My parents’ bank account was hacked. Someone deposited $120,000, then took it out, and the bank turned off the account temporarily. They were left without money for a few days, nearly a week. They just got their account back and the bank had ‘given back’ the $120,000. My dad tried to tell them it wasn’t ours, but they seemed indifferent. Now they have $120,000+ in their account, but they’re refraining from using it. What should we do?
Edit: For clarity, this is my parents’ account. While I wish we could keep it, I understand that someone’s wallet is empty somewhere and someone will likely come looking for it.
You should absolutely do nothing with that money because you and your parents know it’s not yours. It’s likely that the bank or whatever institution that deposited the money is still investigating, and they’ll eventually want that $120,000 back where it came from.
How do you know their account was actually hacked rather than that $120,000 being deposited due to an error?
Noor said: @Onyx
From what I understand, they are done investigating. There were checks being signed in my dad’s name that he was unaware of.
No one just loses $120k. Someone is going to find out about this, and when they do, you will owe it back. If you don’t have it, things will be difficult.
I worked as a bank accountant for over 20 years. A similar issue once occurred, and after nearly 18 months, the bank wanted the money back. Be careful; that amount might not just disappear. You can put it in an interest-bearing account until the actual owner is figured out.
@Onyx
If it’s part of money laundering, someone will be looking for that money. The criminal may not if they are under investigation, but the funds will likely become evidence.
Do not touch it. Even if the bank or police tells you to transfer it, do not move the money. The only parties that know where the money is are your family, the bank, and the scammers. Don’t get tied into their scam.
@Parker
I wish I could upvote this more than once. Scammers can reach out pretending to be from the bank asking you to withdraw or transfer the money. Don’t give out banking information over the phone.
That $120,000 likely came from a check kiting scheme. It won’t be long before this is unwound and the funds are pulled back. Don’t touch it; it might be gone soon anyway. If it’s still there in a couple of months, consider talking to a banking lawyer about your options.
I’m not a lawyer, but from experience, there’s usually 30, 60, or 90-day windows to investigate. The bank may not be done with their inquiries yet, even if they say so. Be cautious.
That money likely belongs to a scam victim. Expect someone to come looking for it. A typical scheme involves scammers using innocent victim accounts to receive funds they defrauded.
When it comes to discussions with the bank, state that you want to ensure there’s no ambiguity about your parents’ knowledge of the funds. This could help with potential misunderstandings later.