FARMERS BRANCH, Texas (CBSDFW.COM) – It started with a text message.

“Free Msg – BANK OF AMERICA Fraud

Alert – Did You Attempt A Zelle

Payment For The Amount Of

$3,500.00 Rely YES or NO or 1 To

STOP Fraud Alerts”

Mindy Philips, a longtime Bank of America customer, said the message startled her, so she replied “No”.

READ MORE: Technology Helping Melissa ISD Retain School Bus Drivers During Nationwide Shortage

Immediately, Philips’ cell phone rang. The caller ID showed “Bank of America.” She answered. The person on the other end calmly told Philips her account was compromised so in order to protect her money, she needed to make a Zelle transfer.

“I didn’t hesitate because I thought that my money was gone,” Philips explained. “But the moment I got off the phone, I knew that I had done something terribly wrong.”

By then it was too late. Philips lost nearly $3,000 to the scam.

“I looked at my account and everything was zeroed,” she said. “I felt very vulnerable.”

Mindy Philips (credit: CBS 11 News)

Others across the country have also reported falling victim to a Bank of America impersonation scam.

A CBS 11 I-Team investigation found this scam to be targeted and sophisticated. The scammers are exploiting a loophole in the federal consumer protection laws by having their victims pay with payment apps.

Unlike many random phishing scams, these scammers had enough personal information about Philips to make their story more believable. They knew…

Read more…