Tips to Avoid Falling Victim to Scammers: Lessons from the Financial-Advice Writer Who Lost $50,000
In a recent shocking revelation, a financial-advice writer shared her story of being scammed out of $50,000 by a cunning fraudster. Charlotte Cowles, a columnist for New York magazine, fell prey to a scam that involved putting cash in a shoebox and handing it over to a stranger. Unfortunately, Cowles’ experience is not an isolated incident, as scams like these are becoming increasingly common.
Cowles recounted her harrowing tale in an article that shed light on how even a well-informed and rational person can be susceptible to the tactics of skilled con artists. However, instead of criticizing the victim, experts suggest that we can learn valuable lessons from her story.
According to the latest data from the Federal Trade Commission (FTC), American consumers reported losing over $10 billion to fraud in the past year alone, with a significant portion attributed to impostor scams like the one Cowles fell victim to. It is crucial to be aware of these scams and take steps to protect ourselves.
The first lesson we can learn from Cowles’ experience is to get off the phone when we suspect something might not be legitimate. It is important to interrupt the surge of adrenaline that leads us to make impulsive decisions. Cowles could have hung up the phone at various points during her interaction with the fraudster, but her tendencies towards people-pleasing and conflict aversion prevented her from doing so. Taking a step back, breathing, and politely ending the conversation can help us regain control and think rationally.
Another crucial step is to verify the identity of the caller. Scammers often try to isolate their victims by discouraging them from speaking with other people. Cowles expressed regret about not confiding in someone she trusted during her ordeal. By telling someone what’s going on, we can seek advice and gain a fresh perspective. If someone claiming to be a friend or relative calls asking for money, hang up and call them back using the number you usually use for them. Alternatively, find the real customer-service phone number of the organization they claim to represent and verify if they have initiated contact with you.
Maintaining zero trust is another key lesson to remember. Scammers thrive on exerting pressure and creating a sense of urgency. However, it’s essential to remember that we have the power to take back control. Hang up the phone and verify with a legitimate and known entity at every stage. Requests for money, especially from unfamiliar entities or individuals, should raise red flags. Seek advice from independent sources, such as your bank or trusted institutions, before taking any action.
In light of her experience, Cowles also shared her own tips to help others avoid falling victim to scams. Her advice includes being cautious of false urgency, not calling numbers sent over text or email, and recognizing that government agencies or law enforcement will not pressure you to transfer money in a hurry.
In conclusion, scams targeting unsuspecting individuals are on the rise, and it’s crucial to arm ourselves with knowledge and caution. By learning from the experiences of others, like Charlotte Cowles, we can better protect ourselves from falling victim to these fraudulent schemes. Remember to trust your instincts, verify identities, and maintain zero trust when dealing with unfamiliar situations.
