Fraud victim advocacy, fraud recoginition and prevention education, and law enforcement support

fraud recognition & prevention education, fraud victim advocacy, law enforcement support

Fraud recognition & prevention education, fraud victim advocacy, law enforcement support

                    

Silence is fraud's best friend.  Word of mouth is fraud's worst enemy.  Pass the word!TM

 

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Fraud Secrets:

A Backstage Tour

Start Tour

Why con artists scam

Profile of a con artist

What con artists look for

How con artists set up their victims

What a con artist won't tell you

What a con artist will tell you

Have I been scammed?

12 excuses for not returning your money

How do I find my money?

Where did my money go?

If you lost your funds in an investment scam, speak to your accountant about a theft deduction.

 

  

<<Introduction                                                                                         Offshore Banks>>

 

FEDWIRE :

The Federal Reserve Wire Network

What is Fedwire? What does a Fedwire look like? What Fedwire is used for?

Who has access to Fedwire?

HOW A FEDWIRE WORKS:

> Basic Domestic Transfers

> When a correspondent bank is involved

> When offshore (cross border) banks are involved

 

What is Fedwire?

Fedwire stands for Federal Reserve Wire Network.  It is a high-speed electronic communications network that links the Federal Reserve Board of Governors, the 12 Federal Reserve Banks and the 24 branches, the U.S. Treasury Department, and other federal agencies.

What does a Fedwire look like?

A Fedwire is an electronic transmission.  One can only look at a print-out of the actual transmission.  The transmission contains inter-bank codes that are changed continually, a reference number, the names of the sending and receiving banks, the transfer amount, and the name and account number of the sending account holder and the receiving account holder.  And that's all.  The crediting and debiting of Federal Reserve accounts is understood.  It is not a required part of the transmission.  There are no instructions, no conditions, no words at all that are not part of an account name or bank address.  Unless you are on the sending or receiving end of Fedwire funds and want to verify the transmission for some reason, the print-out is not very interesting. 

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What Fedwire is used for

Fedwire is used for

> Large dollar time-sensitive payments

> Funds transfers between reserve banks

> Purchases or sales of Federal Funds transfers between correspondent banks

> Sales of book-entry U.S. Government securities

> Collection of tax and loan accounts in commercial banks

> Funds disbursement

 

Who has access to Fedwire?

> Federal Reserve Member banks

> Financial institutions that have depository accounts with the Federal Reserve

> Foreign banks located in the U.S.

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<<Introduction                  The Fraud Victim's Manual                  Offshore Banks>>

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