Quick Action by Lake Ridge Bank Alerts Police to Check Fraud Suspect
The quick thinking and calm action of associates at Lake Ridge Bank in Sauk Prairie led to local police apprehending a member of a new account and check cashing fraud ring in the parking lot outside their building on January 25. The incident highlights the importance and effectiveness of financial crimes and fraud protection departments at Wisconsin’s community banks.
“In this situation, we were alerted to a handful of names to watch for that have been used to set up fraudulent bank accounts,” shared Jami Noyes, vice president – financial crimes and BSA at Lake Ridge Bank. “They use fake names backed up with what appears to be legitimate identification, set up an account using a real check with no money behind it, then attempt to make a withdrawal on that account before a bank knows that the check will be returned for insufficient funds.”
Noyes and his staff at Lake Ridge Bank’s financial crimes department sent an email to all 20 locations at approximately 9:00 a.m. directing personal bankers to look out for the names. At roughly 2:00 p.m. that same day, one of the associates at Lake Ridge Bank’s Sauk Prairie location calmly sent a live chat message to Noyes that a woman using one of the names on the list was standing in front of him trying to deposit a check into her newly opened account. That set a series of events into motion that alerted the branch manager, other members of the financial crimes department, and the local police.
“Our associate calmly used stalling techniques to keep the woman in the bank, complaining that his computer was slow today and thanking her for her patience as he waited for the deposit to process,” Noyes explained.
According to reports, the woman got antsy, started texting with someone, and chose to leave before the deposit was complete. The work of Lake Ridge Bank associates enabled local police to arrive at the bank in time to confront the woman in the parking lot as she left. She attempted to run, but the police were able to apprehend her in a nearby parking lot.
“I think criminals assume that a bank in a smaller town might not have the tools and resources to thwart their efforts, but they underestimated how savvy a well-connected, modern community bank can be,” shares Noyes.
The bank will use this most recent event to help all associates learn from actual experiences.
“I strongly encourage people to talk to your banker, a family member, a friend, or law enforcement if you are unsure of whether something is legitimate or could be a scam,” Noyes suggests. “We stay on top of current scams and fraud behaviors and can help you determine situations to avoid.”