92-year-old woman loses life savings in online scam
Summary
TLDRThis segment covers the growing issue of overseas scammers targeting vulnerable Americans, especially the elderly. Leslie recounts how her mother fell victim to a scam where criminals, posing as government agents, convinced her to withdraw her life savings to buy gold. Despite pleas to her bank, Charles Schwab, no action was taken as banks are limited in what they can do without government backing. Some banks, however, are training staff to spot unusual transactions. The investigation also highlights efforts to expose scam operations overseas, showing the scale of the problem.
Takeaways
- 💰 Overseas online scammers are increasingly targeting vulnerable Americans, stealing billions of dollars.
- 💼 Jim Axelrod interviews a woman whose elderly mother lost her life savings to an overseas scam.
- 🔔 Leslie, the daughter, was alerted by Charles Schwab about suspicious transactions from her mother’s investment account.
- 👩💻 Scammers pretended to be government IT experts and convinced Leslie's mother to withdraw money to buy gold as a 'safer investment.'
- 🤐 The scammers told the elderly woman to keep the transactions secret, fearing government repercussions.
- 📑 Leslie was a trusted contact on Schwab’s paperwork but had no idea her mother was being scammed.
- 🏦 Charles Schwab, like other financial institutions, is limited in preventing clients from accessing and transferring their own money.
- 🚨 Some banks, like credit unions, are training tellers to recognize unusual withdrawal patterns and alert trusted contacts or authorities.
- 👮 Involving local police can sometimes make it easier for scam victims to understand they're being defrauded.
- 🌍 CBS News is investigating international scam operations, including exposing scammers in Ghana who justify their actions.
Q & A
What is the main focus of the story in the transcript?
-The main focus is on the growing epidemic of overseas online scammers robbing vulnerable Americans, especially elderly individuals, of their life savings.
Who is the primary victim discussed in the story?
-The primary victim discussed is an elderly woman named Ruth, who was scammed into taking money out of her investment account to buy gold, believing it was a safer investment.
How did the scammers convince Ruth to withdraw her money?
-The scammers pretended to be IT experts from the government, claiming her computer had been hacked, and convinced her to withdraw money to buy gold as a safer investment.
What role did Leslie play in this case?
-Leslie, Ruth's daughter, was listed as a trusted contact on Ruth’s Charles Schwab account. She was alerted by Schwab about large wire transfers and tried to find out more about what was happening.
Why did Ruth not tell her family about the scam?
-The scammers told Ruth to keep the situation a secret, warning that the government might punish her and that her family could get into trouble if she revealed anything.
What is Charles Schwab's stance on stopping suspicious transactions?
-Charles Schwab stated that it's difficult for them to prevent clients from making transactions, as it is ultimately their money, and intervening could lead to complaints if legitimate investments are blocked.
What do financial institutions want from the government in such cases?
-Financial institutions like Schwab are seeking government backing to step in and block transactions when they have reason to believe a client is being scammed.
How are some banks handling suspicious transactions?
-Some banks, like a credit union in Iowa, train their tellers to recognize unusual withdrawal patterns and involve family members or trusted contacts to prevent scams. They also collaborate with local police to intervene.
What is one method that might help convince scam victims they are being defrauded?
-Involving law enforcement, such as having a police officer explain the scam, can sometimes be more effective in convincing victims they are being defrauded compared to a family member's warning.
What can viewers expect from this investigative story?
-Viewers can expect a detailed investigation, including footage of a boiler room in Ghana where scammers operate, and interviews with the scammers explaining why they do it. This will air on CBS Evening News and CBS Mornings.
Outlines
💻 Growing Epidemic of Overseas Scammers
Earlier this year, CBS reported on the rise of online scammers targeting vulnerable Americans, especially the elderly. These criminals often operate from overseas, using elaborate schemes to steal billions of dollars. In this update, Jim Axelrod talks to a woman whose elderly mother lost her life savings to such a scam, despite pleas for her bank to intervene.
📞 The Shocking Discovery
Leslie recalls receiving a call from Charles Schwab's financial crimes team about large transactions in her mother’s account. She was unaware of any such activity. Leslie's mother was one of many Americans who fell victim to scammers posing as government IT experts. They convinced her to withdraw money to invest in gold, falsely claiming it was a safer option.
🔒 Keeping It Secret
The scammers manipulated Leslie’s mother into keeping everything secret, playing on her fear of government repercussions. Even when her family inquired about the gold, she refused to divulge details, highlighting the deep psychological grip scammers had over her.
💼 Bank Limitations
Jim Axelrod explains that Charles Schwab did not agree to an interview but emphasized that banks face limitations. They cannot prevent clients from accessing their own money, even if it might be under suspicious circumstances. Banks are hesitant to block transactions without clear government backing.
🏦 The Role of Banks and the Government
The investigation focuses on banks as the last line of defense against scammers. Some banks, like credit unions in Iowa, are proactive, training tellers to recognize suspicious withdrawal patterns and notify trusted contacts. They also work with local authorities to prevent further losses. However, not all banks take such preventative measures.
🌍 A Glimpse into the Scammers' World
CBS News’ Deborah Patta provides a rare insight into the operations of scammers in Ghana, visiting a boiler room where they target Americans. The scammers openly discuss their actions, shedding light on the motivations behind their schemes. This segment is part of an ongoing investigative report that will air across multiple CBS platforms.
