Similar to the Wells Fargo fake account scandal, other banks may be guilty of opening fake bank accounts or credit cards without customer authorization.

The Wells Fargo fake account scandal took center stage in the news in 2016 after it was revealed that the bank’s employees had been opening unauthorized fake bank accounts. In order to meet sales goals, which were rewarded with lucrative bonuses, Wells Fargo employees opened 3.5 million bank accounts without authorization from customers.

Once the fake account scandal was revealed, the authorities took action. Wells Fargo was ordered to pay $142 million in penalties for the laws broken, fines were levied against the bank, and a complete overhaul of the bank’s sales system was initiated. The changes made to the sales system were important in diffusing the unrealistic goals which drove the creation of fake accounts.

After the Wells Fargo fake account scandal, the Office of the Comptroller of the Currency (OCC) began their investigation into 40 large and midsized banks. For reference, banks such as the Bank of Oklahoma (BOK) and Capital One are in this size bracket. The goal of the investigation was to monitor for another fake account scandal and other unlawful policies.

In June 2018, American Banker reported on the results of the OCC investigation. The OCC reportedly found numerous cases where employees had opened fake bank accounts. Bryan Hubbard, a spokesperson for the OCC, told American Banker that the fake account policies seemed to be motivated by “short-term sales promotions without adequate risk controls, deficient account opening and closing procedures, and isolated instances of employee misconduct”.

According to American Banker, the OCC issued five industry-wide warnings and over 250 individual warnings to banks which needed to resolve problems. Although there was a massive amount of correctional action taken, the OCC has said that they will not be releasing the identities of the banks involved in the investigation or the issues acted upon. However, the OCC assures the public that the issues found by the investigation have been resolved.

“Most banks took timely actions during the review to address weaknesses in policies, procedures, and controls; incentive programs; and their risk governance frameworks,” Hubbard said in a statement to American Banker. “As a result, systems and controls in these banks are now better integrated and more apt to identify inappropriate sales activities in a timely manner.”

While the OCC stays silent on the issue, private attorneys are looking into bank practices at common banks such as Bank of Oklahoma in order to screen for signs of a fake account scandal. Banks included in this fake accounts scandal investigation include Bank of America, Bank of Oklahoma (BOK Financial), Capital One Bank, HSBC, Royal Bank of Canada, and TDBank. Although attorneys are launching a private investigation, it is important to note that no charges have been filed yet.

While attorneys are investigating, consumers of the affected banks should monitor their accounts for signs of fake bank account practices. Although signs may vary, consumers should be on the lookout for unusual overdraft fees, bank fees, interest charges, and credit report changes.