Here’s a recap of a financial incident involving my client in a specialized real estate service. This underscores the critical importance of regular financial reviews and having special services from the bank turned on. Upon learning that a main business account had been compromised, the frantic business owner contacted me.
The unsettling discovery was made after the bank sent an overdraft notification, a highly unusual occurrence for this typically robust account. Upon thorough examination, it became evident that this unauthorized activity had persisted undetected for nearly a month, during which the perpetrator had illicitly withdrawn close to $75,000. The bank never contacted the account owner about the unusual activity until the account became overdrawn. Also, the business owner was not in the habit of checking his bank activity consistently, as she should have been.
Our meticulous review of the account transactions revealed a crucial clue: a missed payment to one of their regular vendors. This anomaly was the key that unlocked the case. The payment had been sent to the appropriate vendor for the correct amount. But upon reviewing the check image that went through the bank, we found that it had been altered and made out to someone else.
With the vendor‘s cooperation and the diligent efforts of the bank‘s fraud team, we traced the breach‘s origin. This collaborative effort not only facilitated the identification of the offender but also led to successful legal action.
This incident underscores the importance of regular account management and bank monitoring, highlighting how prompt, strategic responses can mitigate potential damages and resolve critical issues.