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A 67-year-old Florida woman, Lynne Bucklin, has taken legal action against Bank of America (BoA), alleging negligence and violations of federal laws after falling victim to a sophisticated social engineering scam orchestrated by an imposter posing as a Federal Trade Commission (FTC) investigator. The lawsuit, which was moved to federal court this week, claims that BoA failed to safeguard Bucklin's accounts, resulting in the theft of $2 million.

BofA Sued After FTC Imposter Steals $2M From Accounts : Sophisticated Scam Unveiled

Bucklin's ordeal began with a phone call in February 2022 from someone claiming to be FTC investigator Bruce Williams, informing her of a compromised Social Security number. Subsequent communications, including a picture of Williams' FTC badge and a letter purportedly from his superiors, convinced Bucklin that her bank accounts were at risk. The scammer, knowledgeable about Bucklin's personal affairs following the recent loss of her husband, coerced her into silence and instructed her to transfer funds into cryptocurrency accounts.

Deception and Fraudulent Transfers

Under the guise of urgency and confidentiality, the scammer directed Bucklin to conduct wire transfers at a BoA branch in Naples, Florida, draining her accounts between February 24 and March 11. Despite the irregular nature of the transactions and Bucklin's lack of previous wire transfer activity, BoA allegedly failed to question the validity of the transfers or recognize the signs of fraudulent activity.

Recovery Efforts and Unanswered Questions

While BoA managed to recover nearly $439,000, Bucklin claims that over $1.5 million remains missing. Furthermore, the bank closed her inquiry without explanation, leaving her in financial distress. Bucklin's lawsuit accuses BoA of negligent hiring, breach of contract, and violations of federal laws, highlighting the bank's purported failure to implement adequate security measures.

Ongoing Threat of Social Engineering Scams

Benny C. Carollo Jr., representing Bucklin, emphasized the alarming rate at which Americans are falling victim to social engineering scams, facilitated by advanced technology that lends credibility to fraudulent schemes. Despite the prevalence of such scams, Carollo criticized U.S.-based financial institutions, including BoA, for their failure to adopt effective measures to protect clients from harm.

BofA Sued After FTC Imposter Steals $2M From Accounts : FTC Issues Warning

In light of escalating impostor scams, the FTC issued a press release cautioning consumers against fraudulent activities, emphasizing that genuine FTC agents do not demand money, threaten arrest, or instruct individuals to move funds to protect them. The commission provided guidance on identifying impostor scams to safeguard consumers from financial exploitation.

BoA is represented by Kimberly T. Mydock of McGuireWoods LLP, while Bucklin is represented by Bernard C. Carollo Jr. and Christopher T. Vernon of Vernon Litigation Group.