Originally appearing in NBC News on August 4, 2023, Gretchen Morgenson looks at public complaints reporting mysterious accounts being opened in customers names at Wells Fargo and quotes Carla Sanchez-Adams.
“If financial institutions are not vetting customers’ identities thoroughly enough or as required under bank secrecy and anti-money laundering laws, then they shouldn’t be opening the bank account to begin with. Banks that allow accounts to be opened through synthetic identity theft are allowing fraud actors to use the accounts for illicit activity.”
Carla Sanchez-Adams, senior attorney at the National Consumer Law Center
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