A retired therapist lost her life savings in a sophisticated scam, despite warnings from major banks.
The Scam
Judith Boivin, 79, fell victim to a scam where fraudsters convinced her she was secretly working with the FBI to take down a Mexican drug cartel. They manipulated her into believing she needed to withdraw her entire life savings – around $600,000 – from her Morgan Stanley account. Even when bank employees expressed serious concerns and suspected fraud, Boivin, following the scammers’ instructions, insisted on accessing her funds. She wrote a letter stating her desire to control her finances, further convincing the bank to release the money.
The Aftermath
Boivin then deposited the money into accounts at Capital One, JPMorgan Chase, PNC Bank, and TD Bank. She subsequently withdrew smaller amounts ($10,000-$20,000) from these accounts and handed the cash to couriers in a parking lot, believing she was assisting the FBI. Both Morgan Stanley and JPMorgan Chase reported that their staff repeatedly warned Boivin about the suspicious nature of the transactions, but she was unconvinced. The other banks involved declined to comment specifically on Boivin’s case.
Bank Responses and Prevention
Morgan Stanley stated they took steps to prevent the fraud, including temporarily holding her account and contacting family and authorities. JPMorgan Chase echoed similar concerns, emphasizing that their staff tried to dissuade Boivin from proceeding. Both banks highlighted the importance of ignoring unsolicited requests for money from unknown individuals as a key preventative measure against such scams.
A Cautionary Tale
This incident serves as a stark reminder of the sophistication of financial scams and the importance of being vigilant about unusual requests involving large sums of money. Always verify requests for funds through official channels and contact your bank immediately if you suspect fraudulent activity.
