Greg's Corner

Elderly Victim Robbed During Scam

By Greg Collier

A recent incident in Houston, Texas, highlights the growing threat of scams targeting the elderly, leaving victims vulnerable to devastating financial losses. In July, an 80-year-old woman fell prey to a sophisticated scheme that ended with her losing $76,000.

The scam began with a phone call from an individual posing as a bank employee, warning the woman that her bank had been hacked. This person instructed the victim to transfer her funds to a cryptocurrency kiosk for safekeeping. To further the scam, the victim was convinced to download an app that allowed the scammer to take control of her phone remotely.

Following these instructions, the victim went to a convenience store to deposit $19,000 into a cryptocurrency kiosk. Sadly, while at the location, she was robbed of the cash by two unidentified males who grabbed the envelope and ran off. It remains unclear whether they were directly connected to the scam or simply taking advantage of the situation.

What makes this case particularly alarming is that, even after the robbery, the scammer contacted the victim again. Despite having just lost a significant amount of money, the victim was manipulated into returning to the same location to deposit another $19,000. Over the course of four days, the elderly woman withdrew a total of $76,000 under the scammer’s instructions.

In addition to the direct theft, the scammer provided coaching on what to tell bank employees when questioned about the large withdrawals. The victim was advised to claim the money was needed for home repairs, with the implication that even the bank staff couldn’t be trusted.

There were several key warning signs in this scam that others should be mindful of to avoid falling victim. The scam began with an unsolicited phone call from someone posing as a bank employee, which is a common tactic used to catch victims off guard. Legitimate financial institutions typically don’t initiate calls out of the blue regarding account issues, making this the first red flag. The scammer then created a sense of urgency, pressuring the victim to transfer her money into a cryptocurrency kiosk under the guise of protecting her funds. It’s important to remember that banks or financial institutions will never ask customers to make transfers like this to safeguard their accounts.

Another critical sign of deception was the request for the victim to download a remote access app, which allowed the scammer full control of her phone. No credible business or bank would ever ask for such invasive access to a personal device. Additionally, the scammer coached the victim to lie to bank employees if questioned about the withdrawals, further isolating her and fostering distrust in those who could have helped. When someone advises lying to a financial institution, it’s a clear indication of foul play.

The repeated demands for large cash withdrawals over a short period should have also raised concern. Such behavior is unusual and suspicious, particularly when accompanied by the insistence that even bank employees couldn’t be trusted. This sowing of mistrust is a classic scam tactic, used to manipulate victims into relying solely on the scammer’s instructions.

Recognizing these signs, unexpected calls, urgent financial requests, remote access demands, secrecy, and isolation, can help prevent falling prey to similar schemes. Always take the time to verify claims through trusted channels before taking any action.