Margaret R., 72
Mooresville, North Carolina
Based on real scams reported in the US. Names and details changed to protect privacy.
The short story
The phone rang on a Tuesday afternoon. A man said he was from the bank's fraud department, and he already knew her address and the last four digits of her card. He said her account was being drained right now, and to stop it she had to read back the code he would text her. Margaret read it back, and $31,000 was gone.
How it unfolded
He did not sound like a criminal. He sounded calm and helpful, the way a real bank employee would, and he knew enough about Margaret that doubting him felt foolish.
The code he texted was real. It was her bank's own security check, the last thing standing between him and her money. The moment she read it aloud, she handed it over. She found out the next morning.
What would have stopped it
What would have stopped itA real bank will never ask you to read back a code. If someone asks you to read back a code, hang up and call the number on the back of your card yourself.