Business
FBI warns banking spoof calls are tricking customers into transferring money
Check out what’s clicking on FoxBusiness.com.
Officials are warning customers about banking spoof calls that could trick them into emptying their accounts, with scammers posing as banking or law enforcement officials who claim they are trying to protect the customer’s money.
The FBI has described these calls as a growing problem in which customers are convinced to move their money, costing them thousands of dollars, according to ABC 7.
The agency has said spoofing and phishing schemes are designed to trick victims into providing sensitive information, such as passwords or bank PINs. Suspected cyber-enabled scams can be reported through the FBI’s Internet Crime Complaint Center.
Chase customer Jennifer Lichthardt described how she lost $40,000 after receiving a spoof call.
JPMORGAN CHASE LAUNCHES AMERICAN DREAM INITIATIVE TO EXPAND SMALL BUSINESS SUPPORT ACROSS US

Officials are warning customers about banking spoof calls that could trick them into emptying their accounts. (Gary Hershorn/Getty Images / Getty Images)
“The first call I got, it was the number on the back of my Chase debit card, and it said Chase fraud department,” Lichthardt told ABC 7.
The scammers who were pretending to call from her bank’s number said that Chase employees were accessing accounts. They claimed to be representing Chase and even the FBI.
“They read me my account number. They had my account balance down to the penny,” Lichthardt said. “They had fake FBI agents that gave me an agent number.”
Lichthardt was eventually convinced to move nearly $40,000 from her Chase account into a new so-called “secured” Chase account at her local branch and to transfer thousands more to another online bank. The money she sent later disappeared.
She reported what happened after she realized she had been scammed the following morning.
Lichthardt described feeling “financially violated” after the incident.
Chase said that “her funds were withdrawn from the scammer’s account the same day” the funds were deposited.
“We urge all consumers to ignore phone, text, or internet requests to move money or gain access to their computer or bank accounts. Banks and legitimate companies won’t make these requests, but scammers will,” Chase said in a statement to ABC 7.

Chase urged consumers to “ignore phone, text, or internet requests to move money or gain access to their computer or bank accounts.” (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
The Federal Trade Commission also has a direct warning for consumers, saying it is a scam if someone tells consumers to move their money to “protect it.”
“Never transfer or send money, cryptocurrency, or gold to someone you don’t know in response to an unexpected call or message,” the FTC website reads.
Huntington Bank customer Susie Allgood also received a spoof call from someone claiming to be from Zelle.
“And in order to continue to receive, continue receiving money to and from Zelle, I had to upgrade my Zelle account to a business account,” Allgood told ABC 7. “Because he said he was from Zelle and working with Huntington Bank. So, why would I not believe him? He already had my routing number.”
Allgood said she was convinced to send $5,000 via Zelle to the scammer’s account to keep her money “safe.”
“I think that each case needs to be looked at individually because, did I send the money? Yes, I did. I will admit to that. But I was also instructed by somebody who had the last four of my bank account, had my phone number,” Allgood said.
Both women reported their experiences to local authorities and the FBI.
Responding to whether she believes she will get her money back, Lichthardt said, “I don’t know. I hope I do.”
TRUMP ADMIN’S OPERATION EPIC FURY TAKES AIM AT BANKS HANDLING IRANIAN MONEY

The FBI has described these calls as a growing problem. (Getty Images / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Neither victim had received a refund from her bank after being scammed and convinced to move money, according to ABC 7.
Banks generally cover certain types of unauthorized fraud, such as when someone steals your debit card information. A bank will never call a customer and ask that person to send money.
The FBI and other experts said criminals can find some banking information from the dark web or through dumpster diving. When they obtain that data, they may also be able to call the person’s bank’s automated system to review the customer’s account balance or transactions.
“When somebody is calling pretending to be the FBI, the victim then thinks they are in trouble. They are already frazzled, and when they are making these decisions, the criminal then starts to rush them more. The more they are rushed, the more decision-making they make last-minute,” Robert Richardson, a special agent with the FBI Chicago Field Office, told ABC 7.
