Georgia woman loses $50,000 to Fidelity account fraud

An 86-year-old woman, Nancy Smith, from Fayetteville, Georgia, discovered that nearly $50,000 was stolen from her Fidelity retirement account by fraudsters. She found a stranger's name on her tax forms, revealing a serious identity theft issue. Smith reported that three joint accounts were opened in her name without her knowledge. The accounts were linked to unknown individuals who made several transactions, leading to her significant financial loss. When she went public, Fidelity returned the stolen money to her account, but the experience has left her feeling anxious about her security. Fidelity has closed accounts associated with the fraud and is working with the IRS to prevent any tax issues for Smith. However, she remains skeptical about the safety of her funds moving forward. "Just because it’s there one day does not mean that it will be there the next day," she stated. Experts in identity theft, like David Maimon from Georgia State University, are seeing a rise in compromised investment accounts. Some accounts are reportedly for sale on the dark web. The Georgia Secretary of State's office is currently investigating the situation to ensure that financial organizations comply with security guidelines. Other Fidelity customers have also reported similar issues. In one case, a woman's elderly mother lost $20,000 from her account. Another customer found someone else had access to his account but no funds were stolen. Fidelity recommends that customers take steps to protect themselves, such as monitoring accounts for suspicious activity and being cautious when sharing personal information.