Your Money: Scam recoveries, new graduate loan options and more

July 21, 2026

	By Tara Siegel Bernard

Greetings, everyone.

I received some great news last week about a story I wrote at the end of last year — it originally had a unsatisfying ending, but things took an unexpected turn in recent months.

The piece was about David Welles, a retired lawyer who lost $85,000 to cybercriminals in a tech support scam. Mr. Welles thought he had called Microsoft support for help with his email accounts, but he ended up giving thieves remote access to his devices. The scammers used the access to wire away that hefty sum from inside his Citibank checking account.

Mr. Welles and his assistant contacted the bank that evening, but the fraudulent wire wasn’t recalled until the following day. Citi told him there was nothing more it could do — the money had already vanished, and it appeared as though Mr. Welles had made the transfer himself.

“Based on the information provided and the results of our research, the transfer was made using your Citibank online credentials and were initiated using their registered device ID,” the bank told him at the time. “As a result, we’re unable to honor your claim.”

But in April, nearly seven months after he was scammed, his bankers delivered some unexpected news: They had his money. “This is a result of our original recall request which relies on successful recovery and return to Citi by third parties which can take time,” his bankers told him.

And three months after his story was published, Citibank sent customers, including Mr. Welles, an email stating that the bank had changed its policy: It now required enhanced authentication — either biometrics or a six-digit PIN on the bank’s mobile app — to set up and authorize fund transfers, including wires. Mr. Welles said if that had been in place, he might not have been scammed. The bank declined to comment about the policy.

The takeaway? Report all scams as soon as possible. Call your institution(s), file reports with local law enforcement as well as federal authorities (even if some time has passed). Scammers move money quickly, but sometimes victims are victorious.

Below, you’ll find a selection of money-related stories from across The New York Times. If you have a story idea, want to vent about money issues or share any other news, we’re here for you: yourmoney_newsletter@nytimes.com. Have a great week.

An illustration of a graduate cap with the bottom left corner cut out. It is sitting on a green illustration of a map of the United States. A red tassel, with a dollar sign at the bottom, is sitting on the cut out piece of the cap.

Thomas Fuchs

your money adviser

States Rush to Fill Graduate Loan Gap Opened by G.O.P. Budget Bill

Minnesota and Connecticut are two of the states expanding their loan options. “We see it as a substitute program,” one official said.

By Ann Carrns

U.S. Average Gas Price Returns to $4 a Gallon as Iran Crisis Escalates

A month ago, drivers were enjoying some relief at the pump after the U.S. and Iran signed a deal intended to reopen the Strait of Hormuz. Now, prices are rising again.

By Katie Robertson

Kevin M. Warsh with his hands clasped in front of a microphone at a hearing.

Cooler Inflation May Not Be Enough to Stave Off Fed Rate Increases

The Federal Reserve is expected to hold rates steady at its July meeting, but officials have not written off the possibility of a move soon after.

By Colby Smith

Stocks Sink on Anxiety About Tech and A.I. Spending

Investors are growing uneasy about increasing competition from China in the global race to dominate artificial intelligence.

By Joe Rennison and Katie Robertson

Americans Are Spending, and Not Just on Necessities

Lower gas prices have been a relief for households struggling with higher living costs. But now they are creeping higher again.

By Talmon Joseph Smith and Ben Casselman

A portrait of Liz Klohmann standing in a room leaning against a window frame, looking outside.

retiring

You’re About to Retire. What Are You Doing for the Next 20 or 30 Years?

Workers often focus solely on their retirement savings balance. But figuring out how you want to spend the rest of your life could be job No. 1.

By Brian J. O’Connor

A row of people lie on their backs on Pilates machines with their limbs aloft. An instructor paces between the rows of participants.

America’s Enterprising Spirit Is Booming After Decades-Long Slump

Hundreds of thousands of people are creating companies each year, ending a decades-long drought.

By Sydney Ember

An illustration of a person whose brain is suspended over his head with colorful rays and shapes emanating on all sides.

Shop Talk

Step Into the ‘Zone of Genius’ (Before A.I. Takes Your Job)

A decades-old self-help concept is gaining new purchase among people searching for meaningful work in the age of artificial intelligence.

By Lora Kelley

U.S. Workers Are More Productive Than Ever. A.I. Isn’t the Key.

Companies have been getting more out of employees for several years. Tight labor markets, digitization and remote work are among the reasons.

By Talmon Joseph Smith

Strategies

A.I. Is Running on Borrowed Money

Risk is rising as big tech companies like Oracle — the ultimate financial source of the Ellison media empire — need to turn to the bond market for staggering sums to finance data centers.

By Jeff Sommer

The Fake Influencers Selling Wellness on Your Feed

The New York Times found hundreds of A.I.-generated doctors, healers and wellness influencers on social media touting the health benefits of supplements to American consumers. Many of these hyperrealistic looking ads promise medical miracles, and appear to be targeting older women, while making misleading health claims for a profit.

By Arijeta Lajka, Isabelle Niu, Mark Boyer, James Surdam and Dan T. Peters

work Friend

The Case of the 3:30 Emails

Plus: Are you really paying attention to me on Zoom?

By Max Read

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