This Arizona man unwittingly handed over $27,000 after getting a ‘fraud alert’ text from ‘Bank of America’ — how to avoid falling for this common trap

What followed was a meticulously orchestrated con that turned his iPhone into a tool for fraud and left him fearing he’d never see his money again.

The text that cost him everything

After replying to the suspicious text, Dave received a follow-up message with a phone number to call. The person on the line claimed to be from Bank of America and warned that Dave’s account was compromised, even giving him a fake ID number to seem legitimate.

The caller then convinced Dave that the scammer targeting him was actually a Bank of America employee. To stop them, they said, he needed to immediately withdraw all of his money.

Staying on the phone the entire time, Dave went to a local branch and withdrew his full balance in two transactions, totaling $27,000.

Then came the twist: The scammer instructed Dave to “secure” the money using his Apple Wallet. They walked him through creating a scannable card on his phone that was secretly linked to their account.

Dave drove to the bank’s drive-thru ATM and deposited the cash, believing it was being transferred into a safe new account. In reality, the funds were instantly funneled to the scammer.

“This is my life savings, and I don't have any assurances, but they sounded so real," Dave said.

A rare win in a losing game

When Dave realized what had happened, he called Bank of America’s fraud department, only to be told nothing could be done. But he refused to give up. He contacted the Peoria Police Department and was connected with Detective Michael Finney, a veteran of financial crime investigations.

Finney explained that the first 72 hours are critical in recovering stolen funds. After that window closes, the chance of success drops to under 10%.

In Dave’s case, Finney uncovered a new tactic: scammers using Apple Wallet as a real-time account-to-account transfer tool. The digital card created by Dave allowed the fraudster to siphon funds the moment they were deposited.

Finney quickly obtained a search warrant, froze the linked accounts, and worked closely with the bank. After five months, about 90% of Dave’s money was recovered.

“Without the help of Peoria Police, I’d be living with family,” Dave said. “I’d be completely destitute.”

Scams are evolving — how to protect yourself

In 2022, text scams drained $330 million from Americans, according to the FTC’s Consumer Sentinel Network, with a median loss of $1,000 per victim. In fact, 40% of people who reported a text scam in 2022 said the text impersonated a bank.