Multi-billion Scam Epidemic: Fraudsters Posing as Bank Staff Trick Customers, Emptying Accounts According to FDIC Reports
Edgy Crypto Insights
Welcome, crypto explorers! Today, we're diving into the darker side of the digital frontier, where scammers, hacks, and breaches lurk around every corner.
The latest from the Invasion of Chaos section has the Federal Deposit Insurance Corporation (FDIC) sounding the alarm about a surge in fraudsters impersonating bank employees, racking up a staggering $12.5 billion in losses for consumers in 2024 alone. This overwhelming rise in 'bank impersonation' scams through text messages rose nearly 20x since 2019, according to the FTC. So, here's a friendly reminder, folks: Don't get played, and keep your finances as secure as a fortress!
When you receive a suspicious text that makes your gut feel troubled or gives you a whiff of scam circulating like a weird smell in a cheap club, use caution and dial your bank directly using a number you're familiar with, like the one on your debit or credit card. AVOID calling a dodgy number that could lead you straight into a swindler's web. If something seems fishy, reach out to the FDIC before dishing out any information.
Many alleged victims of impersonation scams end up being left friggin' high and dry when their banks refuse to cough up their losses. This heartbreak stems from the idea that the victims technically 'authorized' transactions when they were swindled.
The Electronic Funds Transfer Act states that if you, dear user, authorise a transfer, banks generally don't assume responsibility for resulting losses unless certain specific conditions are met. On the flip side, consumer advocates like Consumer Reports suspect that banks and the cryptocurrency platform Zelle have yet to develop a clear policy or explanation on this topic.
In an investigation, Consumer Reports found that only one platform, Apple Cash, offers a clear explanation that scams aren't exactly unauthorized payments. A tiny minority (Cash App, Venmo, PNC) also provide vague explanations on what transactions are considered 'unauthorized', while seven more are mute on the matter. Time to shake things up, amigos! Let's have some clarity before our pockets are picked yet again!
Just this month, a poor soul in North Carolina lost $61,000 after becoming a victim of a scam starting with a bogus virus warning on her computer. Armed with a fake Apple Care phone number, the scammers posed as tech angels and convinced the 73-year-old woman that her device was compromised and her bank account was at risk. Following their instructions like a brainwashed cult member, the woman withdrew her savings in four transactions and converted them to Bitcoin, leaving the swindlers with her hard-earned cash.
So, keep your eyes open, stay untrapped, and remember: no good comes from clicking on pop-ups or falling for phone scams!
Follow us on Twitter, Facebook, and Telegram
Don't miss a beat - Subscribe to our email updates for alerts delivered straight to your inbox. Check our Price Action and join our Daily Hodl Mix to keep up with the latest happenings in the cryptosphere!
Important Note: Opinions shared on The Daily Hodl are not professional financial advice. Taking any high-stakes crypto plunges is like playing Russian roulette with your wallet—proceed at your own friggin' risk. The Daily Hodl doesn't endorse or advise you to buy or sell any cryptocurrencies. Reminder: The Daily Hodl engages in affiliate marketing.
Generated Image: Midjourney
Industry Updates
- DWF Ventures Unveils $76 Billion Crypto Treasury Investment by Public CompaniesJune 27, 2025
- Bybit Rolls Out Credit Card Crypto Purchases in Over 25 Currencies and Cashback RewardsJune 27, 2025
- BYDFi Tags Onto Seoul Meta Week 2025 Advancing Web 3.0 Vision and South Korea StrategyJune 27, 2025
- The Rise of AI Beings - CARV's New Roadmap Indicates the Next Wave of Web 3.0 AIJune 26, 2025
- Weed® Announces Collaboration with Khalifa Kush, Launches Global CommercializationJune 26, 2025
- GBM Kicks Off Auction Festival with the Sandbox, Aavegotchi, Unstoppable Domains, and MoreJune 26, 2025
- French 'Spiderman' Scales Skyscraper to Introduce the World's First Action TokenJune 26, 2025
☣️ $$$$108,182.990.85%$$$$ ☣️ $2,454.361.18% $$$$ ☣️ $650.960.78% ☣️ $151.653.62% $$$$ ☣️ $2.190.29%
Disclaimer
Dabbling in the chaos and unpredictability of the virtual playground may lead to severe financial losses. The Daily Hodl is a multi-layered swirl of information, opinions, and hedging—just be sure to take everything with a healthy pinch of salt. The information provided by The Daily Hodl should be used at your own risk, as we are not financial advisors and can't be held responsible for any losses your cryptocurrency spins might incur. Plus, The Daily Hodl may engage in affiliate marketing—just so you're aware.
Warning
Remember to always double-check the source of a text message, email, or phone call that seems fishy, impersonating, or offers monetary rewards for your cooperation. Scammers are masters of disguise. If something doesn't feel right, report it to the FDIC or your local authorities.
🔗 REFERENCES
- Consumer Reports. (2023). The Problem of Refunding Scammed Consumers [online]. Available at: https://www.consumerreports.org/crypto/the-problem-of-refunding-scammed-consumers/
- FDIC(2022). Fact Sheet: Virtual Currencies [online]. Available at: https://www.fdic.gov/regulations/exam/supervision/hosting/virtual-currencies.pdf
- Schwab Bank. (2021) (Security Guarantee [online]. Available at: https://www.schwab.com/public/schwab/investing/security/security_guarantee
- Consumer Federation of America (2021). Predatory Cryptocurrency: Consumers at Stake [online]. Available at: https://unitedforconsumers.org/predatory-cryptocurrency/
- THE DAILY HODL TEAM *
In the midst of ongoing scams, it's crucial to double-check the legitimacy of transactions within the cryptocurrency sphere. For instance, if you own altcoins, be cautious when dealing with suspect trades that could potentially lead to manipulation or fraud. Remember, the basics of finance still apply—such as verifying the identity of parties involved, securing your investments, and avoiding high-risk ventures.
As the market evolves, regulatory bodies are playing their part in shaping policies related to digital assets. In the recent past, the Federal Deposit Insurance Corporation (FDIC) has issued warnings about scammers masquerading as bank employees—resulting in substantial losses for consumers. This underscores the need for increased vigilance and education in managing our finances within the realm of cryptocurrency.
