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It started with a text message
In April 2025, 28-year-old high school teacher Russell Leahy received a text that looked exactly like a Chase fraud alert:
“Chase Security: Did you attempt $233.31 at ‘TARGET’ on 04/13/25? YES/NO/HELP.”
He replied, “No.”
Moments later, another message arrived, asking him to reset his Online ID — first by replying with his current username, then his current password, and finally a new username and new password.
Trusting the messages and the earlier alert, Leahy replied with his credentials. The scammers used those details to log into his Chase account and view his balances, recent transactions, and account numbers. With that insider information, they were suddenly equipped to sound completely legitimate.
Minutes later, his phone rang. The caller ID displayed “Chase Bank.” The voice was calm and professional. “This call is being recorded for quality and training purposes,” the man said — the exact phrasing used in real Chase calls. Now able to reference Leahy’s actual balances and recent activity, the caller explained that Chase was conducting an internal investigation and that, to protect his money, the funds needed to be moved into a secure holding account.
The scammers instructed Leahy to visit a local Chase branch and “move his money to a secure account.” Following their step-by-step directions over the phone, he went twice to withdraw large sums of cash — and, still on the line with the scammer, walked outside the bank to deposit the money back through the same branch’s ATM. They read him account numbers to enter for the deposits, convincing him the process was official and protected.
Each time, they warned him not to mention anything to bank tellers because the branch might be “under internal investigation.”
By the end, Leahy had emptied his Chase account — roughly $32,000, his life savings — depositing it into what he believed were safe Chase “security accounts.” In reality, the money had been routed into mule accounts controlled by the scammers and was gone within hours.
When he realized he’d lost everything, Leahy reported the incident. Chase refunded about $2,000, but the remaining $30,000 was unrecoverable. The bank classified the incident as a scam rather than unauthorized fraud because the transfers were, technically, authorized by the account holder.
Story based on reporting by People. Full story found here.
Lessons Learned
The goal of this newsletter is to expose the tactics scammers use — so when they try them on you, you’ll recognize the red flags before it’s too late. Russell’s story is a reminder that anyone can be targeted — even smart, careful people who think they’d never fall for a scam.
Caller ID can be faked. Even if the call shows your bank’s name, hang up and dial the number printed on your debit card.
No bank will ever ask for your password. Chase, Wells Fargo, and every major banking institution make this explicit. If someone asks for your login credentials, it’s a scam.
Banks don’t ask you to move money to a “safe account.” If you’re told to transfer funds “for security,” stop immediately.
Secrecy is the biggest red flag. If you’re told not to mention what’s happening to anyone — not the bank, your spouse, or your family — that’s your cue it’s a scam.
Scammers target every age. Russell was 28 years old — tech-savvy, educated, and grew up with the internet — and he still fell for this scam. Don’t assume youth or experience will protect you.
You are responsible for protecting yourself. Don’t assume your bank will reimburse you for a scam. In this case, Chase refunded only $2,000, and the remaining $30,000 was unrecoverable. It’s your responsibility to stay vigilant — because if you fall for one of these scams, you’ll bear the financial loss yourself.
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