We all have heard it before. We watch in awe as the nightly new reports on yet another person falling for a financial scam. We think how can people be so stupid? How can people be so unware?! Well, it’s easy to be a victim of scams these days.
Scammers are becoming more and more sophisticated at their jobs. Yes, their jobs. These people have perfected their craft. They are trained to the most minute detail in the art of building trust with the victim before cleaning them out. And the real kicker, is they are not exactly doing anything illegal. Certainly the perpetrators are unethical. But in the eyes of the financial industry, you are complicit. Therefore, banks will not help you recover your funds – money you “willingly” gave to a stranger.
Most of us get text messages and/or emails from our banks when a potentially unauthorized charge or withdrawal comes from our bank accounts or credit cards. Scammers use this fact to prey on people’s concern. A scammer’s text usually comes from a legitimate-looking phone number rather than the five-digit coded number of automatic messaging. They can spoof your bank’s number.
Scammers will ask you in the text to respond Y or 1 if the charge is yours; N or 2 if it is not. Of course they know it is not your charge; they made it up. Once you unthinkingly respond, they immediately call, saying they are from the fraud department of your bank and that someone is trying to get into your account. They may say they are already working with the FBI. They may say someone at the bank is suspected to be in cahoots with the illegal activity. Now, your concern is heightened and you want to work with the person who is being helpful and trying to protect your interests. They have you!
They will tell you – for your protection – that they have created a new account for you. They ask you to load the account number on your phone’s wallet. Then withdraw cash from your bank account or credit card and deposit the money at an ATM just outside the bank. Next you are instructed to delete the account from your phone’s wallet as this was a temporary card and a new one has been issued, which you will receive in the mail in a few days.
If you do everything that is suggested, the bank considers this your choice. You can file a complaint with the Federal Trade Commission and your local police department but don’t expect to see your money again.
All of this sounds incredible. However, people are being scammed every day. Some people have lost in the six figures! The scammers are becoming more and more sophisticated. Our best defense is to remember always be present in the moment. Answer texts only when you know the person sending. Never engage in a conversation with an unsolicited caller. And banks and other financial institutions will never ask you to withdraw your money, especially in cash.
Awareness is the best defense.
Silver Sage Sisters 