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I have several business accounts with Regions Bank. To date I have had 10 instances of business check card fraudulent transactions from online retailers (Amazon, Walmart, etc.) for transaction amounts ranging from $30-$300. These transactions constantly cause overdrafts on the accounts causing me great inconvenience, loss of use, and hours of my time trying to resolve. I go to a branch in my city that prints cards out on demand, which is the ONLY HELPFUL thing that is helpful in these recurring crimes.
Regions does not permit business accounts to turn off check cards through the app. Business accounts can not receive suspicious transaction alerts. I know my card numbers, card code, and business address information is being compromised from within the bank. I keep super low balances in some accounts just enough to cover monthly fees. The cards are NOT used in public retail transactions, so every fraudulent transaction stands out.
One might argue that the fraud is occurring from a vendor that I've used the card at, but in at least 4 instances, the cards had not ever been used at all. If Regions issued me the card in person or by mail, and address verification and card code information is supposed to be only verified electronically, how does a criminal get my card number, address and card code to generate an approval?
My theory is that business accounts are easier targets because they tend to process higher volumes of transactions that are reconciled less frequently than personal accounts... thus making them easier targets for more frequent and lucrative fraud.
So far, everyone at Regions is super apologetic, but has no solution for my situation. I don't think anyone understands exactly how cyber fraud works. After 25 years, they are essentially forcing me to move my accounts to another bank due to their inability and or unwillingness to fix this internal compromise of my business check card information.
Ten instances of fraud affecting ALL my business accounts in 2024 alone. The frequency is picking up. Criminals are growing emboldened. With the holidays approaching, I can see a huge, (but avoidable) crisis approaching for Regions and their business customers.
This fraud does not occur on any of my many personal account check cards with them...yet. This fraud is not occurring thru ACH or EFT.
Desired Outcome:
1. Give business check card holders the same access to turn off cards and get fraud alerts like personal account check card holders have.
2. Allow more branches to print check cards to help with the massive inconvenience this fraud creates.
3. Locate who in Regions has access to BUSINESS check card holder information, because they are likely selling it to criminals.
4. Give immediately financial relief and correction to the banking customer. The current process, enables the criminal and abuses the depositor!
Claimed loss: In 2024 alone $500+ in losses, refunded after a claim process. Loss of account use (1-3 days). Loss of confidence in Regions Loss of 30 plus hours of time traveling
Desired outcome: Stated in the complaint.
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Thanks so much for your comment E. Huels. I too am an advocate for a good fight, but I don't have the time or resources to fight Regions bank or tell them how to run their departments. Securing my funds in their bank is their job! My complaint here was as much push back as I can realistically do.
Unfortunately, I don't believe the top management or fraud departments really care about the issues listed in my complaint. As long as the employees collect their checks, nobody really wants to put themselves on the line for a small business depositor like me. I'm in the bankcard industry 30 years, and in ecommerce 25 years. I understand how inside fraud works because my when my clients suffered ecommerce fraud, the front-line processors could identify exactly what was being done... we just couldn't identify who was doing it. Cyber criminals are light years ahead of regulatory bodies and anti-fraud departments... and I dare say that some of their people work in the very institutions suffering fraud. Looking at the current cyber security landscape, all I see are customers being treated like criminals, behind the banner of "greater security", while the criminals do their thing.
A few years back, Experian had one of the largest data breeches in history, and what happened? They immediately started selling the public more services to "protect" their sensitive data! See the irony? A small business with a data breech, is subject to 5-figure fine and a forensic audit starting at $20k due to the PCI-Compliance regulations. Essentially, they're put out of business! The big company gets to stay in business and sell us services and products that apparently DID NOT work for them.
It is, what it is. Remember that in my case, only my business accounts are affected. Top management are employees. There's no urgency because their money in a Regions account would most likely be a non-business account. Thus, they can't even relate to what's going on. If top management were made to suffer the losses WITH their customers, they would care, but in real life, my losses are my problem... AND I still have to pay a monthly fee. I get to PAY and be abused.
My local branch has filed my complaint requesting escalation months ago. They're great people. My issue isn't with the great employees of Regions bank. My issue resides with the pretense of caring about fraud perpetrated against their customers. I'm just old enough to have enough sense to pick my mountains to die on, and this isn't one. When I move my business accounts to another bank, Regions will pretend they care by inquiring why... and someone from their retention department may reach out... but why?
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Take the time to escalate these issues to the top management of Regions or their department of fraud, bringing to their attention the persistent violations and no resolution. Request an immediate investigation into the internal weaknesses and advocates for policy reforms that would apply the safeguards against fraud on personal accounts to business accounts. If the situation remains the same, you may file complaints with the regulatory authority or transfer your accounts to a safer bank.