COLORADO SPRINGS, Colo. (KOAA) — Rapid advances in technology are making it harder than ever to tell what’s real and what’s a scam, especially for people who aren’t familiar with the latest tech.
Colorado lawmakers are considering a bill (HB26-1110) that would give banks and credit unions more authority to intervene when they suspect a customer is being targeted by fraud.
The legislation went through its second reading in the House on Wednesday.
For Elinor Makings, the threat of online fraud became very real when she opened her email.
“It felt violated,” said Makings.
The email claimed to be from PayPal.
“It said my account had been debited for $990,” said Makings.
At first, she ignored it. But when the email arrived again with instructions to call a phone number if the charge wasn’t authorized, she decided to call.
The person on the other end told her she needed to download programs on her laptop to process a refund.
“He had control of my computer,” said Makings. “Then he showed my bank account with no money in it. My stomach dropped.”
The scam escalated quickly. Makings said she was instructed to visit four different banks and withdraw money from each one. Instead, she wrote a note warning bank employees that she believed she was being scammed.
“I wrote down two bank account numbers and a note that said, ‘I’m being scammed. He’s on the phone. Please freeze those accounts,'” said Makings.
Thankfully, the bank stepped in before any money was lost.
The bill under consideration would allow banks and credit unions to take additional steps when they suspect financial exploitation.
According to LaShae Woodard, Vice President of Financial Crimes at ENT Credit Union, scams like this are more common than many people realize.
“Unfortunately, we see victims of all ages,” said Woodard. “But generally, the elderly are great targets because a lot of times they have retirement saved up.”
If the bill passes, financial institutions could:
- report concerns directly to law enforcement
- contact a trusted person connected to the customer’s account
- temporarily delay suspicious transactions
“It helps us slow down the transaction and give that person an opportunity to think about it and do some research on where the money is going,” said Woodard.
Woodard said involving law enforcement can also help identify broader patterns.
“Law enforcement hears from the whole city,” she said. “Generally, it’s a recreation of a previous scam.”
Woodard says there are a few warning signs people should watch for. If you receive a written notice or letter, she recommends looking closely for typos, poor grammar, or misspelled words.
If someone asks you to cash a check, Woodard says to verify the sender first and make sure you know who they are before taking any action.
Makings says the experience was frightening, but she hopes others can learn from it.
“Talk to your kids. Talk to a neighbor. Or talk to somebody you trust to look at it before you call,” she said.
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