A Florida man lost his entire life savings of $251,300 after falling for a verified phone call from a person posing as a Wells Fargo fraud representative, according to a report.
The victim, Randall Kahn, received a call in early January that there had been irregular activity on his accounts that required immediate action, reports NBC 6 South Florida.
The caller provided what appeared to be a valid work ID and transaction number. The caller told Kahn to withdraw money from nine different branches over a seven-day period and give the money to a rideshare driver who would make sure the money was safely deposited into a secure account.
Kahn says,
“I have to cash out, not cash orders, not cashier’s checks, cash out.”
According to the report, Kahn visited nine bank branches and withdrew more than $250,000 from his account in less than a week before handing the money over to the driver.
After the last taping, Kahn allegedly contacted a person who claimed to be a Wells Fargo fraud representative.
Kahn says,
“As soon as he received the last payment, he told me that he had received it, I called him again and the phone went dead.
The victim said that the loss of more than a quarter of a million dollars is painful for him and his family.
“The truth is that everything I have been doing for the past 25 years is what I have been doing. Taking care of my family, and taking care of my grandson.”
Wells Fargo denied the chargeback claims, saying proper procedures were followed in approving the transaction.
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