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  Geebo 8:00 am on August 23, 2024 Permalink | Reply
  Tags: bank collapse ( 2 ), bank fraud ( 26 ), banks ( 7 ), embezzlement ( 2 ), pig butchering scam ( 15 ), Scams ( 1,384 )   

  Banker Who Fell Victim to Scam Gets Prison Time 

  

  By Greg Collier

  Last year, we brought you the story of a rural Kansas bank that collapsed after the Bank’s CEO fell victim to the pig butchering scam. The pig butchering scam involves a scammer persuading a victim to invest in cryptocurrency using a fake exchange. The victim is then shown that their initial investment has grown significantly. However, when they attempt to withdraw their funds, they are informed that an additional fee, often as large as the original investment, must be paid first.

  A federal judge recently sentenced the 53-year-old bank CEO to 24 years in prison after it was determined the CEO embezzled bank funds while still believing he could get the returns on his investments.

  As was mentioned in the previous post, the CEO even asked a friend and client for a $12 million loan, so the CEO could get his personal money out of the cryptocurrency investment. The friend was even assured by the CEO that the initial investment wasn’t made with the bank’s money. Since then, details have been made public where the friend warned the CEO that the investments were a scam and that he should walk away from it.

  The CEO did not take his friend’s advice, and in his pursuit of profit, continued to send money to his scammers. However, before long, he was wiring bank funds to the scammers. When the friend heard from bank employees that the CEO was wiring money overseas, the friend went to the bank’s board to try to put a stop to it. Before it was all over, the CEO had embezzled $47.1 million.

  Anyone can fall victim to a scam, regardless of their education, experience, or financial savvy. Scammers are highly skilled at exploiting vulnerabilities, preying on trust, greed, or desperation. They use sophisticated tactics to create a sense of urgency, promising quick and substantial returns on investments that seem too good to pass up. Once a victim is hooked, they are gradually drawn deeper into the scam, often believing that just one more payment will unlock the profits they were promised. The allure of easy money can cloud judgment, leading even those in trusted positions to make increasingly irrational decisions.

  These scams can easily turn a victim into a criminal. When personal funds run dry, desperation sets in, and victims may resort to unethical or illegal actions to recover their losses. They might embezzle money, falsify documents, or deceive others to gather more funds, all in the hope of finally reaping the rewards they were promised. What began as a mistake can spiral into a series of criminal acts, driven by the delusion that success is just around the corner. This transformation from victim to perpetrator highlights how dangerous and insidious these scams can be, not just financially but morally as well.

   

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  Geebo 8:00 am on August 22, 2024 Permalink | Reply
  Tags: blackmail ( 3 ), Cheating ( 3 ), college ( 17 ), extortion ( 15 ), Scams ( 1,384 ), tutor ( 2 )   

  Fraudulent Tutors Become Blackmailers 

  

  By Greg Collier

  If you’re a college or high school student seeking help with homework or test preparation, be cautious. The Better Business Bureau (BBB) is sounding the alarm about a rising number of scams involving fraudulent tutors. Instead of providing academic assistance, these scammers exploit students who hire them to complete assignments, using the situation to engage in extortion.

  The scam begins when a student enlists a tutor to handle their assignments or help them cheat on tests. Rather than delivering the promised services, the scammer demands payment upfront, only to later threaten the student with exposure unless additional money is paid. After the initial payment, the scammer often continues to demand more, citing bogus reasons like extra research needs. As a result, students can end up losing thousands of dollars, while receiving no academic help whatsoever.

  The BBB stresses that hiring someone to complete your schoolwork constitutes cheating. For students who need legitimate tutoring to understand their class material, there are ways to avoid falling prey to these cons. First, consider asking friends, family, or teachers for recommendations. Schools often have resources, including other students, who offer tutoring at little to no cost, making them a reliable place to start.

  Additionally, it’s wise to verify the credentials of any potential tutor by asking for references. Contacting those references provides insight into their experiences and the results they’ve seen, helping you make an informed decision. Before starting any tutoring sessions, it’s also essential to agree on availability and rates upfront. While fees might increase for extra sessions ahead of a big test, these should be discussed in advance to avoid unexpected demands, which are often signs of a scam.

  In your quest for academic support, it’s important to be cautious. Taking the time to find a trustworthy tutor helps you learn and ensures that you won’t be taken advantage of by scammers looking to profit from your education.

