Consumer Scam Alert from the Federal Reserve

We have recently become aware of scam emails claiming to be from the Federal Reserve Bank of St. Louis instructing recipients to use crossborder/international wire transfers to pay a processing fee and, in return, receive pending inheritance or compensation. It is important for Financial Institutions and consumers to know that these emails were not sent by the Federal Reserve. Federal Reserve wire transfers, as well as routing numbers, are used for sorting and processing payments between banks. Any video, text, email, phone call, flyer or website that describes how to pay a processing fee to access compensation claiming to use a Federal Reserve Bank wire transfer or using an account at the Federal Reserve Bank is a scam. The Federal Reserve provides banking services only for banks. Individuals do not have accounts at the Federal Reserve. The processing fee being sent via wire transfers is not being sent to the Federal Reserve. Consumers who attempt to pay this fee may lose their money and receive nothing in return. Financial institutions and consumers are advised to follow information security best practices, and to delete such emails immediately without clicking on any links or opening attachments.