Business
Australia’s GDP slows to 0.3pc
Australia’s economic growth rate has slowed down in the first three months of the year, with the bureau attributing it to cyclone disruptions.
Business
CLPS stock rises on AI-powered R&D restructuring plan

CLPS stock rises on AI-powered R&D restructuring plan
Business
Tenaya Therapeutics, Inc. (TNYA) Discusses Interim Data from MyPEAK-1 Trial of TN-201 Gene Therapy for MYBPC3-Associated HCM – Slideshow (NASDAQ:TNYA) 2026-06-03
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
DXN deal could pave way for $200m data centre sales
Modular data centre specialist DXN Limited, which manufactures in Welshpool, has inked an $8.8 million deal with a US neo cloud operator which could lead to over $US200 million in orders.
Business
Minrex appoints Edwards as chair
Incoming Minrex Resources chair Robert Edwards has outlined the reasons behind his decision to join the junior.
Business
The AI IPO Era Begins: Alphabet Launches It, Berkshire Buys (At A Discount)
The AI IPO Era Begins: Alphabet Launches It, Berkshire Buys (At A Discount)
Business
Jefferies raises Titagarh Rail target price by 23%. Check upside potential and key triggers
With a Buy rating, the international brokerage raised the target by 23%. Jefferies said Titagarh Rail Systems delivered a stronger-than-expected quarter, and improving execution is likely to drive a re-rating of the stock going forward.
The brokerage believes Titagarh is well-positioned to benefit from rising demand for passenger and metro coaches, supported by government-led infrastructure initiatives. It estimates a 44% EPS CAGR over FY26-30 and expects the company’s strong order book in the passenger segment to provide healthy earnings visibility.
Titagarh delivered 64 coaches in FY26, ahead of Jefferies’ estimate of 60 coaches. While this fell short of the management’s earlier guidance of 100-120 coaches, the shortfall was largely anticipated due to execution delays in the first half of FY26.
Management has reiterated confidence in delivering 200-220 coaches in FY27, compared with Jefferies’ estimate of 193 coaches, citing the resolution of initial execution challenges. On the flagship Vande Bharat project, the company expects to deliver two trains in FY27, in line with Jefferies’ projections, with the prototype scheduled for supply in the December 2026 quarter.
Margins in the March quarter came in significantly ahead of expectations at 19%, compared with Jefferies’ estimate of 12%, supported by a sharp increase in execution of the Bengaluru Metro project, which is being executed as a job contract. Management has guided for margins of around 12% in the near term, with a gradual improvement towards 15% as the company advances up the technology value chain.
Rail wagon sales declined 29% year-on-year due to supply-side constraints. While Jefferies expects wagon sales to fall a further 5% in FY27, it forecasts a largely stable trajectory over FY27-30, supported by its estimate that Indian Railways’ cargo volumes could reach around 3 billion tonnes by FY35, compared with the FY30 target.The company currently has an order book of 6,500 wagons, providing visibility for about 97% of Jefferies’ FY27 wagon sales estimates, although visibility beyond FY27 remains limited. Separately, Titagarh has secured 28% capital assistance for its brownfield shipbuilding expansion plans and is evaluating technology partnerships and potential joint ventures with shipyards.
The brokerage noted that a recent report by Live Mint indicated Indian Railways is considering an order for 1 lakh wagons, which could significantly improve earnings visibility for wagon manufacturers.
The valuation assigns 30x March 2028 estimated EPS to the core business, up from 25x previously, reflecting positive developments around potential wagon orders and the upcoming wheel joint venture, which it values at 2.5x its investment value. Key risks to the outlook include delays in wagon orders or wheel supplies from Indian Railways, as well as weaker-than-expected execution.
Titagarh Rail Q4 snapshot
Titagarh Rail reported a net profit for the quarter at Rs 53.96 crore, compared to a net loss of Rs 122.4 crore that the company reported last year.
