81-Year-Old Woman Loses Life Savings in Social Security Scam

Oct 24, 2024 - 09:54
Oct 24, 2024 - 10:34
81-Year-Old Woman Loses Life Savings in Social Security Scam

An 81-year-old woman from Washington, D.C., Gladys Baxley, has fallen victim to a Social Security scam, losing her entire life savings of more than $109,000. Baxley received a call from a fraudster claiming to be from the Social Security Administration, warning her that her Social Security number had been compromised. The scammer backed up the claim by sending Baxley a fake document, purportedly from the “U.S. Supreme Court House,” instructing her to move her money for safekeeping.

Convinced by the deception, Baxley transferred funds from her bank account in a series of transactions, including mailing $15,000 in cash via UPS. Her sons are now questioning Eagle Bank’s responsibility, claiming the bank should have flagged the unusual withdrawals and intervened.

Eagle Bank, however, asserts that its staff followed all necessary protocols and that an internal review found no failure in procedures. The bank is now working with Baxley to recover her lost funds, though it remains unclear how much, if any, will be returned.

The FBI reports that financial scams targeting people over 60 surged by 11% in 2022, with losses totaling $3.4 billion, highlighting the growing threat to vulnerable seniors.