State orders fake bank website to shut down

LANSING, Mich. (WNEM) - The website of a fake bank has been issued a temporary cease-and-desist order from the Michigan Department of Insurance and Financial Services (DIFS).

The website calls itself Ocean Wave Bank.

“Websites like this take advantage of unsuspecting consumers and DIFS is committed to ensuring that they are permanently deactivated,” DIFS Director Anita Fox said. “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.”

The unauthorized financial institution claimed to be a legitimate Michigan-based online bank, the DIFS said.

The DIFS issued a temporary cease-and-desist order on April 6 after its investigation determined the purported bank is not located at the address listed on its website.

Consumers can verify the legitimacy of banks and other institutions here.