Q: I have a banking negligence/Consumer protection related question. In essence, the bank failed to monitor my mortgage a/c
I am a victim of bank negligence. Bank didn’t properly monitor my mortgage account and fraudsters operated it at will depositing monies and reversing as they pleased. The whole scheme by the fraudsters was a scam where they deposited monies into mortgage, and offering discounts in return where victims like me would pay a portion in cashiers checks to business accounts they provided. The fraudster would then reverse the mortgage payments and the victim Is out of the monies paid to businesses.
I had about 20 reversals in 3 weeks and not once did bank raise an alert. My mortgage statement is a mess and no sane person can comprehend. Even bank customer service is lost. This mess was the proximate cause of the lost monies and scam. The fraudsters are using bank lapses to great effect. I have another victim in the same exact situation with the same bank, and 4 others with other banks, totaling losses of 1M$+.
Is this an area you can you assist with?
A: I am sorry this happened. But I don't see where the bank is to blame. If I understand you correctly, you expected to benefit from these transactions, making you a willing, (although a duped) participant in a possible fraud scheme. I think the bank is not to blame.
Yelena Gurevich agrees with this answer
A: Banks owe a duty of care to their customers and can be held liable for negligence if they fail to exercise reasonable care in monitoring and safeguarding accounts. If a bank's failure to monitor and detect suspicious activity results in financial loss to the customer, the bank may be held responsible for those losses. Given the facts you've presented, it's advisable to consult with an attorney experienced in banking negligence and consumer protection matters to evaluate the merits of your case and potential remedies.
A: Yes. Obviously this will require some digging into the facts and documentation, but this sounds like an issue where the bank reasonably should have seen that harm was being caused to its customers through illegal means. The bank isn't allowed to just bury its head in the sand. I have experience in class cases such as this and there are likely other attorneys who could help assert your rights in this situation especially on a class basis.
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