While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Moneywise
Updated Mar 12, 2025
Denver resident Megan Holt thought she was being financially smart when she opened a high-yield savings account with SoFi. She used the account strictly for savings — not transactions. But one day, her phone rang. It was SoFi, alerting her to suspicious activity.
At first, she assumed the bank would protect her savings. Instead, she learned that nearly $7,400 had vanished overnight.
“They [the scammers] had done 19 transactions between $100 and $900 — almost every day,” Holt told 9News. “They just took it.”
Her total loss was $7,363.
The transactions were all friend-to-friend transfers sent to a person she had never heard of. Holt immediately disputed the charges, expecting the bank to protect her. Instead, SoFi told her the transactions appeared legitimate.
Scammers accessed her account
SoFi launched an investigation, but according to Holt, the bank concluded that her account had not been hacked.
“They said it didn’t look like there was a struggle to get into the account,” Holt told reporters. Essentially, SoFi was claiming the transfers must have been authorized because there was no clear sign of hacking.
After reviewing the situation, the bank said it found more information and reversed the denial. According to Holt, SoFi called to confirm that she would receive a paper check for $7,800, which includes all her lost funds and the interest.
Holt later learned that around the same time her SoFi account was drained, a hacker also tried to access her credit union account — an effort that, luckily, failed due to security measures. She admitted to using the same password on multiple accounts — which is a major security concern.
Protect yourself from financial fraud
Holt was lucky; thanks to her persistence, she was able to recover her money. However, not all fraud victims are as fortunate. Victims across the world collectively lost $1.03 trillion to scams last year, according to the 2024 Global State of Scams report by the Global Anti-Scam Alliance and Feedzai. As scams are often underreported worldwide, the actual number could be higher.
While it isn’t clear exactly how scammers accessed Holt’s account, having multiple layers of protection for your devices can lower the chances of falling prey to online threats.
If you want complete protection against viruses, malware, phishing and other threats, consider getting Norton 360 Deluxe. Their new AI-powered Genie Scam Protection allows you to shop, bank, and browse with confidence — staying scam-free online.
Norton 360 Deluxe plans cover five personal devices for you and your family, including phones, tablets, and laptops. It also provides 50GB of cloud storage, allowing you to store your personal documents in a secure and encrypted cloud server.
Right now, Norton is offering 58% off your first year, along with a 60-day money-back guarantee if you aren’t satisfied.
Moneywise
Moneywise Editorial Team
The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.
Explore the latest articles
Collector trades Audi R8 for Pokémon cards
The unusual swap comes as sealed Pokémon products and rare singles continue soaring in value alongside a booming collectibles market.
Chris Morris
Contributing Writer
Disclaimer
The content provided on Moneywise is information to help users become financially literate. It is neither investment, tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, enter into any loan, mortgage or insurance agreements or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.
