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Proposed '$600 rule' helping scammers rip people off

Posted at 4:52 PM, Oct 05, 2021
and last updated 2021-10-06 08:02:38-04

TULSA, Okla. — Congress is discussing a proposal that would require someone's financial institution to report most of their transactions.

The 2 News Oklahoma Problem Solvers say scammers are already using it to rip people off.

The idea being debated is if someone's account at the bank or credit union has more than $600 in it, all of their deposits and withdrawals would be reported to the IRS.

The ongoing debate hasn't stopped scammers from using the idea as ammunition to target victims like Cecilia.

"I got a call from a man who said he could shield my account, and keep transactions in and out of my account from being reported to the government," Cecilia says.

"He said it was a legal loophole, and all I had to do was opt-in."

Cecilia says she gave the crook her bank account number, but instead of shielding it, he cleaned it out, stealing hundreds of dollars.

The Federal Trade Commission's Colleen Tressler says that thieves keep up with current events.

"Scammers follow the headlines, they just pivot and follow whatever is news, but the bottom line is they want to separate people from their money and financial information," Tressler says.

Cecilia says she locked down all of her other savings and credit card accounts as well, just in case the scammer had enough information to hack those too.

She says she's closing those accounts and opening new ones, as others should consider doing if they think they've been scammers.

See the full story WEDNESDAY on 2 News Oklahoma Today at 6 a.m.

Contact the Problem Solvers:

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