The FFKC is intended to be utilized as another potential avenue for U.S. financial institutions to get victim funds returned. Normal bank procedures to recover fraudulent funds should also be conducted.
The FFKC can only be implemented if the fraudulent wire transfer meets the following criteria:
- the wire transfer is $50,000 or above
- the wire transfer is international
- a SWIFT recall notice has been initiated
- the wire transfer has occurred within the last 72 hours.
Any wire transfers that occur outside of these thresholds should still be reported to law enforcement, but the FFKC cannot be utilized to return the fraudulent funds. Resources to help raise awareness about wire fraud can be found at alta.org/wirefraud.
Copyright © 2004-2018 American Land Title Association. All rights reserved.
This article has been used and reprinted with the permission of The American Land Title Association. The material is for general information purposes only and is not to be relied upon or used for any particular purpose. Title Industry Assurance Company, RRG and The American Land Title Association shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice.