Unveiling the Impact of Fraud Consumer Losses Soar to $8.8 Billion in 2022

Unveiling the Impact of Fraud: Consumer Losses Soar to $8.8 Billion in 2022

HOLIDAY, Fla. — Barbara and Edward McGinnis sought assistance from Better Call Behnken and achieved favorable outcomes. In December, the couple sent a check to pay their utility bill, but it ended up in the wrong hands.

Unfortunately, the check was stolen, modified, and cashed in Miami, resulting in a significant increase from $153.95 to $4,523.

This drained their checking account and even encroached upon their savings. Despite the passage of seven months, their bank had not yet refunded the money.

However, shortly after Consumer Investigator Shannon Behnken intervened, Truist Bank promptly restored every penny to their account.

Expressing her gratitude, Barbara McGinnis said, “Thank you so much. You helped expedite this process by putting pressure on them. We are incredibly appreciative.”

Initially, Truist had informed the McGinnis that they were working to retrieve the funds from the culprit’s bank. If successful, they pledged to return the money to the couple.

However, following Behnken’s involvement and subsequent inquiries, the bank contacted them to convey their decision to refund the entire amount.

A spokesperson for Truist Bank issued the following statement:

“All financial institutions nationwide are facing an increased onslaught of fraudulent activities perpetrated by criminals. At Truist, safeguarding our clients and their accounts remains our utmost priority, and we treat any potential fraud concerns with utmost seriousness.”

According to the Federal Trade Commission’s recent report, consumers suffered losses amounting to nearly $8.8 billion due to fraud in 2022, representing an increase of over 30 percent compared to the previous year.

That is why we diligently educate our clients about the prevalent fraudulent schemes in the industry and provide them with resources to ensure the safety and security of their accounts and personal information.

The McGinnis’ case is the third incident recently reported to Better Call Behnken, involving checks that were stolen and altered subsequent to being dropped off at a local post office.

Michael Musetta from Tampa had a $28 check intended for Florida Blue cashed for $4,200, while Bobby Barnes’ $511 money order for his car payment was modified and cashed under a stranger’s name.

In both instances, their respective financial institutions only refunded the money after receiving calls from Better Call Behnken.

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Happy Purwal is a news writer with one year of experience. He is skilled in researching and writing engaging news articles. His expertise includes covering current events, politics, and human interest stories. He is passionate about delivering accurate and unbiased news to his readers.