Veteran CBS News correspondent Matt Gutman has opened up about the moment he nearly emptied his bank account after being targeted by what he called an “incredibly sophisticated” phone scam.
The 48-year-old described the incident in a video shared on X on Friday, filmed as he left a Bank of America branch in Los Angeles. In the clip, he said he had come alarmingly close to withdrawing all of his money after being convinced by someone posing as a member of the bank’s fraud department.
“I just got completely scammed,” Gutman said in the clip.
According to Gutman, the ordeal began about an hour earlier when he received a phone call from a person claiming to be from the bank’s fraud protection team. The caller warned that there were attempts being made to illegally remove money from his account.
He said the person on the line sounded credible and even provided what appeared to be official identifying details, including a name and badge number. More concerningly, the caller seemed to have extensive knowledge of his banking information.
“They seemed to know so much about me, about my bank account,” he said. “And then they said, ‘Listen, we suspect that there is significant fraud activity at the bank branch where you bank, and what we need you to do right now.'”
The story felt believable in part because there had recently been suspicious activity involving his daughter’s account, making the warning seem all the more plausible.
I just got SCAMMED: a remarkably sophisticated phone scam that nearly had me pull the entire entirety of funds out of one bank account. Watch to see how it unfolded. And how dangerous it might possibly have been.
Huge shout out to the @lapdhq and the folks at the @bankofamerica… pic.twitter.com/y17xohZcBz
— Matt Gutman (@CBSMATTGUTMAN) July 10, 2026
The caller then allegedly told him that two people using specific aliases were operating fraudulently at his local branch. She named them and then outlined a supposed plan to help authorities catch them.
“What we need you to do in order to intercept these fraudsters is to go into the bank and withdraw everything from your bank account,” Gutman recalled being told. The caller allegedly explained that Gutman taking the cash out himself would “trigger the fraudsters into action,” allowing them to be caught in the act.
Although he said the request immediately felt strange, Gutman still followed the instruction to go to the bank. He questioned why an ordinary member of the public would be expected to take part in what sounded like a sting operation, but the scam remained convincing enough that he continued.
The turning point came when the caller reportedly told him he must not explain the situation to anyone inside the branch, adding that bank employees “might be in on it.”
That instruction set off alarm bells, and Gutman said he immediately left the bank without withdrawing any money.
“There is no way that this is possibly real, that anybody would use a regular civilian for a sting operation at a bank,” he said. “And I am a journalist, and I have done scam stories so many times throughout my career, and I came so close to falling for it!”
Gutman said the danger extended beyond potentially losing money. Had he withdrawn the cash, he could also have been physically vulnerable, especially since the scammers knew exactly where he was going.
“I was told this happens all the time, and they either rob your car or they rob you,” he explained.
Looking back on the experience, he said it was a sobering reminder that even people who are aware of fraud tactics can still be drawn in when the scheme is polished and believable.
“Some of these scams are incredibly sophisticated, with people who clearly know what they are talking about and speak like they are in the profession,” he said. “I’m just blown away by how good that person was. I can’t get over this.”
He also credited both the Los Angeles Police Department and Bank of America employees with helping him avoid a far worse outcome.
The incident is a stark example of how easily these scams can deceive people, even those who believe they know what to look for.
Financial institutions and consumer protection agencies regularly warn that impersonation scams often rely on urgency, secrecy and fear. Bank of America says it will not contact customers and ask them to withdraw or move money to resolve fraud, and the Federal Trade Commission warns that scammers can spoof caller ID, use fake case or badge numbers, and pressure victims to keep the conversation secret.
Banks and legitimate fraud teams do not ask customers to withdraw their money in cash in order to “protect” it, nor do they instruct people to keep bank staff uninformed.
If a call like this comes through, the safest response is to hang up and contact your bank using the number listed on the back of your card or on the bank’s official website, rather than relying on any number given by the caller.
It is also important to remember that caller ID can be spoofed, meaning a number that appears genuine is not reliable proof that the call is legitimate.
Any demand to take out large sums of money, keep quiet about the reason, or hand over cash to a so-called representative or investigator should be treated as an immediate warning sign.
If you are unsure, visit your branch directly and speak to staff in person, or report the matter to your bank’s official fraud department or Action Fraud.
Bank of America and the LAPD have been contacted for comment.