Mindmap
Keywords
💡Online Scammers
💡Elderly Victims
💡Charles Schwab
💡Trusted Contact
💡Financial Crimes Investigations
💡Government Backing
💡Romance Scammers
💡Wire Transfers
💡Boiler Room
💡Life Savings
Highlights
Online scammers are increasingly targeting vulnerable Americans, leading to billions of dollars in losses.
A woman named Leslie discovered her elderly mother lost her life savings to overseas scammers.
Scammers posed as IT experts from the government, convincing victims to withdraw money to purchase gold.
Leslie's mother was told to keep her transactions secret, making it harder for family members to intervene.
Leslie was listed as a trusted contact on her mother’s Charles Schwab investment account but was unaware of the fraudulent activity.
Charles Schwab representatives contacted Leslie after noticing unusual large transactions and wire transfers.
Banks are limited in what they can do to prevent clients from accessing their own money, even in cases of suspected fraud.
Financial institutions like Charles Schwab want government backing to intervene in cases of suspected financial abuse.
Credit unions, like one in Iowa, are training tellers to recognize suspicious withdrawal patterns and contact family members for verification.
Some credit unions collaborate with local police to intervene when elderly customers are being scammed.
Scammers often make victims feel they are in trouble with the government, increasing their control over the victim.
The CBS investigation highlights the role of banks as the last line of defense in preventing scams.
In some cases, victims believe they are making legitimate investments and are hesitant to listen to family or authorities.
CBS News correspondent Deborah P visited a scammer boiler room in Ghana to expose how these fraud operations are carried out.
The investigation showcases the difficulty banks face in balancing customer autonomy with protecting them from scams.
Transcripts
earlier this year we shared a story
about the growing epidemic of overseas
online scammers robbing vulnerable
Americans we now have an update on the
billions of dollars being taken Jim
Axelrod spoke with a woman whose elderly
mother lost her life savings despite
pleas she says for her bank to take
action Banks say they're Limited in what
they can
do I'll never forget there was a message
on my phone hello I'm calling with
Charles Schwab with the financial crimes
investigations team this was 6 months
ago the message for Leslie came from
Charles Schwab where her mother had an
investment account they just mentioned
large transactions and wire transfers
and did I know what you know what was
taking place and you didn't no I didn't
Leslie who asked we only use her first
name was discovering her mother was one
of tens of thousands of Americans being
scammed by criminals overseas this year
these scammers pretended to be it
experts from the government who told her
mom her computer had been hacked and
convinced her to take money out of her
account to buy gold which they said was
a safer investment I didn't talk to my
family about it especially Insidious the
scammers told Leslie's Mom Ruth to keep
all of this secret well I wanted to tell
them but I thought that the government
would punish me and I didn't want them
to get into trouble anybody that I told
Leslie was a a trusted contact on
Schwab's paperwork and the firm had her
ask her mom about what was going on we
said where is the gold is it is it in
your apartment is it in a safety deposit
box where is the gold and she wouldn't
tell
us heartbreaking CBS News correspondent
Jim axera joins us now um first let's
start with what Charles Schwab is saying
so what they're telling us is they
wouldn't do an interview but they wanted
to emphasize that it's very difficult
when you get into the business of
telling a client they can't do what they
want to do with their own money so
essentially they're saying look if you
call us and you want to take your money
out you want to wire it to somebody it's
not our place to say what's going on
well they they're saying that let's say
for instance they stopped somebody from
accessing their own money and they
wanted to put it into a perfectly legit
investment that would then bear a lot of
return then then who's on if the
customer comes in and says you didn't
let me make money I wanted to make they
want government backing Schwab and other
large financial institutions they want
the government to say no no no no you
can step in and do this if you have
reason to believe that some customer is
at risk okay so let's talk about that
what are you what are you learning in
your investigation into the role of
Banks and how is the government getting
involved well lindzie at the top you
said we had done this investigation
earlier this year that had to do with
romance scammers and and we looked at
the dating platforms because that was
the last stop between scammer and victim
this time it's the banks they're really
the last line of defense between scammer
and victim so while I lay out to you
that some banks don't want to get too
involved there are other Banks we went
to a credit union in Iowa for instance
where their TR tellers are trained in
how
to discuss and interface with customers
when they come in and suddenly their
their withdrawal pattern is different
than what it has been they're taking
large sums when they usually haven't
they are trained to then not only ask
them but go into the file and see if
there's a trusted contact you call a
family member and maybe say hey look are
you sure you want to do what you're
telling us and do you realize trusted
contact that your father mother uncle
aunt is asking to take these large sums
of money they also have working
relationships with the local police
department and sometimes somebody with a
badge can make someone understand
they're being scammed more than say a
daughter or a son can fascinating this
this investigation obviously is
multifaceted many members of the CBS
News team working on it what are some of
the big takeaways you want people to
walk away with I I think we're going to
be able to give viewers a look at
something they haven't seen before
Deborah P the distinguished
correspondent in Africa has gone into a
boiler room in Ghana where these
scammers make it happen where they are
buing these hundreds of millions
billions of dollars from Americans and
actually confront fronts the scammers
and has them has them explain why they
do what they do it is riveting
television you'll see it on the CBS
Evening News you'll see it on CBS
mornings and I'm sure you'll see it
right here that's a tease Jim aelod
thank you so much for joining us
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