Greg's Corner

Financial advice columnist shares her story about falling for a scam

By Greg Collier

We firmly believe that no one is immune to falling for a scam. Regardless of someone’s socioeconomic status or level of education, they can still be targeted. Every individual is vulnerable to scams; there’s no exception.

If there was to be an exception, it should be a renowned and successful financial advice columnist. But even someone in such a position can fall prey to a scam if placed under sufficient pressure from the scammer.

It’s unfortunate but not uncommon for even those well-versed in finance to fall victim to scams. Take Charlotte Cowles, a financial advice columnist for The Cut, a division of New York Magazine, for example. Last Halloween, she received a call from someone posing as an Amazon customer service representative. They claimed she had made an $8000 purchase of Apple products, which she hadn’t. Ms. Cowles wisely checked her Amazon account, finding no such transactions. However, the scammer had a response ready, alleging that a business account was opened in her name. Despite her vigilance, Ms. Cowles was convinced her identity had been compromised.

Continuing the conversation, the fake Amazon representative exploited the situation further, claiming that the company was facing widespread issues with identity theft among its customers. To add credibility, they mentioned having a liaison within the Federal Trade Commission (FTC). Ms. Cowles, concerned about the apparent threat to her identity, agreed to be connected to the supposed FTC agent.

The deceptive FTC impostor already possessed personal details about Ms. Cowles, including the last four digits of her Social Security number, her home address, and her date of birth. With such sensitive information in hand, it’s understandable why a victim might be inclined to trust the fraudulent claims being made. This level of sophistication can make the scam appear legitimate and increase the victim’s susceptibility to manipulation.

In addition to the personal details already disclosed, the counterfeit FTC representative went on to fabricate a dire scenario, claiming that numerous bank accounts, vehicles, and properties were registered under Ms. Cowles’ name. Adding to the distressing narrative, they alleged that a car linked to her identity had been discovered near the Texas-Mexico border, rented in her name, and found containing illicit drugs. These false claims likely intensified Ms. Cowles’ sense of urgency and fear, further blurring the line between truth and deception.

The deceitful tactics didn’t stop there. Ms. Cowles was informed by the scammer that arrest warrants had been issued against her in multiple states, accusing her of serious crimes such as drug trafficking and money laundering.

To further isolate their victim and maintain control, the fraudulent FTC agent instructed Ms. Cowles not to disclose the situation to anyone, cautioning her that anyone she confided in could potentially be a suspect in the fabricated crimes.

Despite the fraudulent claims and attempts to exploit her, Ms. Cowles was led to believe that the FTC was there to safeguard her finances. When asked how much money she would require to sustain herself for a year, she stated $50,000. Shockingly, the impostor instructed her to withdraw this amount in cash from her bank and assured her that it would be collected from her residence by a supposed CIA agent. Even during the withdrawal process, there were warnings. The bank teller, sensing something amiss, cautioned Ms. Cowles about potential scams associated with large cash withdrawals.

Under the false pretext of protecting her identity, Ms. Cowles was instructed to hand over the withdrawn cash to the supposed CIA agent, who would then allegedly provide her with a new government check issued under a new Social Security number.

As instructed, Ms. Cowles handed over the box containing the $50,000 to the driver of an SUV with tinted windows that pulled up to her residence.

Ms. Cowles’s experience highlights the profound emotional toll inflicted by falling victim to scammers. In her account, she vividly expresses the overwhelming sense of shame that washed over her upon realizing she had been deceived. This aspect is crucial because it underscores the psychological impact that financial scams can have on individuals, often extending far beyond the immediate financial loss. The shame and self-blame experienced by victims like Ms. Cowles serve as a poignant reminder of the need for compassion and support for those who have been targeted by fraudsters.

We urge you to take the time to read Ms. Cowles’s comprehensive narrative of the scam in her latest column.

Ms. Cowles’s account serves as a powerful reminder that no one is immune to the threat of scams. Regardless of our education, background, or financial status, we are all susceptible to being deceived. By sharing her experience, she highlights the importance of remaining vigilant and informed in the face of evolving tactics employed by fraudsters. Let her story be a call to action for all of us to educate ourselves, support one another, and work together to combat the scourge of scams in our communities.