This Is How Smart People Get Scammed
Last year, a financial columnist for NY Magazine was scammed by someone claiming to be a CIA agent. She wrote about the incident in an article titled, The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger. The article is behind a paywall, but below is the short version:
She received a call from a man who knew her Social Security number, home address, the names of family members, and that her two-year-old son was playing in the living room of her Brooklyn apartment.
The man told her that he was with the CIA and her home was being watched, her laptop had been hacked, and her family was in imminent danger.
The man also claimed that she had 22 bank accounts, nine vehicles, and four properties registered in her name.
The bank accounts, according to the man from the CIA, were used to wire more than $3 million overseas.
He texted her a photo of her ID, which he claimed had been found in a car rented under her name that was abandoned on the southern border of Texas with blood. She was told there were warrants out for her arrest in Maryland and Texas and that she was being charged with cybercrimes, money laundering, and drug trafficking.
When her fear was at its peak, she was told she needed to hand over the $50,000 in cash because they needed to issue her a government check “under your new Social Security number,” which would replace the old one, which needed to be shut down as a result of her falling victim to identity theft.
Once the new Social Security number was set up, they could monitor any activity under her old Social Security number to catch the criminals, and she would get her life back.
After handing over the money, she said she received a text message from a man who sent over a photo of a Treasury check made out to her for $50,000.
As incredible as this sounds, last week I saw this exact thing happen to one of my clients, and I don’t want to see it happen to anyone else.
In my client’s case, the scam started with a computer pop-up that caused her to call what she thought was Microsoft. From Microsoft, she was connected to what she thought was her bank, and her bank connected her to what she thought was the CIA. The people on the phone made it seem like they knew everything about her, and over time, they convinced her that her life was going to be ruined unless she did exactly as they said.
In today’s world, the bad guys know everything about you. Your Social Security number, who you bank with, where you live, and who you are closest to. All your private information is available to any bad actor that wants it.
And while credit monitoring is good, it only alerts you when someone uses your personal information to try to open accounts under your name. It won’t alert you when someone uses that same information to call and threaten you.
So be prepared.
Nearly 1 in 3 Americans report being a victim of online financial fraud or cybercrime, and with advancements in AI, the situation will only get worse.
To protect yourself, I suggest reading Schwab’s guide to Cyber Security (click here). And if you ever find yourself in a situation involving money where you aren’t sure what to do, please don’t hesitate to give us a call.
Personal Note:
A couple of weeks ago, we hosted a social event in the Woodlands at Churrascos.
If you'd like to see us in person, we’re hosting a seminar at our office on October 7th, followed by our annual client appreciation event at Eddie V’s on November 13th.
☕️ good read … + reminder to contact ya’ll regarding scary financial scenarios…