Category: Press Releases

The Idaho Department of Finance (IDOF) urges Idaho consumers to exercise heightened caution when purchasing cars, recreational vehicles, farm equipment, and other high-dollar items online. IDOF recently received several reports from victims of online purchase scams that risked losing thousands of dollars due to being lured into purchasing from a phony website or fake ads in various online marketplaces. In each instance, the consumer authorized payment via wire transfer from their financial institution.

Although the digital marketplace offers convenience and greater access, it has also become a breeding ground for fraudsters. To counter this, IDOF emphasizes following these guidelines:

✓Verify the website’s or seller’s legitimacy: Check for contact information like a physical address. Use Google Maps to view an image of the address – if it is a vacant lot, an abandoned building, or a USPS drop box location – these can be red flags of a bogus business front.

✓Research consumer reviews and ratings: Investigate feedback from previous buyers for insight into the seller’s reputation. Honest reviews should vary in timeline, frequency, and discuss experiences rather than generic statements.

✓Avoid making important purchases without first seeing it in person: There is no substitute for seeing what is advertised for sale.

✓Never wire funds or complete bank-to-bank transactions: Scammers prefer bank-to-bank transfers like wire transfers because the funds are very difficult to recover once they are transacted.

✓Be skeptical of unsolicited emails or ads: Question unsolicited communication, including emails, messages, and ads. Scammers use phishing tactics to trick consumers into providing sensitive information.

✓Trust your instinct; if it doesn’t feel quite right, reconsider: Avoid deals that seem too good to be true. Don’t trust a seller who claims the transaction is 100% guaranteed by online marketplaces such as Craigslist or eBay.

IDOF is committed to helping safeguard Idahoans from financial scams and fraud. Consumers must also take precautions and perform due diligence before authorizing payments to make purchases. Consumers who have suffered a financial loss as the result of a fraud or scam should file a report with their local Police Department. IDOF also accepts and investigates complaints related to financial services and providers it oversees at https://wordpress-1300524-4790431.cloudwaysapps.com/complaint-guidance. Additionally, to report fraud, scams, and bad business practices in general, consumers can file a complaint with the Federal Trade Commission at https://reportfraud.ftc.gov.

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Patricia Perkins, Director of the Idaho Department of Finance, today announced the approval of a new
trust charter for Idaho Trust Company, a wholly owned subsidiary of Idaho Trust Bancorp. Idaho Trust
Bancorp will convert the Trust Department of Idaho Trust Bank, also a wholly owned subsidiary, into Idaho
Trust Company. The organizers will capitalize the trust company with $2.25 million consisting of paid-in
capital, surplus, and retained earnings. Idaho Trust Company will operate where current Idaho Trust Bank
Trust Departments are located: Boise and Coeur d’Alene, Idaho, and Las Vegas, Nevada.
The Department is pleased to issue this trust charter; only the second trust charter issued to an Idaho
based trust company.

Members of the board of directors of the new trust company are Daniel Prohaska, Thomas Prohaska,
Richard H. Jones, James M. Malach, Matthew J. Baker, and John B. Dimmer. Thomas Prohaska will serve as
chief executive officer and Desiree Prohaska as president.

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On September 22, 2023, Ada County District Judge Lynn Norton issued a Decision on Judicial Review (Decision) that AFFIRMED all aspects of the final order issued by the Director of the Department of Finance against Wall & Associates, Inc. (Wall), a Virginia corporation. The Director’s final order, issued April 30, 2022, found Wall liable for participating in unlicensed debt settlement activity in violation of the Idaho Collection Agency Act (the Act) and ordered Wall to give back a total of $271,987.50 in fees charged to Idaho tax debtors, pay a civil penalty of $162,000, and reimburse $42,016.60 in the Department’s attorney fees. Judge Norton issued a sixty-two-page opinion that analyzed and affirmed all aspects of the Director’s final order against Wall, plus ordered Wall to pay additional attorney fees to the Department.

