An 85-year-old widow, Annette Manes, lost her entire life savings to a scam that went on for nearly a year. The scammers, who pretended to be from JPMorgan and the government, convinced Manes to go “undercover” and help them catch bad actors.
How the Scam Worked
Manes was told to withdraw large sums of money from her accounts and transfer them to the scammers. She initially withdrew $169,000 from her JPMorgan account in a single week. When that account was emptied, she sold investments and deposited more money, eventually transferring a total of $730,000 to the scammers.
When JPMorgan became suspicious of her frequent withdrawals, Manes opened accounts at Bank of America and Wells Fargo, continuing the same pattern of large withdrawals. All three banks eventually closed her accounts.
The scammers also convinced Manes to open credit cards in her name, racking up six-figure debt.
Banks Under Fire
The banks are facing criticism for failing to contact law enforcement during the nine-month scam. Although Chase and Wells Fargo claim they contacted adult protective services, they didn’t report the scam to the police.
A Growing Problem
The FBI reports that crimes targeting the elderly have skyrocketed in recent years, with $3.4 billion stolen in the past three years alone.
Manes’ son eventually contacted adult protective services, bringing the scam to an end.
This case highlights the growing problem of financial scams targeting vulnerable populations. It also raises questions about the responsibility of banks to protect their customers from these types of crimes.
