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Corechain Audited
Christopher MichaelMichael Fraud Recovery Advocates · Austin

Case study · Bank impostor scam

A home equity loan wired to a 'safe account'

A caller from 'the bank's fraud team' convinced the client to take out a home equity loan and move it to a 'protected account'. Most of it was stopped.

$585,000

Lost

$403,000

Returned

2

Wires recalled

§ 01The brief

The caller showed the bank's real number on caller ID and knew her recent transactions. She was told a staff member was stealing from her account and that she had to move her money, including a new home equity loan, out of reach.

§ 02What I did

  1. 1.

    Called her bank's real fraud line with her and requested recalls on both wires.

  2. 2.

    Sent the receiving banks a written fraud notice with the call log and the spoofed caller ID details.

  3. 3.

    Filed the CCS report and helped her ask the lender to pause repayments while the case was reviewed.

§ 03The outcome

The receiving banks returned $403,000, which went straight back against the loan. The rest had been withdrawn.

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