Introduction to Scams and Their Impact
Russell Leahy, a high school history teacher in Fort Worth, thought he was finally building the financial future he’d always dreamed of.
He and his wife had just bought their first home, carefully budgeting every dollar. The 28-year-old had managed to save over $30,000, tucking away savings for emergencies and a life ahead.
But in April, everything unraveled in a matter of days: Leahy’s account was wiped out by a sophisticated scam that left the couple with nothing but heartbreak and questions.
Leahy’s ordeal is far from unique. According to the FBI’s 2024 Internet Crime Report, Texas ranks second in the nation for internet crime complaints and financial losses, with Texans reporting $1.35 billion in losses last year alone — a $328 million increase from the previous year.
Understanding the Scope of the Problem
The report detailed 859,532 complaints, 256,256 representing actual financial losses, leading to an average loss of $19,372 per complaint. Among various types of cyber threats, ransomware — a kind of malicious software designed to block access to a computer system until a sum of money is paid — remained the most prominent, increasing by 9% compared to 2023.
Russell Leahy shows a screenshot of the digital debit cards a scammer was able to attain using his information at his home, Friday, June 20, 2025, in Fort Worth. Leahy was scammed out of more than 30,000 dollars by someone impersonating people from Chase Bank.(Elías Valverde II / Staff Photographer)
Banking Scams: A Growing Concern
Leahy’s nightmare began with a phone call that seemed legitimate in every way. The callers knew his bank balances, spoofed Chase Bank’s real phone numbers, and even used the same recorded greetings as actual bank employees.
Convinced he was helping stop a fraud, Leahy followed their instructions to withdraw his money at an ATM to prevent the alleged danger his money was in, believing he was protecting his family’s savings.
Instead, over $32,000 vanished — his life savings and most recent paycheck gone in an instant.
Leahy’s story is echoed in thousands of complaints across Texas that are filed each year to the FBI’s Internet Complaint Center.
People aged 60 and older suffered the most significant financial losses, according to the FBI. Still, those in their 40s filed the most complaints and experienced the third-highest financial loss at $155 million.
Russell Leahy shows a screenshot after a scammer accessed his personal bank account at his home, Friday, June 20, 2025, in Fort Worth. Leahy was scammed out of more than 30,000 dollars by someone impersonating people from Chase Bank.(Elías Valverde II / Staff Photographer)
Protecting Yourself Against Scams
The top three cybercrimes in Texas, based on the number of complaints in 2024, were extortion, personal data breaches and phishing, which is when scammers send fake messages pretending to be trusted companies to steal personal information, according to the Federal Trade Commission.
In 2024, the FBI launched Operation Level Up to combat cryptocurrency investment fraud, a type of scam that tricks individuals into investing in fake cryptocurrency projects.
The operation informed 4,323 victims about their scams, with 76% previously unaware they had been defrauded.