   
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  Geebo 8:00 am on August 21, 2024 Permalink | Reply
  Tags: brushing scam ( 23 ), identity theft ( 108 ), Scams ( 1,384 )   

  BBB Warns of Nationwide Scam 

  

  By Greg Collier

  In recent months, consumers across the nation have been encountering a troubling trend, mysterious packages arriving at their doorsteps without being ordered. These unsolicited deliveries are part of a growing scam known as the brushing scam, which involves third-party sellers sending items to random addresses to boost their products’ online ratings with fake reviews. While the packages may seem harmless, the underlying scam has concerning implications for those involved.

  The Better Business Bureau (BBB) has issued a warning about this scam, emphasizing its potentially scary downside. The products received through brushing scams are typically lightweight and inexpensive to ship, such as ping pong balls, face masks, or small gadgets. In some cases, recipients have found more unusual items, like a humidifier or a Bluetooth speaker. The common thread is that none of these items were ordered by the recipient, and the packages often arrive without a clear return address, making it difficult to identify the sender.

  The motivation behind these deliveries is simple but effective, scammers are trying to manipulate online marketplaces. By sending these unsolicited items, they can falsely claim that a verified purchase was made, allowing them to post glowing reviews under the guise of legitimate buyers. These fake reviews help boost the product’s visibility and sales, all while the unsuspecting recipient remains unaware of their involvement in the scheme.

  The most unsettling aspect of this scam, as highlighted by the BBB, is that it suggests the sender has access to some of the recipient’s personal information, such as their name, address, and potentially even their phone number. This information, once obtained, can be exploited in various ways by those with malicious intent.

  To protect yourself from this scam, the BBB recommends taking proactive steps if you receive an unsolicited package. First, notify the retailer about the situation and attempt to identify the sender if possible. Check your online accounts for any unauthorized orders, and change your passwords to secure your information. While you are legally allowed to keep the items, it’s crucial to remain vigilant about protecting your identity and monitoring for any suspicious activity.

   
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  Geebo 8:00 am on August 20, 2024 Permalink | Reply
  Tags: gold, investment scams ( 10 ), Investors ( 2 ), precious metals, Scams ( 1,384 ), silver   

  Gold Investment: Not as Safe as It Seems 

  

  By Greg Collier

  For months, we’ve alerted our readers to gold bar scams, where criminals posing as law enforcement trick victims into converting their savings into gold, only to steal it. Today, we’re shifting focus to another type of gold scam, fraudulent gold investments.

  Recently, a couple from San Diego, like many others, sought financial stability through gold investments. Enticed by frequent radio advertisements, they decided to transfer a significant portion of their retirement savings into precious metals with a firm they believed was trustworthy. Unfortunately, this decision would soon prove disastrous.

  The firm in question had assured its clients that their assets would be safely held with a well-known trust company specializing in alternative investments, including precious metals. But earlier this year, investors began receiving alarming letters from the trust company. The correspondence indicated that the assets supposedly transferred to the precious metals firm had not been properly recorded, leaving many investors in a precarious situation.

  These letters revealed that not only were some investors’ purchases of gold and silver unfulfilled, but also that funds from the sale of these metals had not been credited to their accounts. As concerns grew, the trust company announced that it was severing ties with the precious metals firm, leaving investors to deal with the fallout.

  For the investors, the reality of their situation hit hard. The firm had closed its doors, and attempts to contact them were met with silence. With millions of dollars in retirement savings unaccounted for, the investors felt they had been left in the lurch. Now, they are part of a proposed class-action lawsuit alleging fraud, breach of fiduciary duty, and other violations.

  Investing in precious metals can be a wise decision, but it requires a thoughtful and cautious approach. It’s essential to work with dealers who have a strong reputation and a proven track record. Verifying their credentials and researching any past complaints or legal issues is a crucial first step.

  Understanding the associated costs, including premiums, storage fees, and transaction expenses, is key to making an informed investment. Additionally, it’s important to maintain a diversified portfolio rather than committing all your savings to precious metals. This reduces overall risk and provides more stability.

  As with any investment, it’s important to only invest what you can comfortably risk, as no investment is ever fully guaranteed.

  Investors should remain cautious when encountering advertisements on radio and podcasts, as these platforms often promote investment opportunities that may not be as secure as they seem. While such ads can sound persuasive, they shouldn’t replace thorough research and due diligence. It’s vital to verify the legitimacy of any investment, regardless of how credible the source may appear. Remember, even well-known personalities endorsing a product or service doesn’t guarantee its safety or success. Making informed decisions, rather than relying on marketing pitches, is the key to protecting your financial future.

