ScamsNOW!
The SCARS Institute Magazine about Scam Victims-Survivors, Scams, Fraud & Cybercrime
Bank Account Takeover Fraud Can Happen To You! A Victim’s Story!
By SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc. – Video by CBS
This Chase Bank Account Customer Lost Here Life Savings To Bank Account Takeover Fraud And The Bank Blames Her!
A small business owner lost her life’s savings when scammers pretending to be Chase bank employees defrauded her out of $160,000 by taking over her account.
Chase refused to refund any of her money, saying she did not take appropriate steps to protect her account.
Experts say the bank should adopt stricter security measures to protect customers.
Anna Werner reports in this video!
About Bank Account Takeover Fraud (Scams)
A bank account takeover (BATO) phone scam is a type of fraud in which the scammer calls the victim and pretends to be from their bank. The scammer may say that there is suspicious activity on the victim’s account and that they need to verify the victim’s information in order to protect their account. The scammer will then ask the victim for their personal information, such as their Social Security number, bank account number, and PIN. Once the scammer has this information, they can use it to access the victim’s bank account and steal their money.
BATO phone scams are becoming increasingly common. In 2021, the Federal Trade Commission (FTC) received over 3.3 million reports of fraud involving imposter scams, which include Bank Account Takeover phone scams. These scams cost victims billions of dollars each year.
There are a few things you can do to protect yourself from BATO phone scams:
- Never give out your personal information over the phone, unless you are sure that you are speaking to a legitimate representative from your bank. If you receive a call from someone claiming to be from your bank, hang up and call the bank’s customer service number yourself to verify the caller’s identity.
- Be suspicious of calls that come out of the blue. If you receive a call from someone you don’t know, especially if they ask for personal information, be careful. Don’t give out any information until you are sure that the caller is legitimate.
- Be aware of the signs of a scam. If the caller is pressuring you to act quickly, or if they are asking for personal information that you don’t normally provide, be suspicious.
- If you think you may have been the victim of a BATO phone scam, report it to your bank & local police immediately. You should also report the scam to the FBI & FTC – learn more at reporting.AgainstScams.org
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TABLE OF CONTENTS
- This Chase Bank Account Customer Lost Here Life Savings To Bank Account Takeover Fraud And The Bank Blames Her!
- About Bank Account Takeover Fraud (Scams)
- Important Information for New Scam Victims
- Statement About Victim Blaming
- SCARS INSTITUTE RESOURCES:
- Psychology Disclaimer:
- More ScamsNOW.com Articles
- A Question of Trust
- SCARS Institute™ ScamsNOW Magazine
Society of Citizens Against Relationship Scams Inc. [SCARS]
META
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Important Information for New Scam Victims
Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
SCARS Institute now offers a free recovery program at www.SCARSeducation.org
Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors, please visit counseling.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and not to blame themselves, better develop recovery programs, and help victims avoid scams in the future. At times, this may sound like blaming the victim, but it does not blame scam victims; we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
SCARS INSTITUTE RESOURCES:
IF YOU HAVE BEEN VICTIMIZED BY A SCAM OR CYBERCRIME
♦ If you are a victim of scams, go to www.ScamVictimsSupport.org for real knowledge and help
♦ Enroll in SCARS Scam Survivor’s School now at www.SCARSeducation.org
♦ To report criminals, visit https://reporting.AgainstScams.org – we will NEVER give your data to money recovery companies like some do!
♦ Sign up for our free support & recovery help by https://support.AgainstScams.org
♦ Join our WhatsApp Chat Group at: https://chat.whatsapp.com/BPDSYlkdHBbDBg8gfTGb02
♦ Follow us on X: https://x.com/RomanceScamsNow
♦ Follow us and find our podcasts, webinars, and helpful videos on YouTube: https://www.youtube.com/@RomancescamsNowcom
♦ SCARS Institute Songs for Victim-Survivors: https://www.youtube.com/playlist…
♦ See SCARS Institute Scam Victim Self-Help Books at https://shop.AgainstScams.org
♦ Learn about the Psychology of Scams at www.ScamPsychology.org
♦ Dig deeper into the reality of scams, fraud, and cybercrime at www.ScamsNOW.com and www.RomanceScamsNOW.com
♦ Scam Survivor’s Stories: www.ScamSurvivorStories.org
♦ For Scam Victim Advocates visit www.ScamVictimsAdvocates.org
♦ See more scammer photos on www.ScammerPhotos.com
You can also find the SCARS Institute on Facebook, Instagram, X, LinkedIn, and TruthSocial
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here
If you are in crisis, feeling desperate, or in despair, please call 988 or your local crisis hotline.
More ScamsNOW.com Articles
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish. Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors’ experience. You can do Google searches, but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
