A Business Owner Now Loses Whopping $172K From Bank

February 7, 2024

A business owner now loses a whopping $172K from his bank account after his money was drained by hackers, sources report.

Joshua Capps, of Alabama, said he’s been hit hard by the ordeal and is fighting to get the funds reimbursed.

Capps revealed that his iPhone had been hacked and fraudsters were able to access his Notes app, where he stored his bank passwords, according to local ABC affiliate WBMA-LD.

“Never in a million years did I think somebody would get access,” he told the outlet earlier this week.

“I had $172,000 boom, vanish.”

His bank, Regions, then sent verification codes to his number, which meant they were in the hands of the scammers.

An FBI probe traced the fraudster to Arizona, where it was found that they had deposited the stolen funds into three banks, including Chase and Wells Fargo.

Capps, a roofer, hopes he will be able to be reimbursed with around $100,000 of the amount that disappeared from his Regions account.

The bank has recommended how customers can protect their data.

Passwords should be tricky to guess and confidential data shouldn’t be sent via email.

Banks will never call customers asking for one-time verification codes, usernames, or passwords.

Fraudsters are known for tactics designed to panic unsuspecting customers into wiring money.

But some scammers might sound demanding, while others might have a convincing tone, reports The-Sun.

Jack Batz, from Illinois, revealed a fraudster, purporting to be a Chase employee, sounded convincing before he was swindled out of thousands.

These are tactics designed to trick victims.

Regions warned that scams from fraudsters purporting to be banks have become common.

Jessica Small, from Boston, lost almost $40,000 after receiving a text message she thought was from Bank of America.

Customers should also keep an eye out for scams that contain odd links and spelling and grammar errors.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive US Bank is Now Closing Credit Cards

Other Banking News Today

A US bank is now abruptly freezing accounts and money after a customer reported an incident involving a check deposit.

A Chase customer is reporting the bank froze their account and advised their funds would be on hold for 2-3 years while they ‘verify’ a check.

Going by the name Nooj, they explained on Reddit that they had deposited a check from their uncle and saw their account was frozen the next.

Nooj called Chase and was told the entire account was locked due to check holds, and they were advised to call back in a week to resolve the matter.

But when the time came, Nooj was told the bank account was still frozen and that they would have to once again call back for an update.

Unfortunately, on the third phone call to Chase, they were told the account would be closed in just four days if the matter wasn’t resolved, reports The-Sun.

“During the attempt to verify the check, I was informed that there was no associated phone number for my uncle in the Chase system, rendering verification impossible,” Nooj said.

“I discovered that the funds would be held for two to three years and, if not verified, sent to the state.

Despite my pleas, the representative provided no steps for verification and claimed there was nothing they could do.”

They said they were never informed that the check had to be verified until after the account was frozen and that Chase waited until after the check cleared to notify them that it would be held.

Nooj said they gave Chase their uncle’s phone number, but the bank said it wasn’t verified in its system.

“I now face months without access to my funds, causing significant stress, inconvenience, and financial hardship.

The lack of transparency in this process is deeply concerning,” they said.

“I have made upward of 20 calls, visited the branch, and filed a complaint with the CFPB in an attempt to find a path to verify the check.

“Every response I receive is that there is nothing they can do, and until they have a verified number for my uncle, they will continue to hold the funds. (Though they can’t tell me how to get his number verified).”

This is a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