Wachovia internal fraud detection saved its customers hundreds of thousands

Authorities of Delaware County, Pennsylvania, have filed charges in an embezzlement attempt that totaled nearly $600,000 from Wachovia Bank, Bank Info Security reports. Librado Wright was arrested on charges of theft, forgery, identity theft, access device fraud and other violations. Barbara Nate, spokesperson for Wells Fargo & Company, which merged with Wachovia in 2009, said in a statement the fraud was noted internally and immediately reported to authorities, and customers affected by the crime have been reimbursed. Wright, who worked for Wachovia from February 2008 to March 2009, made unauthorized fund transfers from customer accounts to multiple personal accounts of his own. Internal fraud detection at Wachovia noticed suspicious activity, most notably the activities from Wright's multiple accounts, including the attempted withdrawal of more than $300,000 and a fraudulent signature on a signed check. "Wachovia's internal security prevented a significant loss to the bank," G. Michael Green, district attorney, said in the statement. "This case is an example of the harm that can be avoided by the implementation and utilization of appropriate internal safeguards."