Big Banks Hit With Huge Fines
Bank of America was recently fined $1.2 billion by the Department of Treasury and American Express was also fined $350 million by the OCC.
Both are related to lack of oversight regarding anti-money laundering programs and laws.
Illegal crime rings and money laundering affect our communities more than we sometimes realize.
Many scams involve large gift card purchases, Apple and high-ticket products, and fraudulent cash transactions.
Then, individuals “clean” the money (AKA laundering) through item returns or “real” sales of those products on other sites.
So here’s how you can help avoid scams involved with money laundering:
1️⃣ Inform Friends & Family
Unfortunately, many groups attack the elderly through phone calls by telling folks they need to pay IRS taxes or “get X family member out of jail” with hundreds of dollars in gift cards.
The IRS does not accept gift cards and your family member is likely safe.
If you’re also tired of scam calls wasting your time, then you'll want to update…
2️⃣ Phone Settings
iPhone and Samsung phones can automatically screen unknown callers.
Scammers are forced to answer who they are and why they are calling.
Enable this feature on your phone and your parents' phone to help save time and avoid potential issues.
On iPhone: Settings → Apps → Phone → Screen Unknown Callers & Call Filtering → Ask Reason for Calling
On Samsung: Phone app → More options icon (three vertical dots) → Settings → Call screening
3️⃣ Text Alerts
Set up text alerts for every single credit and debit card you own.
Doing so can make you more aware of your spending habits - but it can also catch fraud and stolen card information.