A Florida man has lost his entire life savings of $251,300 after falling for a convincing phone call from someone posing as a Wells Fargo fraud representative, according to a report.
The victim, Randall Kahn, received a call in early January claiming irregular activity on his accounts that required immediate action, reports NBC 6 South Florida.
The caller provided what seemed like legitimate employee ID and incident numbers. The caller then instructed Kahn to make cash withdrawals from nine different branches over seven days and hand the money to a rideshare driver who would ensure the funds were safely deposited back into secure accounts.
Kahn says,
“I would have to make cash withdrawals, not money orders, not cashier’s checks, cash withdrawals.”
According to the report, Kahn visited nine bank branches and withdrew more than $250,000 from his accounts over one week before giving the money to a rideshare driver.
After the final pickup, Kahn says he contacted the person who had claimed to be a Wells Fargo fraud representative.
Kahn says,
“As soon as she had received the last cash, told me she had received it, I immediately called back and the line went dead. It went dead.”
The victim called the loss of over a quarter of a million dollars devastating to him and his family.
“The reality for me is it’s everything I have worked for the last 25 years of my life. To provide for my family, to provide for my grandson.”
Wells Fargo denied reimbursement claims, stating that proper policies were followed in the authorization of the transactions.
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