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What to Do in the Event of Fraud

Advice on steps to take in the event of suspected or actual fraud involving bank payments.

What to do in the Event of Fraud

Act Quickly

Review and urgently determine if fraud has occurred; every minute may count.
To report fraud, contact the following:
Credit Card Fraud — Contact the number on the back of your card. Other
types of fraud including ACH, CitiBusiness® Online, checks and wires —
Contact your Citibank representative.

Use the “F” Word


Be prepared to state “fraud” — not “potential fraud” or similar as banks
may not act on “potential” issues — and confirm this in writing/email.



Alert Citi and/or Beneficiary Bank Immediately

Citi will initiate recall actions.
The shorter the time between a fraudulent transaction and detection,
the greater the chance of recovery (ideally less than 48 hours, thereafter
the prospect of recovery drops off dramatically).


Provide the Details

Beneficiary banks and others will need clear background information
before they will act.
Some jurisdictions make the recovery of misappropriated funds more
difficult than others, so you may require further actions to recover your
assets. For example, there may be legal restrictions on freezing/returning
funds locally, or providing information on the identity of the beneficiary or
remaining balance without a court/police order. There may also be certain
processes that you, as the sender, may need to follow.


Further Recommended Steps


Engage internal fraud/security

Bring in subject matter experts

Report to local law enforcement as soon as possible — obtain a copy of the report or take a crime reference number

Beneficiary banks may expect/ request this

Independently review all recent transactions and logs for other suspect payments or unusual activity

Look for other potentially fraudulent activity that may have occurred

Independently secure your bank accounts to prevent further misuse

For example, disable system users, implement payment exception approval process, etc

Alert any other banks you may hold accounts with

In case fraudsters attack other bank accounts

Send an internal alert to increase awareness and vigilance

In case of further contact/attempts, unless there is a concern of internal compromise

Retain and hold any potential evidence for investigation

Examples of evidence include email correspondence, audio logs, desktop PCs

Consider appointing legal counsel, forensic consultants or private investigators to represent/assist you if necessary

Some jurisdictions can be more difficult to navigate than others

With your legal advisers’ direction, question employees carefully to seek verification of their activity and keep written records of responses.

Ensure your employee’s recollection of events is accurate



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