How a financial-advice columnist got scammed out of $50,000
Apr 11, 2024
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Financial-advice columnist Charlotte Cowles shares how she lost $50,000 to a scam, discussing scam tactics, emotional fallout, and prevention tips. Learn about threat-based scams, emotional repercussions, and strategies to avoid falling prey to fraudulent schemes.
Scammers manipulate victims by leveraging personal information and creating a sense of urgency and fear in elaborate schemes.
Despite stereotypes, individuals of all ages and backgrounds are susceptible to falling for scams, with victims often experiencing shame and mental health struggles post-scam.
Deep dives
Charlotte Coles falls victim to a sophisticated scam
Charlotte Coles, a financial columnist, received a call from someone claiming to be from Amazon Customer Service, reporting unusual activity on her account. The scam escalated when she was connected to a supposed FTC liaison investigating identity theft. Over hours of convincing conversations, Charlotte eventually handed over $50,000 in cash to strangers, highlighting how scammers manipulate victims by leveraging personal information and creating a sense of urgency and fear.
Psychological impact and common misconceptions about scams
Charlotte's experience revealed the psychological toll and self-blame that often accompany falling for scams. Despite stereotypes, research shows that individuals of all ages and backgrounds are susceptible. Victims often feel shame and struggle with mental health issues post-scam. These crimes are significantly underreported, emphasizing the need for support and destigmatizing discussions around scams.
Imposter and threat-based scam prevention tactics
Charlotte's story underscores the importance of taking precautions against imposter scams. Recommendations include verifying identities by independent calls and avoiding immediate actions under pressure. Building a support network and seeking input from trusted individuals can provide crucial perspectives and aid in identifying potential scams. Constant vigilance and education help in combating evolving scam tactics.
Guest-hosted by Julia Carpenter: Charlotte Cowles never thought she’d fall for a scam. She’s savvy about money and even writes a financial-advice column for The Cut. But last fall, scammers persuaded her to put $50,000 in cash in a shoebox and hand it over, wiping out her life savings. Cowles tells her story to Apple News In Conversation guest host Julia Carpenter and offers tips on how to prevent this from happening to you.
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