Very sorry this happened to you but glad it seems you've been made whole. Any indication how the perpetrators were able to get your account numbers and holding information at Vanguard? While basically everyone's personal information including SSN is floating out there in the ether, specific account information is harder to come by. Fidelity generally requires a recent statement to be provided to initiate an ACAT transfer. Those can always be faked so probably not a great deterrent but at least still a requirement.
It's crazy to me that ACAT much like ACH is viewed as a closed system so harder to commit fraud and easier to reverse. Therefore we don't need better safeguards on these types of transfers. We all have to wait until the cost of dealing with the fraud becomes greater than implementing a better system before something will be done.![:annoyed]( "annoyed")
It's crazy to me that ACAT much like ACH is viewed as a closed system so harder to commit fraud and easier to reverse. Therefore we don't need better safeguards on these types of transfers. We all have to wait until the cost of dealing with the fraud becomes greater than implementing a better system before something will be done.
Statistics: Posted by PersonalFinanceJam — Mon Feb 03, 2025 10:51 pm — Replies 9 — Views 968