Could someone really open a bank account, buy a car, or even get married in your name — without you knowing?
Unfortunately, yes. These stolen identity stories show that it happens more often than you think. And identity theft is not a joke, Jim — it’s a financial mess that can wreck your credit, drain your accounts, and leave you cleaning it up for months or even years.
In Generation Money, Wall Street veterans Guy Adami and Dan Nathan sit down with Laura Pellegria, a 19‑year‑old entrepreneur who became CEO of her first company at 17 and now studies fashion business at FIT.
Together, they trade jaw‑dropping identity theft stories and share tips that actually work to protect yourself against identity theft.
Q: Could identity theft actually happen to me?
Yes. It can happen to anyone. While you’re working, paying rent, and minding your own business, scammers are out there looking for personal info they can grab and use.
In the episode, the gang plays a game called Fraud or Fiction — trying to guess which identity theft stories are real:
- A fake marriage in Nevada.
- A repo man after a Mercedes you never bought.
- $10,000 pulled from a bank account with a bad ID.
The scary part? Most of them really happened. Tune in to find out.
Q: What’s the real damage of identity theft?
“If you’re in default, the government can garnish your wages. They can take your tax refund,” says Guy Adami, a Wall Street veteran best known as one of the original “Fast Money Five” on CNBC, with 35+ years of market experience.
Guy has spent decades navigating market volatility, corporate risk, and the fallout from bad financial decisions. Alongside Dan Nathan, a longtime options trader, financial commentator, and founder of Risk Reversal Advisors, they’ve seen how quickly a small issue can spiral, especially when stolen information is involved.
Identity theft isn’t just about stolen money. It can leave you with criminal charges, fraudulent loans, or even a fake business in your name. And cleaning that up can take months or years.
Q: Isn’t this just a problem for careless people?
No. Laura’s already careful — she keeps her Instagram private, uses two‑factor authentication, and thinks twice before sharing personal details online.
The truth is, identity thieves don’t just target people who “fall for scams.” They target everyone — and they’re getting more sophisticated every year.
Q: 5 ways to protect yourself against identity theft?
You can’t stop thieves from trying, but you can make their job a lot harder. Here’s what Guy, Dan, and Laura say works:
1. Keep your accounts locked down.
Turn on two‑factor authentication. Use strong, unique passwords for every account. Keep your social media profiles private to avoid oversharing with strangers.
2. Monitor your accounts.
Check your bank and credit statements regularly. Set up alerts for withdrawals, purchases, and new credit inquiries so you catch suspicious activity fast.
3. Freeze your credit if you’re not using it.
It’s free and stops thieves from opening new accounts in your name without your knowledge.
4. Guard your personal info.
Don’t give out your Social Security number, address, or date of birth unless it’s absolutely necessary, and never to someone you don’t fully trust.
5. Act fast if something feels off.
The quicker you report suspicious activity to your bank, credit bureaus, or an identity protection service like LifeLock, the less damage it can do.
Why these tips work
Guy and Dan’s combined decades in finance mean they’ve seen how devastating identity theft can be, and how much harder it is to fix than to prevent. Laura’s entrepreneurial background shows that protecting yourself isn’t paranoia; it’s part of protecting what you’ve worked hard to build.
Stay ahead of identity theft
Don’t wait until it happens to you. Join MoneyLion for tools that can help you:
- Monitor your credit
- Track your spending
- Spot suspicious activity early
- All in one app.
