How a Retired Widow Lost Her Life Savings in a Scam
In a distressing incident, Marjorie Bloom, a 77-year-old widow and retired federal attorney, fell victim to a scammer who posed as a fraud investigator at PNC Bank. The scammer managed to convince Bloom to transfer $661,000 by claiming that her life savings were in danger due to stolen personal data. He urged her to act quickly and secretly, even instructing her not to inform her children about the situation.
The Deceptive Scheme
Bloom’s ordeal began when she encountered a fake Microsoft pop-up on her computer, which prompted her to call a listed number. This led her to connect with an imposter posing as a Microsoft engineer, who then transferred her to another scammer pretending to be a PNC Bank fraud investigator. The fraudulent investigator informed Bloom of alleged pending transactions worth $29,000 and persuaded her to move her money immediately.
Rising Scams Targeting Older Adults
According to the FBI and CNBC, older adults have increasingly become targets of tech support scams. In 2022 alone, these scams resulted in losses of $588 million for older individuals. Criminals often pose as reputable company technicians and manipulate victims into wiring money to fraudulent accounts.
The Power of “Amygdala Hijack”
Scammers employ psychological techniques like “amygdala hijack” to exploit the strong emotional reactions of their victims, overwhelming their rational thinking. This method was particularly effective on Bloom and played a pivotal role in persuading her to transfer her life savings.
Devastating Consequences
After realizing she had been scammed, Bloom contacted PNC Bank only to discover that the employee she had interacted with did not exist. CNBC reports that Bloom, who had dedicated 42 years to a successful career as a federal attorney, was left emotionally and financially devastated by the incident.
Lawsuit Against PNC Bank
Bloom filed a lawsuit against PNC Bank in May 2022, accusing the institution of neglecting warning signs and failing to safeguard her from financial exploitation. Although the negligence claim was dismissed, the breach of contract claim proceeded. The lawsuit was ultimately settled in September, but the terms remain undisclosed.
The Movement of Stolen Funds
According to CNBC, Bloom’s money was wired to an account at Signature Bank in New York, which is now defunct. It was then transferred to a Coinbase account created using Bloom’s personal information. The funds were converted into cryptocurrency and moved to offshore accounts on Binance.
Hot Take: Protecting Older Adults from Scams
The case of Marjorie Bloom highlights the vulnerability of older adults to scams and the devastating impact they can have. It serves as a reminder for individuals to remain vigilant and skeptical when approached by unknown parties claiming to be from reputable organizations. Discussing such situations with trusted family members or friends can often help identify potential scams and prevent financial losses.
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