Released: March 27, 2023

Consumer advocates seek to protect money transfer victims of fraud

Source: Susan Hogan, Katie Leslie & Steve Jones, NBC4 Washington DC

The caller said the bank had spotted fraudulent activity on her account. Hurt checked her banking app and found an unapproved charge.The man walked her step-by-step through the process of wiring $12,000 from her old account into a new one, she said.

Experts explain the law doesn’t cover people tricked into sending money, because that’s considered an “authorized” payment. Nor does it cover wire transfer fraud. 

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