Criminals using cryptocurrency and election scams to prey on victims

A Tulsa woman in her 60s lost more than $300,000 to a fraudster—and would have also lost her house, if it were not for the awareness and actions of a Bank of Oklahoma banking center team.

Sensing nervousness and discomfort in the Bank of Oklahoma client, Financial Center Leader Ariel Barbosa helped the client to halt the sale of her home, just before the sale proceeds were to be received by wire and then directed by the client to a Bitcoin “investment.” The client had been directed to take these steps by an impostor claiming to be an internationally known financial leader. He’d courted her over time by phone, email and text messages with promises of love and riches.

After engaging with the client in a teller line, Barbosa and her team spent six hours unraveling the months-long scheme. Their work revealed that more than $300,000 in numerous cash withdrawals that had earlier been sent to the fraudster’s stated address. As a result, the client only had $300 left in her bank account and was staying in a hotel after selling all her furniture.

In this case, the client was helped by Barbosa’s intervention. “Her nervous mannerisms, insistence on Bitcoin and frequent pattern of ‘under-the-radar’ cash withdrawals were the tipping points,” Barbosa recalled.

Financial fraud is rising in frequency, complexity and cost
Drawn-out schemes like the one that the Oklahoma woman fell victim to are becoming more common—but experts say there are ways to protect yourself.

The first step is being aware of the vast number of threats out there.

For example, this presidential election year, voters should be especially wary of solicitations, given the combined 468 U.S. Senate and Congress seats up for re-election. The volume of races will likely drive a persistent series of financial asks, giving bad actors and impostors nearly endless opportunities to deceive or scam otherwise willing supporters.

On a very basic level, perpetrators may use commonly available design tools to mimic candidates’ print and online materials—known as phishing—to direct responders to illegitimate payment sites.

Authorities agree on tell-tale signs of attempted fraud, as well as precautionary steps of action that can be taken to reduce your chances of becoming an everyday victim. Scott Edwards, director of fraud risk management at BOK Financial® offers the following tips to keep your data and your money safe:

• Beware of anyone seeking or claiming to have personal or financial information about you or family members including Social Security numbers, account access, home addresses or anything similar.
• Do not engage with unsolicited inquiries or inquirers. Immediately delete or disconnect unwanted messages or emails. Many cell phones can be set to block inbound calls from unrecognized numbers not already in your contacts list.
• Request that callers send any inquiries through the U.S. Postal Service or ask for their identifying information. Do not verify their information by calling a phone number that the caller provides to you; instead, seek a verification phone number through other sources.
• Be suspicious of callers who seek to resolve problem account information or overdue invoices by offering a quick resolution such as by sending a “convenient” online payment link.
• Use “two-factor” identification which typically sends an automated code unique to the call at hand for verification by you.

Taking these steps could save your hard-earned money—and your house.

“Scammers are using sophisticated approaches to attack innocent people from a variety of angles,” said Edwards. "It's important to stay vigilant and understand what is out there to prevent yourself from falling victim.”