Fake savings bond scheme leads to $50M in losses and issues for legitimate savers

Authorities claimed that $1 million in counterfeit savings bonds showed up at South Texas banks as part of one crackdown on a scheme to steal money by cashing phony savings bonds.

  • The phony savings bonds include inflation-indexed or I Bonds.
  • Nationwide losses are estimated at over $50 million, according to an alert issued earlier this year by the Oklahoma Bankers Association.

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