Fake savings bond scheme leads to $50M in losses and issues for legitimate savers
Posted By Peter Coyne | 2023-06-20 06:15:31
Authorities claimed that $1 million in counterfeit savings bonds showed up at South Texas banks as part of one crackdown on a scheme to steal money by cashing phony savings bonds.
- The phony savings bonds include inflation-indexed or I Bonds.
- Nationwide losses are estimated at over $50 million, according to an alert issued earlier this year by the Oklahoma Bankers Association.
