Fraud … and a VERY Fortunate Recovery:
The MaxColor Story.

MaxColor is a successful jewelry business based here in Chicago. The company imports jewelry and gems from all over the world. So, they routinely pay suppliers both here and overseas. They’re also long-time Lakeside Bank clients. We’ve helped their business grow for many years.

Unfortunately, the MaxColor business server was hacked. MaxColor received what turned out to be fraudulent invoices from suppliers. The scammers also hacked into their company email system and sent a fictitious approval internally so the fake bills were paid. There were three: A domestic ACH and two international wire transfers.

Fortunately, MaxColor quickly realized the invoices were fraudulent.

They immediately called their Lakeside Bankers. Henry Ma, Ania Kozak and Mike McCauley swung into action.

First, the Lakesiders were able to recapture the domestic ACH transfer. Then, over a period of weeks, working with the SWIFT system and other institutions, Lakeside was able to recover both international wires. A significant amount of money was restored to MaxColor thanks to the Lakeside team effort. Lakeside’s success here was amazingly fortunate.

All too often, when ACH and wire transfers are made, it’s extremely difficult to get the money back. If not impossible.

Thankfully, MaxColor contacted Lakeside instantly, and the Bank moved with alacrity and determination. If MaxColor hadn’t acted so quickly … and if Lakeside hadn’t been so persistent … this story wouldn’t have a happy ending.

The lesson remains: BE CAREFUL! If something looks odd, it may be odd. Fraud attempts are everywhere! Talk to your Lakeside Banker before making any questionable transactions. We’re always here to help. And remember, getting funds back that were fraudulently taken is usually a losing battle!