DENVER — A man’s voice was clear and convincing when he recited Terry’s Social Security number over the phone and warned with urgency that her bank accounts were compromised and needed to be emptied.
“He told me that I needed to move the money from my bank accounts to bitcoins so that we could keep the money and change Social Security numbers and bank account numbers,” Terry said.
Terry eventually took out a total of $75,000 and deposited the money into bitcoin, and then gave the caller the unique numbers tied to the bitcoin funds. Her control of the money vanished.
She didn’t realize she was scammed until she attempted to cash out a retirement account and was finally told by her financial advisor she was being conned.
She shared her story with 9NEWS and requested her face to be concealed during a television interview.
“I felt empty. And I don't know. Maybe you can use the word ‘abused?'" she said.
Terry said the caller identified himself as an employee with the Federal Trade Commission and recited her personal information, including her Social Security number. The phone call was believable, she said.
The man instructed Terry to withdraw all of her money at various Wells Fargo branches over a few days and then deposit the cash at bitcoin ATMs.
She said she was never asked by any of the bank tellers what she was doing with all the money she was taking out. If she was asked, she believes she would have stopped participating in the scam.
“The thing we neglect to realize is when our emotional brain gets triggered, our critical thought process goes out the door,” said Lynn Lowe, a senior advocate for the City Attorney’s Office in Denver.
Lowe called on financial institutions like banks to engage with seniors more who come in and make large cash withdrawals.
“We are so afraid of offending our customers and interfering with their rights, their money, but the times are changing. And it’s going to get worse,” Lowe said, adding that scams are getting more sophisticated.
9NEWS sent copies of Terry’s transaction receipts to Wells Fargo. A company spokesperson said it would take a few business days to look into the situation and expected an investigation to be wrapped up by Tuesday.
Jenifer Waller, president and CEO of the Colorado Bankers Association, said bank tellers are trained to engage with seniors who they suspect might be wrapped up in a scam; however Terry’s case might not have raised awareness because of multiple smaller transactions at different branches.
“We want our customers to be safe, we want their money safe in our bank," Waller said. "So we do what we can. Unfortunately, some of the scams are very sophisticated. Some of the scammers are very good at convincing at-risk individuals that even the bank may be part of something."
“I am not going to the grocery store but once a month," Terry said about the scam's impact on her life. "If I run out of food, I run out of food."
“I don't go places. I don't do things,” she said.
The FTC has more here about government imposter scams:
- Don't wire money, send cash or use gift cards or cryptocurrency to pay someone who says they're with the government.
- Don't give your financial or other personal information to someone who calls, texts or emails and says they're with the government.
- Don't trust your caller ID. It might show the government agency's real phone number or name, but caller ID can be faked.
- Don't click on links in unexpected emails to text messages. Scammers' emails are designed to steal your money and personal information. Simply delete the message.
If you have any information about this story or would like to send a news tip, you can contact jeremy@9news.com.
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