Deep Dive
How much money did Judith Boivin lose to the scam?
Judith lost approximately $595,000 from her retirement account.
Why did Judith initially trust the scammers?
She trusted them because the caller ID showed the Rockville Police Department, and the scammers used spoofed numbers to appear legitimate.
What was the scammers' plan to convince Judith to transfer her money?
They told her that her Social Security number was being used by a drug cartel, and if she transferred her money to a government locker, it would be safe and returned to her after the case was resolved.
How did the scammers manipulate Judith into handing over her money?
They coached her to withdraw money in increments, wrap it in specific ways, and hand it over in parking lots while they stayed on the phone with her, making her believe FBI agents were watching the exchange.
What was the role of the real FBI agent Wayne Jacobs in this story?
The real FBI agent, Wayne Jacobs, was horrified to learn that scammers had used his name and reputation to victimize Judith. He works in fraud investigation and was deeply affected by the misuse of his identity.
Why does Judith feel the banks could have done more to prevent her loss?
She believes the banks could have provided more detailed warnings about common scams and explained how scammers operate. She felt their response was insufficient, especially since they flagged her account as suspicious but took too long to act.
What is the current status of legislation to help scam victims like Judith?
Legislation to restore the theft deduction, which would allow victims to deduct stolen money from their taxes, has stalled in Congress. However, there is hope that bipartisan support could revive it.
How has Judith's life changed since the scam?
She has faced significant financial and emotional challenges, including a $180,000 tax bill on the stolen money. She has joined a support group for scam victims and is working to raise awareness about the issue.
What advice does Michelle Singletary give to prevent falling for scams?
She advises people to 'do nothing' when approached by scammers, emphasizing the importance of pausing, not clicking, not calling back, and not acting under pressure. Emotional decisions often lead to financial mistakes.
What message does Judith want to share with others?
She wants to warn others about the dangers of scams, urge financial institutions to do more to protect customers, and encourage victims not to feel ashamed. She believes sharing her story could help prevent others from falling victim.
Shownotes Transcript