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  • Fraud Awareness Alert: What to Know About a Recent Video Scam

    By | 2017-12-22T10:56:43+00:00 August 1st, 2017|News|

    According to CO-OP Financial Services, there has been an increase in fraud activity among U.S. financial institutions. The increase is due to non-factual instructional videos that persuade viewers that they have secret bank accounts and to make payments using a combination of a Federal Reserve routing number, account number, and social security number. A recent example is a YouTube video titled “You Have a Secret Bank Account-Here’s How to Use it.”

    Below is a list created by CO-OP of Federal Reserve routing numbers that are being distributed via the scam videos. Additional routing numbers may eventually be used as well.

    • Boston (1st District) 0110-0001-5
    • New York (2nd District) 0210-0120-8
    • Philadelphia (3rd District) 0310-0004-0
    • Cleveland (4th District) 0410-0001-4
    • Richmond (5th District) 0510-0003-3
    • Atlanta (6th District) 0610-0014-6
    • Chicago (7th District) 0710-0030-1
    • St. Louis (8th District) 0810-0004-5
    • Minneapolis (9th District) 0910-0008-0
    • Kansas City (10th District) 1010-0004-8
    • Dallas (11th District) 1110-0003-8
    • San Francisco (12th District) 1210-0037-4

    What You Need to Know (tips via CO-OP)

    • A typical scenario involves a credit union member attempting to pay for a car loan using a Federal Reserve routing number in tandem with his or her social security number.

    • There is no conceivable or legitimate situation in which an individual would submit a Federal Reserve routing number and social security number for any payment.

    • There is no apparent ROI to the creators of the scam videos with the exception of creating disruption through misinformation.

    • Manual detection of anomalous payment information appears to be the only current method for detecting and reversing potentially fraudulent payments linking to this scam.

    • If you sustain a financial loss from one of these fraud schemes, email RTN.fraud@ny.frb.org

    • The Federal Reserve has published consumer warnings on this topic at https://www.newyorkfed.org/banking/frscams.html

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