About UCC 4A

UCC Article 4A (Uniform Commercial Code) governs the rights, duties, and liabilities of parties involved in electronic funds transfers. However, its current provisions do not require banks to verify that the beneficiary's name matches the account number during a transfer. This loophole is often exploited by fraudsters, leading to significant financial losses for victims of wire fraud.

Our Advocacy Goals

We aim to advocate for changes to UCC 4A to require banks to ensure that both the beneficiary's name and account number match before completing any wire transfer. This crucial change will:

• Enhance the security of electronic funds transfers.
• Reduce instances of fraud by adding an additional layer of verification.
• Hold banks accountable for preventing fraud and protecting consumers.

Why This Matters

Wire fraud is a growing issue affecting individuals and businesses. Victims often lose life-changing sums of money, with little recourse for recovery. By closing this loophole, we can significantly reduce the risk of fraud, restore trust in financial institutions, and support victims in reclaiming their financial security.

What You Can Do

Join us in advocating for this critical change by:

• Signing Our Petition: Add your voice to our call for UCC 4A reform.
• Contacting Your Representatives: Reach out to your local and federal representatives to express support for this issue.
• Sharing Your Story: Help us highlight the impact of wire fraud by sharing your experiences.
• Donating to Support Our Cause: Contributions help us spread awareness, support victims, and engage in legislative advocacy.

Resources

Here are some helpful resources to learn more and take action:

• Uniform Law Commission
• Consumer Financial Protection Bureau
• FBI Internet Crime Complaint Center

Contact Us

Have questions or want to get involved? Reach out to us at info@wirefraudadvocacy.org.