Crazy Money! Government Impersonation Scam

It’s Crazy Money Day! 

The FBI says that older Americans lose more than $3 billion per year in scams. There are romance, lottery, and tech support scams. Plus, sweepstakes and loved-ones-in-trouble scams. You can’t be too vigilant in protecting your money today. Consider this story. A 65-year-old Houston man was contacted by an unknown caller who identified themself as representing the Vietnamese Embassy. Since he had immigrated to the U.S. more than 50 years ago, he listened closely. He was told that someone was using his name in a money laundering scam. Two weeks earlier, an official letter from the IRS warned him that his identity might have been stolen. So, he thought the call was legit and followed the scammer’s directions. Over several months, thieves messaged him through Viber. They used forged documents and AI-generated videos. When he realized he had lost $500,000, he finally told his daughter. It’s crazy! She was shocked, and he was ashamed. He had worked so hard, saved his money, and was hoping to retire soon. Now he’s having to sell his house to cover debts incurred through the ordeal.

Protect yourself when receiving unsolicited calls or mail. Guard your identity and personal information. Don’t transfer any money when someone calls you. Instead, contact the number on your bank statement and get the help you need. Don’t give in to pressure tactics. Take your time, seek counsel, and be wise!

Need help navigating your finances? Our online courses or budget coaching program can set you on the path to financial freedom. Go to crown.org and click on the “Get Help Now“ tab. You can start today at crown.org.