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Financial Scam Awareness: A Family’s Dream Shattered by a Scam

Elderly Couple Viewing Fraudulent Email

The Borts Family’s Dream Shattered

 Email Notification from Scammers
The fake email that began the Borts fam­i­ly’s night­mare.

Today’s post empha­sizes the need for finan­cial scam aware­ness.  In this sad true tale, we will dive into the sto­ry of William and Ave Borts, a cou­ple who had their retire­ment plans derailed by cun­ning scam­mers. Learn how a sim­ple email noti­fi­ca­tion turned into a finan­cial night­mare, leav­ing the fam­i­ly dev­as­tat­ed and seek­ing jus­tice.  This scam occurred in 2021, but the pain and frus­tra­tion it caused for the Borts, con­tin­ues to this day.

The Initial Deception

As the sun set on anoth­er unas­sum­ing day, the Borts fam­i­ly’s tran­quil­i­ty was shat­tered by the omi­nous glow of their com­put­er screen. It all began with a seem­ing­ly innocu­ous email, a har­bin­ger of the finan­cial storm that would soon engulf their lives. Finan­cial scam aware­ness is so cru­cial to avoid­ing scams such as the one that vic­tim­ized the Borts’ fam­i­ly.

Receiving the Suspicious Email

The email, pur­port­ed­ly from Ama­zon, bore news of a $1,500 pur­chase des­tined for an unfa­mil­iar address. Con­cerned by this alarm­ing rev­e­la­tion, William and Ave Borts embarked on a jour­ney into the treach­er­ous realm of online decep­tion.

Granting Access to Scammers

With a sense of urgency gnaw­ing at their hearts, William made a fate­ful deci­sion to engage with the sender of the dubi­ous email. Lit­tle did he know that this seem­ing­ly innocu­ous act would pave the way for a nefar­i­ous intru­sion into their dig­i­tal world. The scam­mers, cloaked in deceit, manip­u­lat­ed their way into the Borts’ com­put­er, set­ting the stage for a trag­ic sequence of events.

The First Transfer: $200,000 Lost

Scammers Manipulating a Computer
Scam­mers gain access to the Borts’ com­put­er

What fol­lowed was a cru­el twist of fate as the scam­mers, like pup­peteers pulling invis­i­ble strings, coerced the unsus­pect­ing cou­ple into trans­fer­ring a stag­ger­ing $200,000 under false pre­tens­es. The veil of trust was torn asun­der, reveal­ing the stark real­i­ty of online fraud prey­ing on the vul­ner­a­ble.

The Borts fam­i­ly’s har­row­ing ordeal serves as a stark reminder of the dan­gers lurk­ing in the shad­ows of cyber­space. The insid­i­ous nature of finan­cial scams knows no bounds, infil­trat­ing the lives of even the most cau­tious indi­vid­u­als.

As the echoes of their anguish rever­ber­ate through the cor­ri­dors of jus­tice, the Borts fam­i­ly stands res­olute in their quest for ret­ri­bu­tion. Their tale of loss and betray­al warns us all to use cau­tion in a dig­i­tal land­scape fraught with per­il.

The Escalation of the Scam

Wire Transfers to Hong Kong and China. Financial scam awareness to prevent fraud.
Unau­tho­rized wire trans­fers exac­er­bat­ed the Borts’ loss­es.

As the finan­cial scam tar­get­ing the Borts fam­i­ly unfold­ed, it revealed a web of deceit and manip­u­la­tion that shook the very foun­da­tion of their trust in finan­cial insti­tu­tions. The per­pe­tra­tors behind this elab­o­rate scheme orches­trat­ed a sequence of events that led to dev­as­tat­ing con­se­quences for William and Ave Borts, leav­ing them grap­pling with the after­math of online fraud and wire trans­fers to dis­tant lands.

The manip­u­la­tion of a fake Ama­zon web­site served as the ini­tial gate­way for the scam­mers to infil­trate the Borts’ lives. The fright­en­ing part is that a seem­ing­ly inno­cent email noti­fi­ca­tion about a pur­chase quick­ly esca­lat­ed into a night­mare of unau­tho­rized trans­ac­tions and deceit. The scam­mers, adept at prey­ing on unsus­pect­ing vic­tims, exploit­ed the cou­ple’s trust and vul­ner­a­bil­i­ty, ulti­mate­ly lead­ing to the loss of over half a mil­lion dol­lars.

One of the most alarm­ing aspects of the scam was the relent­less pur­suit by the fraud­sters. Day after day, the Borts fam­i­ly was bom­bard­ed with calls and demands, push­ing them fur­ther into the clutch­es of the crim­i­nals. Despite mount­ing sus­pi­cions and con­cerns, the scam­mers’ per­sua­sive tac­tics and intri­cate web of lies kept William and Ave entan­gled in a finan­cial trap that seemed insur­mount­able.

