[FJB]

I assume my firm is not the only one on here that is just getting buried with fake bank statements all day long from merchants. It is a tremendous waste of our time. If you aren't aware, this practice is highly illegal:

§ 1344. Bank fraud.

Whoever knowingly executes, or attempts to execute, a scheme or artifice--

(1) to defraud a financial institution; or

(2) to obtain any of the moneys, funds, credits, assets, securities or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;

shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

[Codified to 18 U.S.C. 1344]

[Source: Section 1344 added by section 1108(a) of title II of the Act of October 12, 1984 (Pub. L. No. 98--473, 98 Stat. 2147), effective October 12, 1984, as amended by section 961(k) of title IX of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 500), effective August 9, 1989; section 2504(j) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101--647; 104 Stat. 4861), effective November 29, 1990]

Is there an authority we can and or should be reporting these incidents too? Merchants need to start facing consequences for doing this and I am sure if they start getting reported for attempting bank fraud incidents like this word will spread quick and this practice will cease to exist. If anyone knows the proper agency to be reporting these incidents to it would be greatly appreciated.

[freeprocessing]

I assume my firm is not the only one on here that is just getting buried with fake bank statements all day long from merchants. It is a tremendous waste of our time. If you aren't aware, this practice is highly illegal:

§ 1344. Bank fraud.

Whoever knowingly executes, or attempts to execute, a scheme or artifice--

(1) to defraud a financial institution; or

(2) to obtain any of the moneys, funds, credits, assets, securities or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;

shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

[Codified to 18 U.S.C. 1344]

[Source: Section 1344 added by section 1108(a) of title II of the Act of October 12, 1984 (Pub. L. No. 98--473, 98 Stat. 2147), effective October 12, 1984, as amended by section 961(k) of title IX of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 500), effective August 9, 1989; section 2504(j) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101--647; 104 Stat. 4861), effective November 29, 1990]

Is there an authority we can and or should be reporting these incidents too? Merchants need to start facing consequences for doing this and I am sure if they start getting reported for attempting bank fraud incidents like this word will spread quick and this practice will cease to exist. If anyone knows the proper agency to be reporting these incidents to it would be greatly appreciated.

Merchants and brokers definitely need to be held accountable.

Also, can we put a stop to all the scumbag brokers/funders reporting to data merch that it's fraudulent bank statements when it's not.

[ridextreme]

Is there an authority we can and or should be reporting these incidents too? .

The Police handle criminal complaints, so that's where you start.

[SVP_Funding]

The Police handle criminal complaints, so that's where you start.

The problem with that is that it is time consuming and you don't want to be the shop known for this.

[ADiamond]

I used to just report the merchants to their banking institution's fraud dept. Although, it proved fruitless most if not all of the time.

I also used to confront merchants directly, which they would of course deny and blame brokers and whoever touched their file.

To prosecute something like this would take a lot of time, money and energy in resources that would potentially just be a waste.

As someone stated, it begins with a criminal complaint, then a lawyer to follow up and handle the case.

You'll never stop it as a whole. You can cut off the head of a few, then more sprout exponentially.

It is the nature of the beast, just be good enough to catch them and don't waste too much time with them.