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Small Business Owner’s Recovery from Bank Imposter Scam

Location and Background

Timonium, Md. — In a concerning incident last September, a small business owner found herself grappling with the aftermath of losing over $50,000 in a sophisticated bank imposter scam. Hyeon-Jin Kwon’s experience serves as a sobering reminder of the lengths to which fraudsters will go to exploit unsuspecting individuals.

The Fraudulent Encounter

The intricate scheme began when an individual walked into Kwon’s Greenspring office while she was occupied with a client. Taking advantage of the moment, the scammer rifled through her wallet, making off with several credit and debit cards. "They managed to take a couple credit cards, debit cards, but not my whole purse. Then they ran up about $2,300 between Walgreens and Walmart that day,” Kwon lamented in an interview with WMAR-2 News Mallory Sofastaii.

The Fake Bank Call

While credit card companies swiftly flagged these unauthorized transactions and returned her funds, Kwon’s troubles were far from over. Just two days later, she received a call from someone purporting to be from Bank of America. They confirmed her personal information and claimed they needed her authorization to prevent a wire transfer. “They gave me a link to click through, which I entered in my information. Through that, she was able to access my bank account, take control, and wire out almost my entire checking account,” Kwon revealed, speaking to the gravity of the situation.

Significant Financial Loss

Unfortunately, Kwon lost approximately $56,000, which was transferred to a Chase account. The thief then withdrew $13,000 in cash that very morning through a combination of ATMs and tellers. Thankfully, these alarming transactions were quickly flagged by Chase, leading to a freeze on both Kwon’s account and her remaining funds. “Luckily, I was able to recover the frozen funds that were in the Chase account,” Kwon expressed relief regarding that outcome.

However, the process was far from seamless. Kwon had to wait until December 12 for the funds to be returned. Meanwhile, she faced repeated denials from Bank of America regarding her fraud claim for the additional $13,500 withdrawn at an ATM in Florida. Despite filing an insurance claim for up to $10,000, Kwon was left with the unfortunate reality that $3,500 may be an irretrievable loss.

Law Enforcement Involvement

After a report aired on WMAR-2 News in December, Kwon received a call from the Baltimore County Police Department. “We had a whole big file ready to go, with pictures, dates, timelines, and everything that he needed, bank statements,” Kwon explained. She had meticulously compiled evidence, witness statements, and even video footage from her office complex showing the individual she believed stole her credit cards.

Two weeks later, police provided an encouraging update. “They were able to locate the thief, who had been arrested in Fairfax County, Virginia a couple of weeks prior. He was engaged in similar fraudulent activities,” Kwon shared. The police report detailed that the suspect has a “extensive criminal history in Maryland and Virginia” related to stealing credit cards.

Enhanced Security Measures and Recommendations

Following this ordeal, Kwon took significant steps to enhance security at her office. “All valuables are now locked up. I’ve added a Ring camera to the front, so we can monitor anyone coming in and out at any time. We also make sure to keep doors locked, especially in the evening,” she noted, emphasizing the importance of vigilance.

Kwon encourages others to exercise caution, especially when communicating with bank representatives. "Please, just hang up the phone. I think the best way to protect yourself is just to call the number directly to make sure you’re talking to someone from that company. Any sense of fear or urgency should be treated as a huge red flag," she advised.

Preventive Actions and Resources

Despite the Baltimore County Police not confirming if the theft was linked to the bank fraud, the implications of this incident are clear. Another critical piece of advice Kwon offers is to distrust caller ID. “My phone showed Bank of America, which made me answer. When in doubt, always hang up and call your bank directly,” she underscored.

For individuals facing similar situations or looking for guidance, utilizing resources like the AI legalese decoder can be invaluable. This tool simplifies complex legal jargon, making it easier for victims to understand their rights and navigate the process of reporting fraud or dealing with financial institutions. Whether it’s reviewing documents or drafting communications, the AI legalese decoder can help ensure you articulate your concerns clearly and effectively.

Report Fraud

To take proactive measures against similar scams, individuals are encouraged to report incidents to their banks, the Federal Trade Commission (FTC), and the FBI Internet Crime Complaint Center. With the right resources and tools, individuals can better protect themselves from financial scams like the one experienced by Kwon.

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