DIFS Issues Cease-and-Desist Order to Shut Down Fake Bank Website

Media Contact:?Laura Hall, (517) 290-3779, [email protected]?
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints

FOR IMMEDIATE RELEASE:?May 23, 2023 ?

(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) has ordered the website of a fake bank to be taken down after issuing a temporary cease-and-desist order against an entity calling itself Ocean Wave Bank.

?Websites like this take advantage of unsuspecting consumers and DIFS is committed to ensuring that they are permanently deactivated,? said DIFS Director Anita Fox. ?We will do everything in our power to protect Michiganders from predatory entities seeking to steal from consumers or collect their personal and financial information for fraudulent purposes.?

On April 6, DIFS issued a temporary cease-and-desist order?against the unauthorized financial institution claiming to be a legitimate Michigan-based bank online. DIFS? investigation determined that the purported bank is not located at the address listed on its website, which appears to be a personal residence. The only evidence that DIFS was able to uncover regarding the existence of Ocean Wave Bank is its website.

An administrative hearing was held on May 17 and a Proposal for Decision should be issued by the administrative court within 30 days.

Consumers can verify the legitimacy of banks, credit unions, and other institutions using the Federal Financial Institutions Examination Council?s National Information Center. Consumers who believe they may have fallen victim to this or another unauthorized financial institution should report it to DIFS by calling 877-999-6442 Monday through Friday 8 a.m. to 5 p.m. or online by?visiting the department's website.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS?or follow the Department on Facebook, Twitter, or LinkedIn.

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