The Expert Podcast

We're seeing so many more of these cases where people are losing their life savings because the bank allows a transfer to a scammer. You may have been contacted on social media. You may have been contacted through a text message or phone call claiming that somebody's from the government; maybe somebody is from a bank, and they're telling you to take money out, give them logins, or, uh, do a cashier check, and next thing you know, all your money's gone. The banks should be protecting you from this. The banks see this every single day. They know better, and sometimes the banks will try to prevent it, but they'll let you go to another branch and still wire transfer money.

You can click the link below if you would like to do some consultation about this, if you're a victim of it, or if you're afraid that maybe somebody's trying to take your money. We have licensed investigators that can talk to you about it. The most important thing is to be aware that these criminals are very, very convincing. Sometimes they'll have information about you. They'll do some background checks on you to find out the names of your relatives, what streets you lived on, what kind of car you have, so they can talk to you like almost in a believable way to pressure you into sending money, to maybe fool you into sending money.
It was an article that came out today about a financial consultant, a financial analyst, who lost $50,000 to such a fraud because they believed what the people were saying. It's not your fault if you fall victim to it. These people are very slick. They fool the most sophisticated kinds of victims all the time. So, if you're finding yourself at the short end of one of these scams, don't feel like you did something wrong. It's the scammer who did something wrong. You need to take action based on that.

The banks are probably going to come up with new systems to prevent it at some point in the next few years. The problem is that if they make it harder for you to take out your money, it might be hard to take out when you really do need the money, so they're trying to balance both issues. I know you have an opinion about that. Put it in the comments below. Let us know what you think.