A California senior lost $700K to scammers. Now she’s asking the state to slow bank transfers

Alice Lin’s husband died, and she found herself alone and caring for a disabled son. Then two years ago, the 81-year-old Alhambra woman said she started getting texts from a stranger on a messaging app.

Over the course of a series of friendly chats, he convinced her to wire $720,000 — her entire life savings — to a cryptocurrency app.

So she did – in seven separate in-person transactions at her local bank over three weeks. Her life savings disappeared, along with the man who scammed her. For a time, she said she contemplated suicide. But then she got angry – at her bank.

“Despite many red, red flags, my bank failed to consider that I might be a victim of elder fraud,” Lin told the California Assembly’s Banking and Finance Committee this week. “And they did not even contact my daughter, who is the joint account holder on the account.”


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