The Expert Podcast

You've heard us talk before about how third parties may have liability in these fraud cases. And finally, some larger institutions are starting to see this. Here's an article on the front page of the Wall Street Journal from this week talking about how millions of dollars are stolen and how banks should do more to fight these scams.

And one of the scams is called pig butchering. So these online frauds entice investors to give money, usually cryptocurrency or some digital investment. And what they'll do is they'll keep adding more and more incentives to send more money. So over days or weeks or even months, sometimes the victim will send tens of thousands of dollars, hundreds of thousands of dollars to the scam and eventually find out it was um completely fraud.

And usually at that point it's very difficult to identify the the person without doing a deep background investigation and you have to go through a lot to get your money back. You can report it to IC3 and do a private investigation. But what we've always advocated is that the banks who are involved with these transactions should recognize them and help out victims. as an example.

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Now, back to your video. If you go to Walmart to buy a computer and you normally don't spend that much money on your credit card, your bank will probably send you a text message on your cell phone that says, "Hey, was that you at Walmart buying this $300 computer?" And you have to say yes on your text message. Well, at the same time, you probably have been sending tens of thousands of dollars to this investment, but the bank never stepped in. and they never ask you about if this is correct.

Maybe you're doing wire transfers. So many times a third party may have liability. So that's why it's important to do a very good investigation. Get good documentation of your fraud. Get good documentation of all the parties involved. Was there a transfer bank involved? Was there zel? Was there PayPal? Was there some other um avenue for the money being transferred? And you can look to see if that particular entity or institution may have liability.

If you want more information about how to determine thirdparty liability, you can click the link below. Uh we'd be glad to be of assistance. And if you are a victim of fraud, make sure you obtain our free fraud victim resources at activeintel.com. If you like this video, be sure to click on a few others on our channel to see if there's other information that might be helpful to you about this same subject or me maybe even other related subjects that could assist you with your resolution of your issue.