It started with a phone call that seemed completely legitimate. A security representative from a financial institution, with a professional demeanor and specific details about his Coinbase account, was calling to alert an account holder about suspicious activity.
Someone using the email “[email protected]” had apparently tried to transfer funds from his account. His heart rate spiked. He was ready to do whatever it took to protect his money. That is exactly what the scammer was counting on.
Jason Gewirtz, vice president of news at CNBC, recently gave a personal account of this near-miss.
The anatomy of a near-miss
The caller knew things about Jason. He referenced his name, spoke with the kind of casual authority you would expect from someone who handles security issues all day. He even mentioned having a photo on file. That felt oddly reassuring at first. He introduced himself as Brian Miller from the security office and walked him through what he described as an attempted breach.
Here is where things got interesting. The pressure to act immediately was relentless. Every time Jason paused to think, the caller reminded him that time was of the essence. Fraudsters could be draining the account as they spoke. Wouldn’t he want to secure his funds right away?
Something felt off, though. The urgency was almost theatrical. When confirmation codes began arriving from email addresses that did not quite match the institution’s official domain, the red flags started waving.
What gave it away
Several details ultimately broke the spell. First, legitimate financial institutions do not call customers and ask them to transfer money to “protect” it. That simply is not how security protocols work. Second, the pressure tactics were a textbook manipulation strategy designed to bypass rational thinking. Scammers want their targets to be emotional rather than logical.
After hanging up and conducting independent verification, including consulting an AI chatbot and checking with someone who had worked in the industry, Jason confirmed his suspicion. The whole thing was a scam. A sophisticated one, but a scam nonetheless.
Why these scams are getting scarier
Artificial intelligence is helping scammers become more effective and profitable. The days of obvious Nigerian prince emails are fading fast. Today, fraudsters sound like the customer service rep you actually want to reach.
Financial institutions are aware of this escalation. Many have implemented additional protective measures, including systems that can protect customers even if they take the initial bait. However, these safeguards work best when customers also stay vigilant.
Your defense playbook
Here is what to learn from this story and what you should know to protect yourself:
- Be cautious of unsolicited calls. If someone claims to be from your financial institution, be skeptical.
- Hang up and call back. If a suspicious call comes in, end it. Dial the official number found on the back of your debit card or the institution’s official website.
- Question urgency. Legitimate security teams don’t need you to act in the next 30 seconds. That pressure is a manipulation tactic designed to bypass rational thinking.
- Watch email addresses carefully. Phishing emails often come from domains that are close to, but not exactly, the real thing.
- Remember the golden rule. No legitimate institution will ever ask you to transfer funds to protect them.
The bigger picture for your finances
This experience was a wake-up call. We spend so much time thinking about investment returns and budgeting strategies, but basic account security deserves equal attention. Enable two-factor authentication everywhere you can. Use unique, complex passwords for each financial account. Consider a password manager if you haven’t already.
Perhaps most importantly, give yourself permission to be suspicious. The momentary awkwardness of questioning a caller is infinitely better than the months of cleanup required after actual fraud.
Take five minutes today to verify that your financial accounts have the strongest security settings available. Check your email addresses on file, confirm your phone number, and review recent login activity. These small steps could save you from a much larger headache down the road.
According to the FBI, Americans lost $16.6 billion to phishing, malware, and other online scams in 2024. That risk is not theoretical, and it is not limited to obvious fraud. The scammers are getting smarter. Your job is to stay one step ahead.
Tools that reduce exposure and flag threats early can help. NordVPN does more than hide your IP address. Its Threat Protection Pro helps block malicious websites, dangerous downloads, and scam links before they can do damage.
Identity monitoring can add another layer of protection. With NordProtect, users can monitor for exposed personal data, compromised accounts, and identity theft, backed by financial coverage of up to $1M.
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