This scam didn't start overseas. Someone walked into Hyeon-Jin Kwon's acupuncture business, went into her office while she was with a client and rifled through her wallet.
“They managed to take a couple of credit cards, debit cards, but not my whole purse [then] ran up about $2,300 between Walgreens and Walmart that day,” Kwon said.
Those transactions were reversed by her credit card companies, and she didn't lose any money, until a few days later when she received a call from someone claiming to be with Bank of America.
“She reassured me that check the number on my phone, check the number on the back of the card, I even Googled Bank of America’s phone number, and everything lined up, so I thought for sure she's from Bank of America, and then she was able to actually read off my entire credit card number,” said Kwon.
The woman told Kwon she was trying to prevent a wire fraud attempt and needed to confirm her information.
“They gave me a link to click through, which I entered in my information, and through that, she was able to access my bank account and take control. And she managed to wire out almost my entire checking account,” Kwon said.
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The culprit transferred out $56,000. Kwon’s earnings from her first year in business.
Immediately, Kwon felt that something was off and called Bank of America, who confirmed she was tricked by an imposter. Her money had been sent to someone with a Chase account.
“The thief was able to take out $13,000 that morning through ATMs and tellers,” Kwon learned from a Chase bank branch manager.
Chase flagged the transactions as suspicious and froze the remaining funds. That was in September. Kwon still does not have access to her money.
“Oh, it was devastating. I think this is probably one of the hardest things I've experienced in my life. And not knowing if rent can get paid, you know, my creditors, my bill collectors, and how do I even stay afloat?” Kwon worried.
She's still fighting to get back access to her funds and the $13,000 taken from her, and she's warning others that spoofed numbers and false narratives instilling fear and urgency are tactics used by these bank imposters.
“The people that are committing the fraud, they're very sophisticated. I think they are miles ahead of what the banks are doing. So, it just seems like we're just open game for being hit with fraud,” said Kwon.
Kwon alerted her bank to the fraud before money was withdrawn but doesn't understand why the account wasn't immediately frozen. She wants stronger bank protections but is also telling her family and friends to trust their instincts. If they suspect anything, hang up and call your bank directly.
Imposter scams were the top fraud reported to the Federal Trade Commission in 2023. Consumers reported losing over $2.7 billion.
Scripps News Baltimore's Mallory Sofastaii contacted Bank of America. In an email, a spokesperson wrote: “Identity theft cases can be complex and sophisticated. We prioritize client protection and work to recapture stolen funds in incidents like this.”
A spokesperson with Chase confirmed they’re working with Ms. Kwon’s bank to resolve the situation.
For additional information on avoiding imposter scams, click here.
Click here to see the other 12 Scams of Christmas.
This story was first published by Mallory Sofastaii at Scripps News Baltimore.
