Current:Home > Stocks10 lies scammers tell to separate you from your money-VaTradeCoin
10 lies scammers tell to separate you from your money
View Date:2025-01-09 11:21:42
New York Magazine financial columnist Charlotte Cowles made waves last month with an article revealing that she'd been scammed out of $50,000. While some people were sympathetic, others criticized the author for falling for what even she herself admitted seemed like an obvious, if highly elaborate, con.
With scams on the rise, now often abetted by artificial intelligence, government watchdogs want people to be aware of the language fraudsters typically use to dupe their victims. The Federal Trade Commission lists 10 lies fraudsters often use to separate you from your money. Here's what to watch out for.
Act now! A common tactic scammers use is to pressure you to act immediately — whether it's to send them money, buy a gift card or provide them with personal information. That sense of urgency is always a sign someone is trying to rip you off, the FTC says.
Only say what I tell you to say. Scammers may instruct you to lie to someone, such as a spouse, financial adviser or even your bank. Don't fall for it.
Don't trust anyone — they're in on it. The scammers who ripped off Cowles told her that, although she'd been the victim of an identity theft scheme serious enough to land her behind bars, she shouldn't tell her husband about the situation. As the FTC notes, cybercriminals want you to feel isolated and unable to turn to someone who might tell you to pump the brakes.
Do [this] or you'll be arrested. "Any threat like this is a lie," the FTC says bluntly, adding that any suggestions that you could go to jail or get deported unless you fork over some money or information is a surefire scam.
Don't hang up. Yep, a scam. Con artists may ask you to stay on the phone while you buy a gift card or withdraw money from the bank so they can monitor what you're saying and talk you out of backing out of the transaction.
Move your money to protect it. It may seem obvious, but instructions from a total stranger on the other end of the phone telling you to move money from your bank or investment accounts to anywhere else is a scam, according to regulators.
Withdraw money and buy gold bars. Really? Afraid so. The FBI has warned about scammers telling victims to cash out their assets and buy gold, silver or other precious metals. Don't fall for it.
Withdraw cash and give it to [anyone]. If you're sensing a trend, you're onto something. Never hand over cash to anyone no matter who they claim to be. "Don't give it to a courier, don't deliver it anywhere, don't send it," the FTC warns.
Go to a Bitcoin ATM. Cryptocurrency-related scams are surging, according to the Better Business Bureau. That includes ripoffs in which you're encouraged to transfer your funds into cryptocurrency or withdraw money using a Bitcoin ATM.
Buy gift cards. Fraudsters have gotten creative in how they exploit the well-documented vulnerabilities around gift cards. Sometimes that involves stealing barcode and PIN information so they can make unauthorized transactions, but more commonly it means asking their victims to pay for something using a gift card. And once they have the PIN numbers on the back of the card, you can kiss your cash goodbye.
As for what you should do if you come across any of these phrases in the usual places where scammers lurk, that's easy: Don't respond.
"Hang up. Delete the email. Stop texting. Block their number — anything to get away from them," the FTC says, which also urges people to report possible scams to the agency at ReportFraud.ftc.gov.
- In:
- Scam Alert
Alain Sherter covers business and economic affairs for CBSNews.com.
TwitterveryGood! (61563)
Related
- Massachusetts lawmakers to consider a soccer stadium for the New England Revolution
- Trump asks a court to prevent Michigan secretary of state from leaving his name off the 2024 ballot
- 'Not to be missed': 'Devil comet' may be visible to naked eye in April. Here's how to see it.
- Watch this sweet, paralyzed pug dressed as a taxicab strut his stuff at a Halloween parade
- UFC 309: Jon Jones vs. Stipe Miocic fight card, odds, how to watch, date
- Officials say small plane crash in southwest Nebraska kills 1, seriously injures another on board
- Ancient building and treasures from sunken city discovered underwater in Greece
- What is candy corn made of? Inside the Halloween candy everyone loves to hate
- 2 Florida women charged after shooting death of photographer is livestreamed
- What should you do with leftover pumpkins? You can compost or make food, but avoid landfills
Ranking
- Louisiana man kills himself and his 1-year-old daughter after a pursuit
- 12 people killed, including baby, in plane crash in Brazilian Amazon
- Shani Louk, 22-year-old woman kidnapped by Hamas at music festival, confirmed dead by Israel
- 2 killed in Russian attacks in eastern Ukraine that also damage Kherson city center
- Arizona Supreme Court declines emergency request to extend ballot ‘curing’ deadline
- Dozens of Afghans who were illegally in Pakistan are detained and deported in nationwide sweeps
- Woman plans trip to Disney after winning Michigan Lottery game Lucky For Life
- General Hospital Actor Tyler Christopher Dead at 50
Recommendation
-
Michigan soldier’s daughter finally took a long look at his 250 WWII letters
-
2 killed in Russian attacks in eastern Ukraine that also damage Kherson city center
-
Looking for a baked salmon recipe? What to know about internal temp, seasoning, more.
-
Clemson football's Dabo Swinney stands by response to 'idiot' caller: 'I've never flinched'
-
Atmospheric river to bring heavy snow, rain to Northwest this week
-
Tropical Storm Pilar dumps heavy rains on Central America leaving at least 2 dead
-
Has Israel invaded Gaza? The military has been vague, even if its objectives are clear
-
Helicopters drop water on Oahu wildfire for 2nd day, while some native koa and ohia trees burn