germ of a good idea here," saidFoster thinks a better solution is to create a system to digitally verify someone's identity – like a mobile driver's license. He said that could stop or at least deter all sorts of online fraud. We asked how that would work specifically in a wire scam.
"If you had, as a condition of opening a bank account, you had to provide a legally traceable, digital identity then you can very rapidly answer the question who is the owner of the bank account that received a wire transfer?" Foster said.is all for putting some heat on receiving banks . "We need to do a better job of requiring tracking. So tracking where the money goes," said Sanchez-Adams."If they [receiving banks] are allowing their customers to use those accounts to receive fraudulently induced payments, aren't investigating, you know, monitoring those accounts to make sure they're not being used for illicit activity, then they're perpetuating fraud.
Those advocacy ideas pave the way to relief for future wire fraud victims. Unfortunately, the people CBS 2 interviewed – who are out tens of thousands of dollars – have little recourse even if they contact a lawyer.says legal disclosures signed by bank customers and gaps in the Electronic Fund Transfer Act lead to a legal dead end for wire scam victims.
"As a last attempt and a desperate attempt, they call us and unfortunately, we're unable to help them and it really breaks my heart," said Unterberg."Banks don't even have to get creative or smarter to handle things like this. It could be as simple as requiring consumers to go in-person to initiate wire transactions.
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