A 74-year-old Denver woman who lost her life savings in a complex Social Security scam reveals how she was defrauded to protect others from becoming victims.
- “Terry” lost her entire life savings – $75,000 – to a telephone scam
- The fraudster posed as a government employee and claimed her bank accounts had been hacked
- He convinced her to move her money from her Wells Fargo accounts to Bitcoin
A 74-year-old Denver woman was defrauded of thousands of dollars in a complex Social Security-Bitcoin scam.
Terry claims she lost her entire life savings – $75,000 – to a telephone scam after the scammer tricked her into thinking someone had hacked into her bank account.
The caller identified himself as an employee of the Federal Trade Commission and began providing personal information, including his Social Security number, the victim said. 9News.
Once the scammer convinced Terry that he was a real FTC employee, he began telling her that her bank accounts had been compromised and needed to be emptied.
The scammer managed to convince Terry to empty her Wells Fargo accounts and deposit the cash at Bitcoin ATMs.
But all was lost as soon as the victim shared the unique numbers associated with her Bitcoin funds, and the money she had saved throughout her life vanished into thin air.
Terry lost her entire life savings – $75,000 – to a telephone scam after the caller convinced her that her bank accounts had been compromised
The scammer managed to convince Terry to empty her Wells Fargo accounts and deposit the cash at Bitcoin ATMs
I felt empty. I do not know. Maybe you should use the word “exploited”? – said the victim
A Wells Fargo spokesperson told 9News that “it will take several business days to review the situation and the investigation is expected to be completed early next week.”
The victim told the channel about the impact of the scam on her life: “I felt empty. I do not know. Maybe it’s worth using the word “exploited”?
“I don’t go to the grocery store, but I do go to the grocery store once a month. If I run out of food, I run out of food.
A Wells Fargo spokesman said “it will take several business days to review the situation and expects the investigation to be completed early next week.”
– I don’t go anywhere. I am doing nothing.
Ultimately, her financial advisor told her she had been scammed when she tried to empty her retirement account and saved her from further losses.
Social Security Administration explain that scammers tend to use the real names of Office of Inspector General or SSA employees, spoof official government phone numbers, and even local police department numbers in order to scam people.
The government body recommends staying calm, being skeptical, always paying attention to red flags, or simply ignoring the call to avoid losing money.
According to Hiya’s report, the average American cell phone user receives approximately 14 spam calls per month. In the United States alone, $1.4 billion was lost to cryptocurrency fraud in 2022.
The most common forms of fraud include romance scams, insurance fraud, credit card fraud, and Medicare fraud.
