I Lost $378K to a Government Imposter: 6 Warning Signs Everyone Should Know
Mary Ellen lost most of her life savings to a government imposter — and it all started when she noticed some suspicious purchases made on one of her financial accounts. She Googled the phone number for customer service and the person who answered indicated that her name was tied to serious federal crimes and that she needed to act immediately.
Over seven weeks, the man — posing as a federal official — instructed her to withdraw cash from her bank accounts to purchase cryptocurrency, debit cards, prepaid credit cards, gold coins and gold bars. Mary Ellen also allowed people who purported to be undercover FBI agents to come to her house to pick up $30,000 in cash.
Mary Ellen was told that she would eventually get all of her money back on a specific date, but that date came and went. At that point, she suspected she had been a victim of fraud. All in all, she had $378,000 stolen from her life savings.
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Now, Mary Ellen is sharing her story in partnership with Adaptive Security, which is offering a course on protecting older adults from artificial intelligence scams. Her experience highlights how today's scams operate and how easily anyone can be pulled in.
Here, she shared the advice she would give to others to prevent them from becoming scam victims.
1. Look Out for the Use of Urgency and Fear
Scams are often orchestrated by highly sophisticated criminals who know how to create urgency, fear, isolation and trust in order to manipulate their targets. In many cases, what may seem clear in hindsight was deliberately obscured in the moment. People affected by these crimes deserve understanding, respect and support as they cope with such life-altering losses.
2. Never Give Money to Someone You Don't Know Personally
Never give money in any form to someone you don't know or haven't met in person. Requests for cash, prepaid credit cards, cryptocurrency, gold coins or gold bars are a clear sign of fraud.
3. Be Wary If Someone Demands Secrecy or Claims To Be a Government Employee
If someone asks you to make a wire transfer or tells you to keep it a secret, it's a scam — reach out to someone you trust and contact law enforcement. If a person claiming to be a government official threatens you with an arrest warrant while demanding money, it's fraud. No legitimate government official will ever ask for money over the phone.
4. Always Verify Bank and Credit Card Company Phone Numbers
Do not Google customer service phone numbers, as scammers may provide fraudulent numbers. Always verify numbers through a trusted source, such as a bill or official statement.
5. Be Cautious of Offers That Sound Too Good To Be True
Promises of prizes or "get rich quick" schemes, such as investing in cryptocurrency, are almost always scams that benefit only the criminal.
6. Slow Down and Verify
AI technology can now replicate a person's appearance, voice and mannerisms, so be wary even of video calls or online requests. Stop, take your time and do your research. If a caller refuses to wait, hang up — it's a scam.
If you have any questions or concerns about a request, threat or suspicious event, contact the AARP Fraud Watch Helpline at 877-908-3360.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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