   
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  Geebo 8:00 am on August 19, 2024 Permalink | Reply
  Tags: data breach ( 32 ), identity theft ( 108 ), National Public Data, social security ( 29 )   

  Massive Data Breach: What You Need to Know 

  

  By Greg Collier

  In a chilling reminder of the ever-growing threat to personal data, National Public Data (NPD), a well-known background check service, has confirmed that hackers breached its systems. This disclosure follows the leak of a stolen database containing millions of Social Security numbers (SSNs) and other sensitive personal information.

  The leaked data, which began surfacing earlier this year, includes a vast array of personal details. A staggering number of records were offered for sale, and more recently, a comprehensive version was shared freely online. This information, though extensive, is riddled with inaccuracies and outdated data, adding further complexity to the situation. Some individuals are associated with incorrect details, and in some cases, even deceased persons are listed.

  For those affected, the breach is a cause for concern. The exposure of SSNs and other personal information heightens the risk of fraudulent activity, while the release of contact information opens the door to potential phishing attempts. Monitoring financial accounts and staying alert to suspicious communications are essential steps in protecting oneself from further harm.

  If you suspect that you or a loved one may be affected by the NPD breach, consider the following steps:

  • Monitor your financial accounts for any signs of fraudulent activity.
  • Report suspicious activity to credit bureaus immediately.
  • Be cautious of unsolicited emails, texts, or phone calls that may be phishing attempts.
  • Consider freezing your credit to prevent unauthorized access.

  This breach serves as a stark reminder of the importance of safeguarding your personal information. As we await further developments, staying informed and proactive is the best defense against potential identity theft and fraud.

   
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  Geebo 8:00 am on August 16, 2024 Permalink | Reply
  Tags: check fraud, check washing ( 17 ), identity theft ( 108 ), mail theft ( 11 ), Scams ( 1,384 )   

  The resurgence of check fraud 

  

  By Greg Collier

  Writing physical checks might seem like an outdated practice. However, despite the decline in check usage, check fraud is not only persisting, it’s on the rise. Many victims of this crime may not even realize they’ve been targeted until it’s too late.

  Imagine receiving a notification from your bank that a check you wrote for a small amount was cashed for a staggering sum. Or worse, that multiple checks you never wrote are now linked to your account. Unfortunately, scenarios like this are becoming more common.

  Criminals have found new ways to profit from stolen checks, with social media platforms like Telegram becoming a marketplace for these illicit transactions. In one recent case, dozens of stolen checks from a specific area were found for sale online. The checks, all pilfered from the same vicinity, were bundled with personal information that was brazenly displayed for potential buyers.

  Once checks are stolen, they are often undergo a process called check washing. This process involves removing the original ink, allowing fraudsters to alter the payee’s name and the amount. These doctored checks are then sold to the highest bidder, often along with other stolen information such as driver’s licenses, and debit cards. The sheer volume of stolen checks has allowed criminals to operate openly, with little need to conceal their activities.

  To protect against check fraud, limiting the use of checks is advisable. If writing a check is unavoidable, it’s wise to avoid dropping it in public mailboxes, where criminals often strike. Instead, taking the check directly to the post office provides a safer alternative. Tracking the check’s progress can also offer peace of mind, ensuring that it reaches its destination without issue. Staying alert and monitoring bank accounts closely can help catch any unusual activity early, allowing for a quicker response if something goes wrong.

  Check fraud may seem like a relic of the past, but its resurgence reminds us that even in a digital world, old threats can still cause significant harm. By taking a few extra precautions, you can help protect yourself from becoming the next victim.

   
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  Geebo 8:01 am on August 15, 2024 Permalink | Reply
  Tags: bank scam ( 72 ), job scam ( 81 ), Scams ( 1,384 ), Zelle ( 67 )   

  Zelle wouldn’t help until the media got involved 

  

  By Greg Collier

  When digital payments are becoming the norm, it’s easy to assume that services like Zelle offer the same protections as credit cards. But one Tucson resident learned the hard way that this isn’t always the case.

  It all started with a text message from a recruiter claiming to represent a prominent international technology company. The offer seemed legitimate, with a formal interview conducted via text. But there was a catch. The jobseeker was asked to send $950 for remote work equipment. Trusting the process, he transferred the money through Zelle, expecting to start his new job soon after.

