Get smart with your money
Today’s top story: How to outsmart smartphone scammers. Also in the news: 5 military budgeting tips, states that will pay you to work there, and just how worried you should be about a possible recession.
How to Outsmart Smartphone Scammers
Protecting areas of vulnerability.
5 Military Budgeting Tips
Important considerations for active military.
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Work remotely? These states want you.
Recession fears are back — should you be worried?
Don’t panic just yet.
Believing that fraud can’t happen to us — because we’re too smart, logical or informed — may make us more vulnerable. Successful scam artists skillfully overcome our defenses and get us into emotional states that override logical thinking, says Kathy Stokes, AARP’s director of fraud prevention programs.
“Scammers call it getting the victim under the ether,” she says.
Various studies have tried to identify characteristics that make people more susceptible to fraud. But that can create a “blame the victim” mentality and give the rest of us a false sense of security, she says.
In my latest for the Associated Press, how to reduce the chances of being taken by a scammer.
Some of us in the personal finance realm have a weird little hobby: We try to scam the scam artists.
We’re not out to steal their money — just their time. When fraudsters call to say we’re about to be arrested for tax debt, our Social Security number has been “suspended,” or a loved one is in trouble, we play along.
This gives us valuable insight into how the scams operate while wasting the time these jerks could spend victimizing more vulnerable people. In my latest for the Associated Press, how to protect yourself from these scam artists
Dear Liz: I have just received a phone call advising me that my Social Security number “is about to be suspended” and that for help, I should call a certain number. Is this legitimate?
Answer: No. Your Social Security number can’t be locked or suspended or any of the other dire-sounding consequences these robo-callers threaten. If you did call the number, the scam artist on the other end would try to trick you into revealing personal information or convince you to wire money or buy gift cards, which they can quickly exchange (or “wash”) to erase their trails. People lost $10 million to these Social Security scams last year, according to the Federal Trade Commission.
Today’s top story: 7 ways to make your money last in retirement. Also in the news: 5 money strategies for military deployments, 9 housing and mortgage trends for the rest of 2019, and how to protect yourself from gas pump skimmers.
7 Ways to Make Your Money Last in Retirement
Strategies for the long haul.
5 Money Strategies for Military Deployments
Managing the homefront.
9 Housing and Mortgage Trends for the Rest of 2019
What’s hot in the market.
How to Protect Yourself From Gas Pump Skimmers
Be on the lookout.
Gaylen Rust must have seemed trustworthy to the people who gave him money.
Rust was a longtime businessman in Layton, Utah, where he ran a coin shop started by his father in 1966. Rust also founded a charity called Legacy Music Alliance that funded arts programs in schools. An admiring 2013 profile in The Salt Lake Tribune called Rust “the state’s biggest proponent of arts education.”
Federal and state regulators, however, say Rust was running a Ponzi scheme. Civil lawsuits filed late last year by the Securities and Exchange Commission , the Commodity Futures Trading Commission and the Utah Division of Securities say Rust, his wife and one of his five children persuaded hundreds of friends, customers and business associates across the country to invest more than $200 million in a bogus silver trading pool.
When scam artists target groups of people who know each other or have something else in common, such as religion, it’s known as “affinity fraud.” In my latest for the Associated Press, why you shouldn’t rely solely on recommendations from friends and family when choosing a financial adviser.