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Bank of America has restored funds stolen from 112-year-old veteran Richard Overton's account, his family said.
Overton, a World War II veteran who lives in Austin, learned his bank account had been drained Friday, his third cousin Volma Overton said.
Volma Overton said the family was shocked when the bank called and asked them to come in and sign for the restored funds.
"Man, I teared up," he said. "I couldn't believe it. They made it happen. The executive of the company said he'd take care of this, and he took care of it."
Arent all bank accounts nowadays FDIC insured up to about $250K anyway?
They are insured against the bank failing. If the bank goes under, you still get your money. FDIC doesn't insure individual accounts against identity theft or anything else.
Well the fact that BOA allowed the identity fraud, almost makes that have to give it back.
This is what I was wondering. How can you drain someone's bank account, just by getting their social security number, and setting up a parallel account? If the victim had online banking, there would be password security to get through. If he didn't have online banking, I don't see how it could be done. B of A requires ID to be shown, to make major cash withdrawals.
BoA may, or may not, have a responsibility to replace those funds. But you have to give them credit for turning bad image situation into good public relations. If they did indeed do it 'out of the goodness of their hearts' then good for them. Certainly would be a rare occurrence for a big bank to actually care about their customers.
This is what I was wondering. How can you drain someone's bank account, just by getting their social security number, and setting up a parallel account? If the victim had online banking, there would be password security to get through. If he didn't have online banking, I don't see how it could be done. B of A requires ID to be shown, to make major cash withdrawals.
Criminal sets up a "Parallel" account using the ID/SSN of the valid account holder. Then they can go online and create a online profile using the Parallel Account number, (ID and Password), BOA show all "linked" same SSN to the parallel account number. So the
Criminal now has access to all the accounts under that SSN. They then transfer the money via EFT to a third account at a different bank where hey have another fake ID in use to create it. They then go to the third bank pull out the money in cash. By the time 30 days or so later when its found out they are long gone.
Note: This only works when the original account older had not setup online access. So the
Criminal look for the elderly who would not likely to have setup a online account login. A 112yo Veteran would be a prime candidate for fraud.
Not sure if this applies to all banks, but at our local bank, we have it set up that before any money is taken from a savings account, the teller must ask for ID. One of the advantages of banking at a small bank or branch is that all the tellers know us -- but, per our instructions that is linked to our accounts, they all ask for our ID, anyway.
(I have never understood why people object to showing ID when it involves their money.)
Not sure if this applies to all banks, but at our local bank, we have it set up that before any money is taken from a savings account, the teller must ask for ID. One of the advantages of banking at a small bank or branch is that all the tellers know us -- but, per our instructions that is linked to our accounts, they all ask for our ID, anyway.
(I have never understood why people object to showing ID when it involves their money.)
It is much easier to do it all online most banks have online banking systems now where you can transfer money from account to account. I can transfer money or send someone money from my phone. And all you need is an account number and routing number to raid someone’s account through online means.
In order to steal funds, someone would have to have all three of the following --
1. SSN
2. Account Number and Routing Number of at least one account attached to that SSN
3. Password to the the above account
So, if someone does not have sign in, and has kept his/her SSN secure and also the password, the funds are safe, right?
And in your opinion, what is the safest means of protecting one's cash?
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