Warning about fraud & Scams

tauruscapitalmgmt
Jan 6
2 min read

The holidays are upon us... and unfortunately, the Grinch isn't far behind!

With deep sympathy, we appreciate the willingness of cherished clients to share their recent misfortune as a warning to everyone.

The Scam

Just last week, a person impersonating a bank security representative contacted a client of ours to inform them of possible fraudulent bank card transactions at a local pharmacy. The fraudsters convinced our client to meet them at the bank branch and hand over $13,000 in cash as part of “a sting to catch an employee they suspected of the crime”. Before realizing it, the fraudsters were gone with the cash.

While in hindsight or in reading this, the scam may seem obvious, but it's quite clever. You're told there is fraud on your account. You are lulled into a false sense of security by meeting people who you think are bank representatives at the bank branch, which is typically a safe environment with cameras and other people around. You are recruited to help uncover a non-existent criminal bank employee. It works!

A Caring Reminder to Everyone

The holidays should be about connection — not recovery from a fraudster’s scheme. The FBI’s Internet Crime Complaint Center (IC3) recorded a record-high of roughly $16.6 billion in reported losses in 2024, showing how quickly online scams and payment-transfer fraud can drain accounts. Seniors are frequently targeted: reports show older Americans suffer billions annually in scam losses, often involving impersonation, tech-support, or “trusted person” schemes.

Why holidays and why seniors? Holiday urgency — “limited-time offers”, fake charities, surprise shipping or delivery fees — pushes people to act fast. Scammers also exploit social isolation and unfamiliar technology, making older adults especially vulnerable to phone, email, or courier schemes that demand immediate payment or account access.

Practical steps to protect yourself and loved ones:

Pause before you act — never wire or send money to someone who calls insisting you pay immediately.
Verify the caller — hang up and call the organization back using a published number (don’t use a number they give you).
Use your bank’s protections — enable transaction alerts and set two-factor authentication.
Have a trusted plan — agree with a relative or friend on how to verify requests for money or account changes (e.g., call a designated family member first. Or, call us at Taurus Capital! We want to help protect you.).
Report quickly — file complaints with your bank and/or the police so investigators can follow patterns and help others.