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Personal Investments • Fidelity not allowing Roth conversion citing industry wide fraudulent activity on transfers

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Stupid people are being duped into committing fraud. I think right now all financial institutions are high fraud alert. To protect both themselves, and their customer.

What is it that is "happenng to stupid people" that is contrbuting to this problem?

RM
From the above linked article: “The “fidelityboyz” trend essentially promised customers a hack to get free cash. It involved immediately withdrawing funds via phony checks before Fidelity actually cleared the deposits. In reality, it was just check fraud, and people who tried it will likely face serious consequences.”

Ah.

And the people who did this... they were just "stupid", or... at least partly dishonest, and perhaps a lot more than "partly"!?

ETA: So the perps are not getting the money?

RM
Just a new variant on the old over-payment scheme fraudsters pull on Craigslist and FB Marketplace sellers all the time.

Yes, the perps get their money as a 'real' good $ transfer from the customer's account before the fake deposit is detected and reversed.

Statistics: Posted by RetiredAL — Wed Oct 02, 2024 7:41 pm — Replies 14 — Views 1172



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