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The Idaho Department of Finance (IDOF) announced the membership of its Emerging Technology Advisory Committee (ETAC) today that will serve as the thought leadership and advisory arm of the IDOF’s Financial Innovation Lab (FIL). The ETAC consists of some of the most respected and well-known leaders on finance and technology issues from across Idaho and the country. ETAC Members will assist the IDOF in understanding, developing solutions and frameworks, and applying Idaho values to technological innovations in the financial sector.

The IDOF also announced that Edward Vasko, the Director of Boise State University’s Institute for Pervasive Cybersecurity will serve as the inaugural ETAC Chair. Vasko is a prominent cybersecurity leader and entrepreneur with over 30-years of experience leading companies, serving on advisory boards, and assisting government leaders on cybersecurity issues. Vasko is also spearheading efforts to create a “Ready to Work” cyber workforce to account for the shortage of cybersecurity workers that will present valuable economic opportunities to Idahoans.

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The Idaho Department of Finance (IDOF) announced today that, in partnership with the U.S. Commodity Futures Trading Commission (CFTC) and 29 other state regulators, the parties have reached a settlement with precious metals dealer Safeguard Metals, LLC and Jeffrey Ikahn in a federal lawsuit filed in February 2022, in the United States District Court for the Central District of California. The lawsuit alleged that Safeguard and Ikahn engaged in a $68 million fraudulent scheme that targeted the elderly.

A key finding in the Consent Order is that between October 2017 and July 2021, Safeguard and Ikahn deceived more than 450 customers nationwide into purchasing precious metals through false and misleading statements, including misrepresenting Safeguard’s and Ikahn’s credentials and the risk and safety of customer investments in traditional retirement accounts.

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The Idaho Department of Finance and 43 other state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper (formerly known as Nationstar Mortgage, LLC). State regulators levied $10 million through a multistate enforcement action led by regulators from Arkansas, Connecticut, Maryland, and Texas with support from the Conference of State Bank Supervisors.

ACI Payments, a subsidiary of ACI Worldwide Corp., is a state-regulated money services business licensed in Idaho and nearly all other U.S. states (NMLS ID 936777). Mr. Cooper offered ACI’s Speedpay product for its customers to schedule their monthly mortgage payments, enabling automatic transfers of authorized mortgage payments from their personal bank accounts to Mr. Cooper. The violations occurred when ACI Payments erroneously used live customer data in a test of its Speedpay platform, causing unexpected and sometimes multiple mortgage payments from customer accounts. In some cases, these transactions exposed consumers to overdraft or insufficient funds fees.

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The Idaho Department of Finance (IDOF) is pleased to announce its Fraud and Senior Financial Exploitation and Prevention Roadshow, to provide education to Idaho’s seniors, and adult family members and caregivers who provide support to seniors and vulnerable adults. Local opportunities will provide information on best practices to protect against financial crimes targeting seniors and vulnerable adults through a series of free expert led presentations open to the public. Along with the IDOF, community partners including AARP Idaho and the Idaho Commission on Aging – Adult Protective Services will share information and resources to help Idahoans prevent, identify, and report financial crimes and abuse, and provide updates to state level efforts underway to combat this activity.

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The Idaho Department of Finance (IDOF) is announcing the creation of its Financial Innovation Lab
(FIL) and Securities Bureau Emerging Technology Advisory Committee (ETAC) comprised of financial and technology
experts who will assist the IDOF to better understand and address technological innovations in the financial sector.

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In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, the Idaho Department of Finance (IDOF) reminds financial professionals and the public that financial exploitation of seniors is a pressing issue for all Idahoans.

According to the 2023 FBI Internet Crime Complaint Center Fraud Report, “scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the year prior. The average victim of elder fraud lost $33,915 due to these crimes in 2023.”[1]

“It is important for the public and industry stakeholders to be aware of the strategies and tactics scammers use to target our senior community to better protect Idahoans and their families,” said Patricia Perkins, Director of the Idaho Department of Finance.

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[1] https://www.fbi.gov/news/stories/elder-fraud-in-focus

The Idaho Department of Finance in partnership with the Idaho Scam Jam Alliance is pleased to share a series of upcoming educational events aimed at furthering consumer awareness of financial frauds and scams, including how to prevent, identify, and report, attempts from bad actors…

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