The wire trans­fers to Hong Kong and Chi­na added anoth­er lay­er of com­plex­i­ty to the scam. With each trans­ac­tion, the Borts fam­i­ly unwit­ting­ly con­tributed to the illic­it enrich­ment of the fraud­sters, fur­ther exac­er­bat­ing their finan­cial woes. The ease with which these trans­fers were exe­cut­ed high­light­ed the vul­ner­a­bil­i­ties with­in the bank­ing sys­tem and the chal­lenges faced by indi­vid­u­als in safe­guard­ing their assets against sophis­ti­cat­ed online fraud.

What Role Should Financial Institutions Play?

Through­out this har­row­ing ordeal, Chase Bank’s role came under scruti­ny, rais­ing ques­tions about the account­abil­i­ty of finan­cial insti­tu­tions in pre­vent­ing such scams. The Borts fam­i­ly’s legal bat­tle with the bank under­scored the need for greater vig­i­lance and con­sumer pro­tec­tion mea­sures to com­bat finan­cial elder abuse and unfair busi­ness prac­tices. The law­suit­’s pro­gres­sion through the legal sys­tem shed light on the com­plex­i­ties of hold­ing banks respon­si­ble for the reper­cus­sions of online scams.

Despite the set­backs and loss­es suf­fered by the Borts fam­i­ly, their resilience and deter­mi­na­tion to seek jus­tice serve as a glim­mer of hope amidst the shad­ows cast by the scam. By report­ing the inci­dent to law enforce­ment agen­cies and rais­ing aware­ness about the preva­lence of such scams, the fam­i­ly strives to pre­vent oth­ers from falling vic­tim to sim­i­lar schemes.

Chase Bank’s Role

Chase Bank’s involve­ment in the finan­cial scam that tar­get­ed the Borts fam­i­ly sheds light on the lack of vig­i­lance in trans­ac­tion mon­i­tor­ing with­in finan­cial insti­tu­tions. The unfor­tu­nate ordeal faced by William and Ave Borts high­lights the cru­cial role that banks play in safe­guard­ing their cus­tomers’ assets and pre­vent­ing fraud­u­lent activ­i­ties.

The Borts fam­i­ly’s har­row­ing expe­ri­ence began with a seem­ing­ly innocu­ous email from scam­mers pos­ing as Ama­zon, lead­ing to a series of deceit­ful trans­ac­tions and sub­stan­tial finan­cial loss­es. Despite the cou­ple’s trust in Chase Bank for secure trans­ac­tions, the scam­mers exploit­ed loop­holes in the sys­tem, result­ing in dev­as­tat­ing con­se­quences.

One of the key talk­ing points in this sec­tion is the lack of vig­i­lance in trans­ac­tion mon­i­tor­ing by Chase Bank. The Borts fam­i­ly believed that the bank could have been more proac­tive in detect­ing and pre­vent­ing the fraud­u­lent wire trans­fers that drained their accounts. The absence of strin­gent mon­i­tor­ing mech­a­nisms allowed the scam­mers to manip­u­late the sit­u­a­tion and exploit the cou­ple’s trust.

Legal Documents and Bank Statements
The Borts fam­i­ly seeks account­abil­i­ty from their bank

Fur­ther­more, the legal bat­tle and alle­ga­tions of finan­cial elder abuse against Chase Bank under­score the com­plex­i­ties of hold­ing finan­cial insti­tu­tions account­able for such scams. The ongo­ing law­suit reflects the chal­lenges faced by vic­tims seek­ing jus­tice and account­abil­i­ty from banks that may have inad­ver­tent­ly facil­i­tat­ed fraud­u­lent activ­i­ties.

As the Borts fam­i­ly nav­i­gates the after­math of the scam and con­tin­ues to seek resti­tu­tion, their sto­ry should remind oth­ers about the impor­tance of finan­cial scam aware­ness and due dili­gence when engag­ing in finan­cial trans­ac­tions. The legal impli­ca­tions of the case high­light the need for greater trans­paren­cy and account­abil­i­ty with­in the bank­ing sec­tor to pro­tect vul­ner­a­ble cus­tomers from falling prey to online fraud.

Chase Bank’s role in the finan­cial scam tar­get­ing the Borts fam­i­ly under­scores the crit­i­cal need for enhanced trans­ac­tion mon­i­tor­ing and cus­tomer pro­tec­tion mea­sures with­in finan­cial insti­tu­tions. The legal bat­tle and alle­ga­tions of finan­cial elder abuse fur­ther empha­size the com­plex­i­ties of address­ing fraud­u­lent activ­i­ties and seek­ing jus­tice in such cas­es. By rais­ing finan­cial scam aware­ness about the risks of online scams and advo­cat­ing for improved safe­guards, the Borts fam­i­ly’s sto­ry serves as a pow­er­ful reminder of the impor­tance of vig­i­lance and cau­tion in finan­cial deal­ings. A reminder for all of us to heed.

