Houston man loses $20K after 'fraud alert’ — handing over his bank card to someone posing as Wells Fargo agent
Imposter scams can involve the transfer of cash and even gold bars, and initial contact with victims comes in many forms, such as messages claiming to be from federal agents or phone calls from seemingly legitimate authority figures.
As scams become increasingly elaborate, more Americans are becoming victims of fraud. In 2024, consumers reported losing more than $12.5 billion to fraud — a 25% increase over 2023 — according to the Federal Trade Commission (FTC).
In total, 2.6 million consumers filed fraud reports in 2024, according to the FTC, with 38% of those victims saying they lost money because of it. Imposter scams were the most reported category, followed by online shopping, job, investment and Internet services scams.
How to protect yourself
If you’ve never heard of the scam Merovitch fell victim to, it’s not surprising because “scammers’ tactics are constantly evolving,” Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said in a news release.
So, what can you do about it, especially as scams are changing?
Wells Fargo told Fox 26 that it would never ask you to hand over or mail your physical card or PIN to prevent fraud. The FTC adds you should never send money, cryptocurrency or gold in response to an unexpected call or message. Don’t believe anyone who urges you to quickly move your money for protection.
Never click on links or call phone numbers in unexpected messages — those can lead you directly to scammers. Even if your phone’s caller ID shows you’re getting a call from the bank, remember that scammers can spoof legitimate phone numbers. Instead, contact the organization yourself — a staffer should be able to verify if the institute needs to contact you.
Being defrauded can be financially painful — and you may not have any recourse once the money has disappeared from your account. The same advice holds true today as it always has: never hand over cash (or your credit card, gold bars or anything of value) to a stranger in your doorway.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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