  However, as the days passed, it became clear that the job wasn’t real. He had fallen victim to a scam, losing nearly a thousand dollars in the process.

  Realizing he had been scammed, the man contacted his bank, hoping they could help him reverse the transaction. To his dismay, the bank declined his request. Their reasoning? The payment had been authorized, meaning it was processed exactly as he intended. Because he had willingly sent the money through Zelle, they claimed there was nothing they could do.

  Feeling frustrated and out of options, the man decided to reach out to a local news station. He shared his story, hoping that public attention might help his case. The news team took up the challenge and contacted the bank on his behalf, pushing for a resolution.

  The involvement of the media made a difference. After further review, the bank reconsidered its position. They reversed the transaction and credited the man’s account with the full $950 he had lost.

  To protect yourself, always be wary of any situation that involves sending money to someone you don’t personally know. If something feels off, trust your instincts. And if you find yourself in a similar situation, remember that persistence, and sometimes public attention, can be key to resolving the issue.

  This story underscores a troubling reality. It shouldn’t take the involvement of the media or public pressure to get Zelle or a bank to take action in cases of fraud. Digital payment services should prioritize protecting their users and have mechanisms in place to address scams swiftly and fairly. While this Tucson man was fortunate to recover his funds, it’s a reminder that more robust consumer protections are needed to ensure that others don’t have to fight so hard to reclaim what was wrongfully taken from them.

   
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  Geebo 8:00 am on August 14, 2024 Permalink | Reply
  Tags: employment ( 37 ), job scam ( 81 ), job search ( 9 ), Scams ( 1,384 ), work from home ( 11 )   

  Protecting yourself from work-from-home fraud 

  

  By Greg Collier

  As people search for job opportunities this summer, con artists have been exploiting those looking for work, particularly in the realm of work-from-home jobs. The allure of a high-paying, flexible job can sometimes lead to financial loss or identity theft, as criminals use increasingly sophisticated methods to deceive jobseekers.

  Recently, the Better Business Bureau (BBB) has received numerous reports of employment scams. These scams often involve phony job postings that appear legitimate, luring unsuspecting individuals into sharing sensitive information or even paying money upfront.

  One person from Central Texas recently fell victim to such a scam. She was looking for a part-time work-from-home job and came across a promising listing on a popular employment site. The job seemed legitimate, offering positions in customer service, data input, and administrative assistance. After going through an interview process conducted via email and text, she was informed that she had secured a data processing position.

  The scammers provided her with an offer letter, payroll information, and even access to an employee portal. These elements gave the position an appearance of legitimacy. However, as the conversation shifted to setting up her home office, the red flags began to appear. The scammers requested that she purchase office equipment through a specific portal and assured her that she would be reimbursed later. Alarm bells rang when they asked her to photocopy her credit card and send it to them. Fortunately, she trusted her instincts and cut off communication before any financial damage was done.

  The BBB warns that work-from-home scams are on the rise, with some fraudsters impersonating real companies, while others create entirely fake ones. A key warning sign is being asked to pay for equipment or other expenses upfront. No legitimate employer will require you to spend your own money before starting a job.

  Another common tactic involves sending a check for you to purchase office supplies, only to later claim that they overpaid you and request a refund. This is a classic scam designed to trick victims into sending money before the fraudulent check bounces.

  To protect yourself from job scams, be cautious of high-pressure offers that promise quick cash, and be wary of situations where the employer contacts you first. Always research the company thoroughly, and if anything feels off, trust your gut and walk away.

  Jobseekers should stay informed and cautious, especially during times of economic uncertainty when scams tend to spike. If you encounter a suspicious job offer, report it to the BBB or the appropriate authorities to help protect others in your community.

   
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  Geebo 8:00 am on August 13, 2024 Permalink | Reply
  Tags: elder scam ( 7 ), gold bars ( 10 ), impersonation scam ( 148 ), Scams ( 1,384 ), seniors ( 9 )   

  Gold bar scams are still on the rise 

  

  By Greg Collier

  The golden years, a time meant for relaxation and enjoyment, are being overshadowed by a growing and sinister threat in the Washington D.C. area, gold bar scams.

