ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

How A Woman Lost Her Life Savings In A Bank Scam That Began With A Text Message

The woman had received a text message seemingly from her bank that inquired about an unauthorized $35 debit card charge that happened in another state.
UPDATED JAN 22, 2024
Cover Image Source: Pexels | Tara Winstead
Cover Image Source: Pexels | Tara Winstead

Editor's note: This article was originally published on May 30, 2023. It has since been updated.

Deborah Moss, who runs a small catering business, was robbed in a sophisticated bank scam that started with a simple text. According to CBS News, Moss had put in a decade's work building her business from scratch. She told the publication that she had finally saved enough to lead a peaceful life in Guerneville, California. However, her "whole life fell apart" when she received a text message seemingly from her bank that inquired about an unauthorized $35 debit card charge that happened in another state.

Moss promptly replied to the text and received a call from a person who claimed to be a representative from Chase Bank with the caller ID displaying the bank's name. The caller identified herself as Miss Barbara and said she was speaking from the Chase ATM. She asked her if she could issue a debit card to resolve the alleged fraud charge.

Pexels | Sora Shimazaki
Pexels | Sora Shimazaki

Moss told the publication that the caller said that she needed to verify Moss's identity and asked Moss to read out the numbers from a text message that she had sent to her phone.

"And I would just repeat those numbers to her, and she'd say, 'That's great. Thank you so much, Ms. Moss,'" she said.

Over the next few weeks, this caller kept calling Moss each time with a new problem with the delivery of the card and asked Moss to verify her identity by reading back the numbers from the text messages she would send her. 

Moss soon visited her bank where the supervisor informed her that her account was empty and her savings of nearly $160,000 was gone. 

"That was all my money. It took me 12 years to get that money, and that was my life savings," Moss said.

Pexels | Leeloo Thefirst
Pexels | Leeloo Thefirst

Moss also learned that the numbers she read out to the caller were sent by Chase Bank to authenticate transfers, and allowed the fraudsters to bypass Moss' security measures to transfer the funds into their account. In the span of a week, the hackers were able to conduct six wire transfers of various amounts with one being as big as $48,000. Moss filed a police report and asked Chase Bank to resolve the issue. However, after the bank's review, they concluded that Moss didn't take "appropriate steps to protect her bank account from theft and unauthorized use".

"You think of your bank as being someplace that you put your money so that it's safe but it's not safe," said Moss. "It needs to change," she said, as per The Sun. Chase told CBS that the bank officials tried to contact Moss via phone and email during the wire transactions, but Moss says she did not receive any calls or messages. Chase reminded its customers that they don't normally reach out via phone calls. They asked the customers to avoid clicking on any links sent via texts and emails and asked them to avoid sharing pins and passcodes.  

The Red Flags Customers Shouldn't Miss

Pexels | Anna Tarazevich
Pexels | Anna Tarazevich

This scam is a stark reminder for everyone. The escalating trend of fraud and financial losses reached a whopping $8.8 billion last year, marking a 30% surge from the previous year, as per CBS News. Let's look at the warning signs that say that you may be dealing with fraud, as per Arbor

1. A problem is involved

They will tell you how there's a problem that they are trying to solve for you.

2. Followed by an urgent request

They normally force victims into making quick decisions. Never fall for it. 

3. Asked to verify sensitive information on the phone

Never ever!

4. You receive a shady email

Pay close attention to ensure legitimacy.

5. It's all too good to be true

If the offer seems too appealing, it's probably a scam.

MORE ON MARKET REALIST
A popular name has come up in every conversation about White's successor.
12 hours ago
Lori Greiner wasn't happy at all as Mark Cuban and Maria Sharapova snubbed her for a deal.
15 hours ago
Fans took to Reddit to discuss the issue with Seacrest not reminding the players of one crucial element.
1 day ago
When Rick Harrison's side kick bought King Booker's boots, he had to make sure it was the real deal.
1 day ago
Turns out the Hollywood star is quite the fan of former U.S. President, Ronald Reagan.
1 day ago
Harrison bagged one of Jabbar's personal items and a chance to go to a Lakers game with him
2 days ago
Recently, the Bonus Round of the show has featured many old phrases that led to heartbreaking losses.
2 days ago
Lubetzky was the first to drop out but then came back as he was impressed by the entrepreneur.
3 days ago
The appraiser took the guest's breath away as she was expecting to get much less for it.
3 days ago
The show got close to hitting the record of the longest Bonus Round losing streak.
3 days ago
She continued to be hyperactive throughout the game even with her answers.
3 days ago
With four offers on the table, the founders of Bucket Golf smartly got a deal that they wanted.
3 days ago
Fans took to Reddit to discuss if the show has gotten a little too social for its style.
4 days ago
When the Holy Grail toy came up to Harrison's table, he wasn't willing to let it go.
4 days ago
The founder of 'Noshi Food Paint' was down to the last shark for a deal.
5 days ago
Ashia who won $25,000 executed an epic celebration after her win in the "To The Penny" game.
5 days ago
Harrison was offering more than he usually does but the seller was also adamant.
5 days ago
It turned out that the gift came from one of the greatest American sculptors in history.
5 days ago
The guest who got the collection at an auction was shocked to find out its true value.
6 days ago
The guest who paid $15 for the storage cabinet was pleasantly surprised in the end.
7 days ago