What happens when the management of your bank burdens its employees with unrealistic targets? Well, apart from the work pressure and high stress for the employees, the risk of fraud for you by your own bank also increases. This is what exactly happened in Wells Fargo; the largest American international banking and financial services holding company by stock market value that fired 5300 employees for a scam that included opening up accounts without customer permission and subsequently charging the customer fee. The bank has now to pay $100 million to the Consumer Financial Protection Bureau, $50 million to city and county of Los Angeles and $35 million in penalties to the Office of the Comptroller of the currencies. Getting duped by your own bank is the biggest scam one can ever face. Not only it leads to loss of money but it also erodes our faith and trust in the formal financial system. While the bank management needs to provide such a working ecosystem to the employees that does not force them to perform scam transactions; it also our responsibility as a customer to keep an eye on what is happening with our accounts.
In this article, Cyware brings to you the steps you should take to safeguard yourself from fraud by your own bank.