  These scams often start with something as innocuous as a pop-up ad online or a fraudulent phone call. Posing as law enforcement officers, scammers convince their victims to convert their life savings into gold bars, supposedly for ‘safekeeping’. Once the gold is handed over, it disappears, leaving victims with shattered finances and a sense of betrayal.

  The scale of the scam in the D.C. area alone is alarming, with victims ranging in age from 61 to 94. Some have lost their entire life savings, with individual losses reaching into the millions. The criminals behind these scams are sophisticated, preying on the trust and sensibilities of their targets, making them believe they are dealing with legitimate federal agents.

  This problem isn’t confined to one area. Across the nation, similar scams have been reported, with a significant number of complaints related to couriers collecting gold bars from unsuspecting victims. The money, once handed over, is often laundered and sent overseas, making recovery nearly impossible and leaving victims and their families to deal with the consequences.

  The emotional and financial toll on the victims and their families is profound. The sense of security and trust that should define the golden years is being eroded by these heartless schemes. Many victims are left feeling isolated and vulnerable, questioning their judgment and struggling with the loss of their financial stability.

  To protect against these scams, it’s crucial to be cautious. Recognizing that legitimate federal agents will never ask for money in the form of gold bars is key. It’s also important to be wary of unfamiliar phone calls or online ads that could be the first step in a scam. Sharing this information with elderly loved ones and encouraging open communication about any suspicious contacts can help prevent these devastating losses.

   
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  Geebo 8:00 am on August 12, 2024 Permalink | Reply
  Tags: bail scam ( 15 ), emergency scam ( 4 ), family emergency ( 3 ), grandparent scam ( 69 ), Scams ( 1,384 )   

  The many faces of the emergency scam 

  

  By Greg Collier

  Emergency scams, often referred to as ‘grandparent scams,’ are notorious for exploiting the deep concern and affection people have for their loved ones. These scams rely on the urgency of a fabricated crisis, preying on the fear that someone close to you is in immediate danger. Traditionally, these scams have targeted older adults, but a new and unsettling twist has emerged: scammers are now going after the parents and families of college students.

  The mechanics of the scam remain deceptively simple. It begins with a call, email, or social media message from someone pretending to be a close relative or friend in distress. The scammer creates a convincing narrative, claiming to be in a dire situation, such as being arrested, involved in an accident, or facing a sudden medical emergency. To make their story more believable, they often include specific details like family names, school affiliations, or even recent travel plans.

  The classic grandparent scam follows a similar pattern, where a scammer impersonates a grandchild in trouble and begs the grandparent to quickly wire money. By the time the grandparent realizes they’ve been duped, the money is long gone. In some variations, the roles are reversed, with the scammer pretending to be a grandparent seeking help from a grandchild, adding another layer of complexity to the con.

  This newer version of the scam has specifically zeroed in on the parents of college students. In these cases, a scammer contacts the parent, posing as an authority figure or even the student themselves, claiming that their child has been arrested and needs immediate bail money. The scammer might send a fake mugshot or suggest that the child is in imminent danger of being placed in jail alongside dangerous criminals. Overcome with fear and panic, many parents rush to send money through payment apps like Venmo or PayPal, only to discover later that they have been deceived.

  What makes these scams even more insidious is the use of voice cloning technology. Scammers have begun to mimic the voices of loved ones by using audio samples found on social media or other online platforms. This technology allows them to create a convincing imitation of the person they’re impersonating, making the scam even more terrifying. While some voice clones are rudimentary, others are so sophisticated that they can easily fool even the most cautious individuals.

  To protect yourself and your family from falling victim to these scams, it’s crucial to take a moment to verify the situation, no matter how urgent it seems. If you receive a distressing call or message, resist the impulse to act immediately. Instead, contact your loved one directly using a known phone number, rather than relying on the number provided by the scammer. It’s important to be aware of what information and images your family members share online, as scammers often use these details to build a convincing story. Advising your loved ones to use privacy settings on social media can also help reduce the risk.

  If you’re ever asked to send money through a payment app or wire transfer, make sure to double-check the situation before taking any action. In the unfortunate event that you realize you’ve been scammed, it’s essential to report it to the police right away. Additionally, if a scammer claims someone will come to your home to collect money, do not answer the door; instead, contact the authorities immediately.

  Emergency scams are designed to manipulate our deepest fears and love for our family members. By staying vigilant, verifying suspicious contacts, and educating others about these scams, we can better protect ourselves and our loved ones from these cruel and deceptive tactics.