Planet Money

So you've been scammed, now what?

May 29, 2024

Explore the dark world of online scams as one woman's harrowing journey unfolds. After losing over $800,000, she navigates the complex landscape of recovering her money, confronting deceptive fraudsters and the emotional fallout. Learn about the hurdles in getting banks to reimburse victims, highlighting the need for better consumer protections. The intense pursuit of justice showcases the psychological grip of scams, as she balances disbelief and hope, unraveling the intricate connection between trust and betrayal.

27:03

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Quick takeaways

Financial cybercrime victims face challenges in recovering stolen funds due to outdated laws and overwhelmed law enforcement.

Scam recovery involves complex investigations into blockchain transactions and legal actions against financial institutions.

Deep dives

The Elaborate Scam: How Frances Fell Victim

Frances, a white-collar worker in her 40s from New York, got lured into a scam where scammers claimed to be from Citibank, Apple, and Amazon. Convinced that she was targeted by Russian hackers, she cooperated with them, eventually transferring over $800,000 of her life savings to different accounts and cryptocurrencies. Despite the warning signs, Frances believed in the scammers' story and followed their instructions, leading to significant financial losses.

Intro

2min

A Descent into Deceit: Trusting the Wrong Ally

2min

Frances' Journey: From Scammed to Supported

10min

Navigating Bank Reimbursement in Cybercrime

4min

Confronting the Scammers: A Search for Justice

2min

Frances: Torn Between Trust and Deception

7min

We are living in a kind of golden age for online fraudsters. As the number of apps and services for storing and sending money has exploded – so too have the schemes that bad actors have cooked up to steal that money. Every year, we hear more and more stories of financial heartbreak. What you don't often hear about is what happens after the scam?

On today's show, we follow one woman who was scammed out of over $800,000 on her quest to get her money back. That journey takes her from the halls of the FBI to the fraud departments of some of the country's biggest financial institutions. And it offers a window into how the systems that are theoretically designed to help the victims of financial cybercrime actually work in practice.

This episode was hosted by Alexi Horowitz-Ghazi and Jeff Guo. It was produced by Willa Rubin and edited by Keith Romer. It was engineered by Neal Rauch and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.

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Planet Money

So you've been scammed, now what?

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Elaborate Scam: How Frances Fell Victim

Struggling for Recovery: Francis' Battle for Justice

The Legal and Technological Challenges in Scam Recovery

Remember Everything You Learn from Podcasts