Titagarh Rail’s revenue in the March quarter declined by 12.9% to Rs 875.4 crore from Rs 1,005.6 crore in the previous year.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.4% to Rs 97.3 crore in the March quarter from Rs 96.56 crore last year, while margins stood at 11% from 10% last year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Wall Street futures mixed amid new Middle East hostilities

Wall Street futures mixed amid new Middle East hostilities
Business
RBI likely to hold rates as West Asia crisis impact on growth remains unclear: Bank of Baroda Report
The report said the central bank is expected to continue with a data-dependent approach while balancing growth concerns, inflation risks and global uncertainties.
“We may expect status quo on rates as the impact on growth due to the crisis is still difficult to ascertain, and on the inflation front, an increasing trend is imminent,” the report said.
Bank of Baroda also expects the RBI to retain its neutral policy stance, saying it provides the central bank with the flexibility to respond to incoming economic data.
According to the report, several developments have taken place since the RBI’s previous monetary policy meeting.
It noted that there have been reports of a 60-day extension of the ceasefire in West Asia, although uncertainty surrounding the situation remains high. While international crude oil prices have shown some correction following the development, the report cautioned that volatility in crude prices cannot be ruled out unless a formal peace agreement is reached.
The report highlighted that one of the most significant developments since the last policy meeting has been the increase in petrol and diesel prices. According to Bank of Baroda, the RBI’s inflation projections are likely to reflect the impact of these higher fuel prices.
“We expect the RBI’s CPI projection for FY27 to be revised upward,” the report stated.
The report also pointed to volatility in the Indian rupee as an important development in recent months. However, it noted that exchange rate movements do not directly fall under the scope of monetary policy decisions.
From a growth perspective, the report believes maintaining rates at current levels remains the preferred option at this stage.
It noted that headline consumer price inflation, which remains the RBI’s key policy variable, has not yet fully reflected the impact of higher costs being passed on across the economy.
As a result, the report expects the upcoming policy statement to be relatively more hawkish in tone, particularly through an upward revision in inflation forecasts and a stronger emphasis on near-term inflation risks.
The report concluded that, given the evolving geopolitical situation, inflation concerns and uncertainty around growth, the RBI is likely to wait for more data before making any major changes to interest rates.
Reserve Bank of India (RBI) Governor Sanjay Malhotra is set to announce the outcome of the Monetary Policy Committee (MPC) three-day meeting on Friday, June 5.
Business
Morgan Stanley to open its wealth management funnel to agents
Morgan Stanley’s office in Canary Wharf financial district on Jan. 30, 2025 in London, UK.
Mike Kemp | In Pictures | Getty Images
Morgan Stanley will soon open a key wealth management funnel to artificial intelligence agents from thousands of corporations, CNBC has learned exclusively. It’s one of the earliest instances of a major Wall Street bank opening its platforms to external AI tools.
The move will allow clients’ autonomous agents to pull data and insights directly from the firm’s stock administration platforms, ShareWorks and Equity Edge, bypassing the traditional software interfaces built for human users, according to Mark Mitchell, chief product officer of Morgan Stanley at Work.
In April, Morgan Stanley executives attributed $1.2 trillion in assets gathered to its workplace strategy.
“The way we see it, in a future state, our corporate clients will not be logging into ShareWorks or Equity Edge,” Mitchell said.
Instead, they’ll be “using agentic AI-powered tools on their desktops within the four walls of their companies, interacting with our platforms in a purely agentic way,” he said.
The bank has already granted a handful of clients early agentic access and plans to open it up to the firm’s 3,400 administration clients by next year, Mitchell said.
It’s the latest sign that Wall Street is preparing for a future where AI agents handle tasks now performed by software users.
Rivals including JPMorgan Chase and Goldman Sachs are using AI agents internally for things like writing code, but have yet to publicly announce steps to allow external agents to connect directly to their firms’ systems.
Morgan Stanley wealth management
Morgan Stanley has taken the staid business of managing stock compensation plans for corporations and turned it into a crucial funnel for the firm’s wealth management division, which is the world’s largest at $7.35 trillion in client assets.
