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  • Writer's pictureKosher Money

Would YOU Fall for This Scam? | KOSHER MONEY Episode 44


In today's world of constantly evolving technology, financial fraud and scams are becoming increasingly prevalent. Aliza, a resident of New York City, is unfortunately one of the many victims of these crimes.


It all started with a text message from USPS requesting an information update. Aliza found the request suspicious, but didn't think much of it at first. She paid a $3 fee for the package relocation and forgot about the text. A few days later, she received another text message, this time from someone claiming to be from her bank's fraud department. The person on the other end of the line asked her to verify her identity and whether she had recently fallen for a scam.


Aliza was hesitant at first, but the person on the other end of the line seemed to know a lot about her account and even had access to her Zelle transaction history. Feeling reassured by the conversation, Aliza gave away her personal information, thinking that she was speaking with a legitimate representative from her bank. Unfortunately, the person on the other end was a scammer, and Aliza was scammed out of $20,000 in life savings.

Aliza's experience serves as a cautionary tale for all of us. It highlights the importance of being vigilant and proactive when it comes to safeguarding our finances. Scammers are becoming increasingly sophisticated in their methods, and it can be difficult to discern between legitimate requests and fraudulent ones.


According to a recent report by the Federal Trade Commission, Americans lost over $1.9 billion to fraud in 2019 alone. Financial scams and frauds are not only devastating to individuals, but they can also have a ripple effect on the economy as a whole.


In response to the rising rates of financial fraud, many organizations are taking steps to educate the public on how to protect themselves. The Federal Consumer Financial Protection Bureau, for example, offers resources on their website that provide tips and strategies for safeguarding your finances.


It is important to remember that anyone can fall victim to financial fraud and scams. It is up to each of us to be proactive and take the necessary steps to protect ourselves and our finances. By staying informed, vigilant, and cautious, we can help to prevent these crimes from happening in the first place.


 

Key Strategies for Avoiding Scams and Protecting Your Money

  1. Be cautious of unsolicited messages or calls: If you receive a message or call from someone claiming to be from a legitimate organization or institution, always verify their identity before sharing any personal information.

  2. Monitor your accounts regularly: Keep a close eye on your bank and credit card statements, as well as your credit reports. Report any suspicious activity immediately.

  3. Educate yourself on financial literacy: The more you know about financial fraud and scams, the better equipped you will be to protect yourself. There are many resources available online that can help you learn more about this topic.

  4. Use secure payment methods: When making online purchases or sending money, use secure payment methods such as credit cards or PayPal. Be wary of using wire transfers or other methods that can be difficult to trace.

  5. Stay informed: Stay up to date on the latest scams and frauds by following reputable sources of information such as the Federal Trade Commission or Consumer Financial Protection Bureau.


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