Ongoing Lawsuit Against Chase Bank

The crux of the legal dis­pute cen­ters around the alleged finan­cial elder abuse and unfair busi­ness prac­tices per­pe­trat­ed by Chase Bank. Despite the ini­tial dis­missal of the law­suit, the Borts fam­i­ly remains stead­fast in their pur­suit of account­abil­i­ty and resti­tu­tion.

The attor­ney rep­re­sent­ing the fam­i­ly has empha­sized the sig­nif­i­cance of this case, which has gar­nered statewide atten­tion. The core con­tention lies in the ques­tion of whether banks bear respon­si­bil­i­ty for safe­guard­ing cus­tomers against sophis­ti­cat­ed scams orches­trat­ed by mali­cious actors.

As the appeals process unfolds, the out­come of this law­suit could set a prece­dent for future cas­es involv­ing finan­cial insti­tu­tions and their duty to pro­tect con­sumers from fraud­u­lent activ­i­ties. The resilience dis­played by the Borts fam­i­ly serves as an encour­ag­ing sign for oth­ers who have fall­en vic­tim to sim­i­lar schemes. If the Borts can do it, oth­er vic­tims should take the ini­tia­tive and step for­ward and state their case.

Suspicious Activity Reports

As a for­mer spe­cial agent with the U.S. Trea­sury Depart­ment, I often uti­lized Sus­pi­cious Activ­i­ty Reports (SARs) in my inves­ti­ga­tions. SARs are doc­u­ments that finan­cial insti­tu­tions must file with the Finan­cial Crimes Enforce­ment Net­work (Fin­CEN) when­ev­er there is a sus­pect­ed case of mon­ey laun­der­ing or fraud. These reports con­tain crit­i­cal infor­ma­tion about poten­tial­ly illic­it finan­cial activ­i­ties, includ­ing details on trans­ac­tions that devi­ate from a cus­tomer’s usu­al pat­terns or seem to have no legit­i­mate pur­pose.

I often used SARs to uncov­er and ana­lyze pat­terns of sus­pi­cious behav­ior, which were piv­otal in track­ing down crim­i­nals and pre­vent­ing finan­cial crimes. They served as a valu­able tool in iden­ti­fy­ing and inves­ti­gat­ing fraud­u­lent schemes, enabling me to build sol­id cas­es that led to numer­ous suc­cess­ful pros­e­cu­tions.

Were SAR’s Filed?

Suspicious Activity Reports (SARs). File by banks and utilized by law enforcement for financial scam awareness.
SARs are cru­cial in detect­ing finan­cial fraud.

It is not known whether Sus­pi­cious Activ­i­ty Reports (SARs) were filed as part of the Borts scam­ming.  SAR’s are high­ly con­fi­den­tial and their fil­ing is not dis­closed to the pub­lic. This makes it dif­fi­cult, if not impos­si­ble, to deter­mine if a SAR has been filed as part of this scam. This secre­cy is cru­cial to avoid tip­ping off poten­tial crim­i­nals and to ensure the integri­ty of ongo­ing inves­ti­ga­tions.

Finan­cial insti­tu­tions are man­dat­ed by law to file SARs when­ev­er they detect any unusu­al or sus­pi­cious trans­ac­tions that could indi­cate fraud or mon­ey laun­der­ing. This oblig­a­tion is part of their respon­si­bil­i­ty to pro­tect their cus­tomers and the finan­cial sys­tem from crim­i­nal activ­i­ties. By dili­gent­ly fil­ing SARs, finan­cial insti­tu­tions play a crit­i­cal role in safe­guard­ing the pub­lic and sup­port­ing law enforce­ment efforts.

With the pro­lif­er­a­tion of online scams, finan­cial insti­tu­tions are expect­ed to do all they can to pro­tect their cus­tomers. Sus­pi­cious Activ­i­ty Reports are cer­tain­ly an impor­tant tool in their arse­nal, and they are man­dat­ed by law!

The Family’s Advocacy for Financial Fraud Awareness

Amidst the legal pro­ceed­ings, the Borts fam­i­ly has emerged as staunch advo­cates for scam aware­ness and pre­ven­tion. Their har­row­ing expe­ri­ence has moti­vat­ed them to raise aware­ness about the preva­lence of online fraud and the need for greater vig­i­lance when con­duct­ing finan­cial trans­ac­tions.

