A retired Central Florida couple discovered that thousands of dollars stolen from their credit union account was transferred to Merrill Lynch accounts using the wife’s name and Social Security number.
The couple asked to not be named because after changing passwords and accounts, an additional $1,000 was moved from the same savings account.
“Hack is the wrong word,” she told News 6. “We were robbed.”
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Insight Credit Union replaced the stolen funds, $27,000, but the couple was more concerned with the stolen identity and Social Security number.
The couple received two notices of new accounts from Merrill Lynch that questioned the validity because they were opened with a “different primary address.”
News 6 tracked the Tampa address listed by Merrill Lynch and found it belonged to an old duplex about 100 miles from the victims’ home.
The question that has not been resolved is how many accounts had been opened with the victim’s home address, name and personal information.
“Someone was able to put themselves in my online banking and issued themselves a check, “she said. “I’m not doing any banking online!”
The couple received an alert from their credit union and stopped the transfer, but decided to close their accounts and place the funds into long-term CDs as a precautionary measure.
Special Agent in Charge Caroline O’Brien-Buster, of the U.S. Secret Service Orlando field office, said the identity theft in this case has become common.
“It isn’t unique because we have had so many breaches over the last 15 years throughout the country,” Obrien-Buster told News 6.
In 2023 alone, there were more than 1 million reports of identity theft reported to the FTC’s IdentityTheft.gov website.
The agency said consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark. In 2023, consumers reported losing more money to bank transfers and cryptocurrency than all other methods combined.
Obrien-Buster said the top defense for consumers is a two-factor authentication for all accounts.
The veteran special agent said consumers need to check their accounts daily and should never use public WIFI to check any bank or saving accounts.
“If you do see fraud, you have to be able to go to a financial institution and say, ‘Hey, this (transaction) is fraudulent,’ and they make you whole,” she said.
If you have an investment or consumer issue, email makeendsmeet@wkmg.com or text the words make ends meet, along with your issue, to 407-676-7428.