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HomeCape NewsLee County Sheriff's OfficeFRAUD ALERT: USE OF THE FDIC LOGO

FRAUD ALERT: USE OF THE FDIC LOGO

Nationwide, law enforcement agencies are receiving reports and complaints regarding fraudulent financial/banking “opportunities.”

In 1933, Congress created the Federal Deposit Insurance Corporation (FDIC) for purposes of securing public confidence in our country’s financial system. The FDIC scrutinizes financial institutions and insures deposits within those approved banking organizations.

Since the founding of the FDIC, not a single depositor has lost any insured funds due to bank failure. This guarantee is the backbone of American banking.

The FDIC logo was intended to notify depositors that their deposits were safe and secure. Regrettably, logos such as the FDIC logo are used illegally and fraudulently to scam consumers.

Reports of illegal activity depict numerous examples of banking and savings options advertised on social media and through email messaging. They appear similar in that the Federal Deposit Insurance Corporation logo is affixed to these advertisements indicating that deposits are insured by the federal government.

Consumers must be diligent when receiving any solicitations as scammers easily copy and paste logos from government entities and credible corporations. By investing a few moments of your time prior to investing your hard-earned money, you can be spared from significant financial loss.

To ensure that a savings corporation is indeed FDIC-insured, the government has set up a website that makes verification quick and easy. Please visit https://banks.data.fdic.gov/bankfind-suite/bankfind to verify FDIC backing.

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