Office of the Comptroller of Currency
Counterfeit Cashier’s Checks reported at Florida Bank
A bank in Florida has reported some variations of counterfeit cashier’s checks using a correct routing number. The counterfeit checks are being used nationwide posing as online job opportunities and auction scams.
The counterfeit checks may be identified by some of the following traits:
- The checks presented are blue with a black and white logo in the upper-left corner.
- The name “Jake Smith” or “Jim Kirk” appears under the bank logo.
- “CASHIER’S CHECK” is located in the lower-left portion of the check.
The Consumer Financial Protection Bureau CFPB
CFPB Fines Experian $3 Million for Deceiving Consumers
Other Regulatory Bodies
The Federal Trade Commission
FTC Returns Money to Victims of Debt Relief Scheme
The Federal Trade Commission is mailing over 500 checks totaling more than $148,000 to people who lost money to Payday Support Center, a debt relief scam that targeted people with outstanding payday loans. The defendants are banned from promoting or selling debt relief services under a federal court order.
People who lost money will get back an average of $264. Recipients should deposit or cash checks within 60 days. The FTC never requires people to pay money or provide account information to cash refund checks.
FINRA Receives SEC Approval on Rule Proposal Addressing Financial Exploitation of Seniors
The Securities and Exchange Commission has approved FINRA’s rule proposal about financial exploitation of seniors. FINRA issued Regulatory Notice 17-11 announcing a February 5, 2018 effective date for the proposed rule.
The SEC approved changes that involve two key steps to protect investors. First, firms will be required to gather information regarding the name and contact information for a trusted contact person of a customer’s account. Second, firms must place a temporary hold on a disbursement of funds or securities when they believe there may be a chance of financial exploitation.
The need for the proposal became crucial when calls into FINRA's Securities Helpline for Seniors® highlighted some of the issues firms are dealing with when it comes to senior investors.