NerdWallet's Smart Money Podcast Swindled or Safe? Improve Your Scam Awareness and Protect Your Finances
Dec 18, 2024
Michelle Singletary, a personal finance columnist for the Washington Post, joins the conversation to dissect the emotional tactics used by scammers. They tell the heartbreaking story of Judith, a 79-year-old who lost $600,000 to fraudsters. Singletary emphasizes the importance of awareness and empathy in scam prevention. The discussion covers various scam awareness strategies, financial security tips, and the need for continuous financial education. It's a sobering reminder of the fragility of trust and the necessary vigilance in protecting our finances.
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Judith's Story
- Judith, 79, received calls from scammers impersonating the Rockville Police Department and the FBI.
- She lost nearly $600,000 of her retirement savings after being convinced to move her money to a "government locker".
Scammer Tactics
- The scammers used real information, like a real FBI agent's name and a legitimate drug cartel case, to build credibility.
- They also spoofed caller IDs and sent official-looking documents to deceive Judith.
Building Trust
- The scammer built rapport with Judith over three months, talking twice daily.
- They used personal details about her life, gleaned from online research, to gain her trust.