By shar­ing their sto­ry with the pub­lic and col­lab­o­rat­ing with law enforce­ment agen­cies, the fam­i­ly aims to empow­er oth­ers to rec­og­nize the warn­ing signs of poten­tial scams and take proac­tive mea­sures to safe­guard their assets. Through their advo­ca­cy efforts, they seek to turn their per­son­al tragedy into a cat­a­lyst for pos­i­tive change with­in the com­mu­ni­ty.

As they con­tin­ue to nav­i­gate the com­plex­i­ties of the legal sys­tem and advo­cate for sys­temic reforms, the Borts fam­i­ly remains res­olute in their com­mit­ment to fight­ing for jus­tice and ensur­ing that oth­ers do not suf­fer the same fate.

Conclusion

The tale of the Borts fam­i­ly serves as a poignant reminder of the per­va­sive threat posed by finan­cial scams and the crit­i­cal need for finan­cial scam aware­ness and advo­ca­cy. Their unwa­ver­ing resilience in the face of adver­si­ty, cou­pled with their deter­mi­na­tion to hold finan­cial insti­tu­tions account­able, exem­pli­fies the pow­er of per­se­ver­ance and com­mu­ni­ty sup­port.

Through their legal bat­tle against Chase Bank and their advo­ca­cy for greater aware­ness, the Borts fam­i­ly has embarked on a noble mis­sion to pro­tect oth­ers from falling vic­tim to sim­i­lar fraud­u­lent schemes. Their sto­ry res­onates as a cau­tion­ary tale and a call to action for indi­vid­u­als and insti­tu­tions alike to remain vig­i­lant and proac­tive in com­bat­ting finan­cial fraud.

As the echoes of their ordeal rever­ber­ate through the cor­ri­dors of jus­tice, the Borts fam­i­ly stands as a bea­con of hope and resilience, inspir­ing oth­ers to join the fight against finan­cial scams and cham­pi­on the cause of scam aware­ness and pre­ven­tion.

As the Borts fam­i­ly con­tin­ues to fight for jus­tice and raise finan­cial scam aware­ness about the dan­gers of finan­cial scams, their sto­ry reminds us of the vig­i­lance required in safe­guard­ing one’s finances. Let their expe­ri­ence serve as a cau­tion­ary tale of the destruc­tive nature of scams and scam­mers.

This is even more impor­tant in this dig­i­tal age. We all must remem­ber that the Inter­net is fraught with decep­tive prac­tices and scam­mers ready to attack like vul­tures.

Helpful Links

A computer screen on a desk in a cozy living room displays a list of helpful website links for seniors, with icons representing security tips, educational resources, and hotlines. The top of the screen reads "Helpful Links".

If you need to report a scam, please vis­it our “Report A Scam” web­site page.  On this page, you will find the var­i­ous agen­cies you can report scams to with web­site links.  It is rec­om­mend­ed that you also report scams or attempt­ed scams to your local police depart­ment.  To iden­ti­fy your state or local report­ing agency, vis­it this excel­lent Wikipedia guide to deter­mine who and where you should report for your par­tic­u­lar U.S. loca­tion.

In addi­tion, please vis­it our “About Us” page to learn more about our non-prof­it scam pre­ven­tion orga­ni­za­tion. Also, please vis­it our YouTube Chan­nel, ScamTV, for more scam-relat­ed news and scam pre­ven­tion guid­ance.

Stamp Out Scams is also excit­ed to announce its new sep­a­rate web­site for our YouTube Chan­nel, ScamTV.  This web­site can be found at www.scamtv.org.  While this web­site is new and still being devel­oped, we have big future plans for this site. We hope to great­ly expand our scam pre­ven­tion offer­ings on our new ScamTV site in the very near future.  We want to be your trust­ed source for “must-see” scam pre­ven­tion pro­gram­ming.

Donate To Support Scam Prevention

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We are a reg­is­tered non-prof­it scam pre­ven­tion orga­ni­za­tion.  Donat­ing to Stamp Out Scams Inc. helps pro­tect vul­ner­a­ble indi­vid­u­als from falling vic­tim to deceit­ful schemes. Your sup­port enables us to edu­cate the pub­lic, raise aware­ness, and pro­vide cru­cial resources to iden­ti­fy and pre­vent scams. By con­tribut­ing, you play a vital role in safe­guard­ing com­mu­ni­ties and empow­er­ing peo­ple with the knowl­edge need­ed to stay safe from fraud.

Join us in the fight against scams and make a last­ing impact today. Please con­sid­er donat­ing to our scam pre­ven­tion mis­sion by vis­it­ing our Dona­tions Page and con­tribut­ing what­ev­er you can.

TL;DR

The Borts’ fam­i­ly’s life took a trag­ic turn when scam­mers deceived them into los­ing over $500,000 through fake Ama­zon pur­chas­es and wire trans­fers. Finan­cial scam aware­ness is a tool con­sumers can use to com­bat scams.

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