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Consumer Scam Alert: Fake Message Encourages Individuals to Pay Fee to Access Funds

7/24/2017

Recently, scam emails and Facebook posts claiming to be from the Federal Reserve Bank of St. Louis have instructed recipients to use cross-border/international wire transfers to pay a processing fee and, in return, receive pending inheritance or compensation.

It is important for consumers to know that the Federal Reserve has not sent these emails or posts. Federal Reserve wire transfers, as well as routing numbers, are used for sorting and processing payments between banks. Any video, text, email, phone call, flyer or website that describes how to pay a processing fee to access compensation claiming to use a Federal Reserve bank wire transfer or using an account at the Federal Reserve Bank is a scam.

The Federal Reserve provides banking services only for banks. Individuals do not have accounts at the Federal Reserve.

The processing fee being sent via wire transfers is not being sent to the Federal Reserve. Consumers who attempt to pay this fee may lose their money and receive nothing in return.