North Carolina Law Firm Falls Victim To A Scam of Over $300k and Gets Sued By Its Own Bank, JP Morgan Chase
A North Carolina Law firm fell victim to over $300,000 scam and was then sued by its bank, JP Morgan Chase!! No effective internal controls over authorizing an international wire transfer and the lack of the bank not “knowing” its customer, combined for a terrible mix of mayhem. It is imperative for the company and its bank to have a heck of a decent relationship. A certain dollar amount should require more than 1 signature to prepare and process a bank wire, domestically or internationally. Bank representatives should have intimate relationships with its clients, business or personal.