'A scammer compelled an 81-year-old woman to wire more than $600,000 overseas within a span of days. Chase bank did little to stop the fraud.' From columnist Davidlaz:
to fraud, according to the Federal Trade Commission. That’s shocking and heartbreaking.
“Chase told me they don’t question their clients,” Spanierman recalled. “But why not? What would it hurt for them to ask more questions and to do something?”How did an identity thief get $19,000 from a SoCal man’s account? Easy. Chase bank gave it to him in the form of overdraft protection. As best as she can tell, though, Spanierman said it appears her mom fell for a gift-card scam last June, purchasing $2,500 worth of cards for a fraudster. The very next day, she said, the fraudster was back with requests for Spanierman’s mom to invest in a hotel or restaurant in Thailand. It’s unclear, she said, whether the requests were presented as an opportunity or if some sort of threat was involved.
Two days after that, she wired $300,000 from a different Chase branch. She then returned the same day to the first branch and tried to wire an additional $200,000. Although the transaction was approved, it didn’t go through for some reason. As she related all this to me, Spanierman expressed amazement that, out of a half-dozen wire transfers, only one Chase employee recognized that something seemed amiss and put a stop to things.
“That’s why we urge customers to look out for common scams that include out-of-the-ordinary requests to send money to accounts here or abroad to people they may or may not know,” she said, laying the burden of responsibility squarely on customers rather than the corporate custodians of their money. Nevertheless, Spanierman lodged a complaint with Chase seeking at least partial restitution of the lost funds, based on the bank’s seeming unwillingness to prevent the fraud. She also reached out to me to shine a spotlight on the matter.
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