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Banks Neglect to Recover Billions in Stolen Funds: Victim Fights Back

• Billions of dollars are being stolen from customers each year through fraudulent checking activities.
• Mark Wilding experienced this firsthand when his checks were stolen and cashed with a fake name.
• Wells Fargo initially refused to reimburse him, until NBC Los Angeles got involved.

Banks Doing ‘Very Little’ To Recover Stolen Funds

American banks are doing “very little” to recover and reimburse billions upon billions of dollars stolen from customers each year, according to a recent report. This type of theft is expected to reach $24 billion this year and is mainly driven by criminals “mail fishing” – stealing checks directly from the mailbox.

Mark Wilding’s Experience

Mark Wilding was one such victim, after noticing a mailbox in New York City felt “a little sticky” when he mailed some checks to pay bills. His checks, which totaled $7,200, were yanked right out of the mailbox and cashed by someone using the false name “Cesar Bruno”. Instead of reimbursing him for his loss, Wells Fargo told Wilding he could only issue complaints to the banks that cashed the checks.

NBC Los Angeles Steps In

After NBC Los Angeles contacted Wells Fargo and informed them about the story they were working on, the bank finally returned Wilding’s money six months after the theft occurred. He expressed shock at seeing how his bank gave him the runaround despite being with them for 30 years – “No wonder you make so much money as a banking institution.”

Protect Yourself From Fraudulent Activity

It is important for customers to be aware of potential fraudulent activity taking place around them so they can protect themselves from similar losses in future instances. Checking your mailbox regularly for any suspicious activity is one way you can do this – if anything feels off or sticky then contact your local authorities immediately for further assistance.

Conclusion

Theft through fraudulent check activities has been costing customers millions every year due to banks doing very little in terms of recovering and reimbursing lost funds. It is important for everyone to take necessary precautions when it comes to their personal finances and keep an eye out for any suspicious activity like mail fishing that may occur near them in order to better protect themselves against frauds like these in future cases