Planet Money cover image

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

Podcast summary created with Snipd AI

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  • Financial cybercrime victims face challenges in recovering stolen funds due to outdated laws and overwhelmed law enforcement.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

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