The firm acquired Solium Capital in 2019 and E-Trade in 2020, creating a business that it says caters to almost half of the companies in the S&P 500 and eight of the 10 biggest unicorn startups. The key insight it had was that by administering employee stock plans, Morgan Stanley can convert workers into advisory clients as their wealth grows.
The bank’s AI pitch to corporate clients is straightforward: Fast-growing technology and biotech companies want to administer increasingly complex stock plans without adding headcount in support roles like human resources, said Mitchell.
At these companies, AI agents can handle aspects of the job without adding human employees, he said.
Internally, there’s a similar logic: Morgan Stanley sees agentic AI allowing it to scale its own services — customer support, plan administration, the wealth management funnel — without adding “thousands and thousands” of employees, Mitchell said.
For this change, Morgan Stanley is leaning on something called the Model Context Protocol, an open source standard that allows AI models to plug into data sources.
In a pre-AI world, companies would’ve frowned upon allowing clients to bypass the online front door to their services. For decades, companies fought to hook users on proprietary platforms.
Morgan Stanley, which began partnering with OpenAI in 2022, believes that matters less in a world where AI agents become the primary interface. Software is “at an inflection point, clearly,” Mitchell said.
“The companies that are going to survive in the future are the ones who have proprietary data and business logic, which is the foundation of our offering,” Mitchell said.
“The fact that they won’t be logging into” the websites, he said, “doesn’t scare us at all.”
-
Tech5 days agoWaymo dominates autonomous vehicle registrations as Tesla trails behind
-
News Videos5 days agoThis is BROKEN! INSANE 5x MONEY CAR WASH WEEK! The NEW GTA Online UPDATE Today! (GTA5 New Update)
-
Tech4 days agoSpaceX just won a second Golden Dome contract. This one is $4.16 billion.
-
News Videos5 days agoSHE IS KILLING XRP!!! WATCH URGENT AND ACT FAST
-
Business2 days agoJade Biosciences, Inc. (JBIO) Discusses Positive Interim Results From JADE101 Phase I Healthy Volunteer Study and Development Plans Transcript
-
NewsBeat5 days agoFIRST NIGHT REVIEW: Take That bring the Circus back to life in spectacular sun-soaked style
-
Crypto World5 days agoCFTC Has Approved the First Regulated Bitcoin Perpetual Contract in the U.S.
-
Business4 days agoIs the Spurs Phenom Already Better Than Prime Diesel?
-
NewsBeat5 days ago
Novak Djokovic v Joao Fonseca LIVE: French Open latest scores and results after Jannik Sinner’s shocking collapse
-
Crypto World5 days ago
Snowflake (SNOW) Stock Rallies on Strong Q1 Results and AI Product Growth
-
Entertainment5 days agoWeak ‘Supergirl’ Box Office Tracking Amid Milly Alcock Backlash
-
Business4 days agoDemand Conditions Improve In Chemicals Sector In April 2026
-
Crypto World5 days agoMicroStrategy Moves $30 Million in BTC to Coinbase Prime: Is the Bitcoin Sell-Off Already Here?
-
Politics4 days agoThe House | Inside Andy Burnham’s Makerfield Campaign: “Nobody Thinks This Is In The Bag”
-
Entertainment4 days agoOne of the Greatest Sitcoms of All Time Shoots Up Apple TV’s Charts 11 Years Later
-
Tech5 days agoThis Week In Security: Ubiquiti Fixes, And FreeBSD Joins The Club You Don’t Want To Join
-
Entertainment5 days agoMaddox Jolie-Pitt Legally Requests to Drop Brad’s Surname
-
Entertainment4 days agoBritney Spears Shares Troubling Update After Hard Year
-
Crypto World24 hours ago
Seagate (STX) Stock Surges to Record High on AI Boom and Legal Settlement
-
Entertainment5 days agoBruce Willis’ Generosity Resurfaces Amid His Dementia

You must be logged in to post a comment Login