Anatomy of a Modern Scam: Lessons from a Personal Story (Pt.2 with Andrew Austin)

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May 14, 2025

Andrew Austin, a fraud expert, shares a poignant story about his 81-year-old father falling victim to a crypto scam. He discusses systemic failures in fraud detection at banks and crypto ATMs, revealing how compromised devices make individuals vulnerable. The conversation highlights the urgent need for better training, empathy for victims, and improved technology in fraud prevention. Austin emphasizes the importance of community awareness and collaboration among fraud fighters to protect the elderly and enhance security measures against scams.

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ANECDOTE

Infected Computer Enables Scam

Andrew Austin's father bought an infected refurbished computer with AnyDesk remote access software pre-installed.
The scammer manipulated his bank transactions by editing the display to show a fake $100,000 deposit, tricking him to transfer funds.

ADVICE

Use Device Intelligence in Banks

Banks should implement device intelligence and behavioral biometrics to detect remote access tools and abnormal user behavior.
Such detection can trigger additional verification or direct user to fraud specialists for prevention.

ADVICE

Stronger Elder Abuse Policies Needed

Bank branches need stronger elder financial abuse policies to prevent suspicious large cash withdrawals.
Writing a large check to cash by an elderly customer with no prior large withdrawals should trigger safeguards.

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Banking on Fraudology is part of the Fraudology Podcast Network.

In this powerful episode of Banking on Fraudology, host Hailey Windham continues her conversation with fraud expert Andrew Austin about a devastating crypto scam that targeted his 81-year-old father. Andrew provides a detailed breakdown of how the scam unfolded, exposing critical failures across multiple systems and organizations that allowed it to succeed. From compromised computers sold on online marketplaces to inadequate fraud detection at banks and crypto ATMs, Andrew highlights the cascade of breakdowns that left his father vulnerable.

The discussion dives deep into the technology and human elements that enable these scams, including remote access software, social engineering tactics, and a lack of awareness among frontline workers. Andrew shares his frustrating experiences trying to report the crime and work with law enforcement, revealing major gaps in how financial crimes are handled. He emphasizes the need for better training, more empathy for victims, and increased collaboration across the fraud-fighting community.

Throughout the episode, Andrew offers valuable insights on how financial institutions, crypto companies, and law enforcement can improve their fraud prevention and response. He advocates for more robust device intelligence, behavioral biometrics, and transaction monitoring, as well as policy changes to protect elderly customers. The conversation concludes with a call for fraud fighters to spread awareness whenever possible and take a more empathetic, victim-centered approach. For anyone working in fraud prevention or interested in protecting themselves and loved ones from scams, this episode is a must-listen. Tune in to gain critical knowledge that could help stop the next fraud before it happens.

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About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/