Robert Branagh, a long-time Wells Fargo business account holder, has recently become the latest victim of unauthorized withdrawals and transfers totaling just under $150,000. Despite filing a fraudulent claim immediately, he was unable to recover any funds. In fact, no one at Wells Fargo could provide him with an answer regarding 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. However, the first breach took place on Aug. 17 and was not discovered until Aug. 29 when a total of $149,296.48 had been taken in a series of withdrawals from Branagh’s Volusia County business account. According to bank records, a final withdrawal of $10,000 was made on Aug. 28 and another $530 dollars were taken from 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 due to small withdrawals suggesting a test to see if the account was active before escalating to larger ones totaling just under $150,000. The agency advises everyone with checking or savings accounts to check them daily and report any suspicious activity immediately to local law enforcement or the U