Today, we have a heart-wrenching story that serves as a crucial reminder of just how crafty scammers can be, especially when they target our elders. Annette Manes, an 82-year-old widow who spent her life saving every penny, lost $1.4 million to a sophisticated scam that spanned several months and involved multiple banks. Let’s break down how this happened and what we can all learn from it.
The Scam Unfolds
Annette Manes was a thrifty and careful woman. She worked for New York’s labor and education departments, helping people with disabilities find work. Over the years, she saved millions by living frugally—packing her own lunches and paying for her son’s medical school, all on a modest salary.
But in October 2022, everything changed. Annette received a call from someone claiming to be from JPMorgan Chase’s fraud department. They told her that a rogue employee had sold her personal information to criminals and that she could help catch these fraudsters by withdrawing her money without alerting bank staff or her family. Unfortunately, Annette believed them.
How They Got Her
The scammers were relentless. They convinced Annette to withdraw cash, sometimes in amounts so large they weighed as much as a half-gallon of milk! She left this money in a bag by her driveway, where someone in sunglasses and a hoodie picked it up. The fraudsters even got her to open new bank accounts and add an accomplice as an authorized user on her credit cards, which were then maxed out on luxury purchases.
Despite Annette making multiple suspicious withdrawals at JPMorgan Chase, Bank of America, Wells Fargo, and Vanguard, it took nine months for anyone to alert her son, who was finally able to stop the scam.
What Went Wrong?
The banks involved did eventually notice something was off, but their responses were too slow. By the time they contacted adult protective services and Annette’s son, she had already lost most of her life savings.
Elder fraud like this is devastating, not just financially but emotionally. It preys on the trust and vulnerability of seniors, making it one of the most heartbreaking types of scams.
How to Protect Yourself or a Loved One
Here are some steps to help prevent this kind of scam from happening to you or someone you care about:
- Always Verify Calls: If you receive a call claiming to be from your bank’s fraud department, hang up and call the bank directly using a number you know is legitimate. Never trust a call you didn’t initiate.
- Involve Family: If you’re ever asked to do something unusual with your money, like withdrawing large sums or opening new accounts, talk to a trusted family member first. Scammers often try to isolate you—don’t let them.
- Be Wary of Unusual Requests: If someone asks you to withdraw money and leave it somewhere or deposit it into another account, it’s almost certainly a scam. Banks don’t ask customers to do this.
- Watch for Red Flags: Suspicious activity like frequent large withdrawals or new accounts being opened should be a major warning sign. If you notice this happening with your or a loved one’s accounts, contact the bank immediately.
Final Thoughts
Annette’s story is a painful reminder of how persistent and manipulative scammers can be. But by staying informed and vigilant, we can protect ourselves and our loved ones from falling victim to such cruel schemes.
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