Robert Branagh, a long-time Wells Fargo business account holder, is the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. He was able to recover about $24,000 that was illegally transferred from his Volusia County business account to a personal account. Branagh expressed his frustration and confusion, stating that he filed a fraudulent claim immediately, hoping it would be resolved. However, no one at Wells Fargo could answer his question about who authorized the transfers.
Under Nacha rules, a fraudulent Automated Clearing House (ACH) or business transfer must be reported to the bank within two business days. The first breach took place on Aug. 17, but was not noticed until Aug. 29 after a total of $149,296.48 was taken in a series of withdrawals. According to bank records, a final withdrawal of $10,000 was taken out of Branagh’s business account on Aug. 28, and later $530 dollars was taken out of his daughter’s account on Aug. 29.
A representative from the U.S. Secret Service Orlando office suggested that the account may have been tested by a potential buyer of stolen accounts, as the small withdrawals suggested a test to see if the account was active. This escalated to a flurry of larger withdrawals totaling just under $150,000. Therefore, they encourage anyone with a checking or savings account to check their accounts every day and to report the incident to local law enforcement or the U.S. Secret Service if they feel their account has been compromised