FBI - Billion Dollar Scam emptying elderly retirement accounts.

[CarbonToast]

I think part of it is assumption that a safety net exists and with "fix it". That isn't the case. If you wire money to someone. It's not coming back and its not the banks problem. It's the same as handing someone a breifcase of cash.

 

[Chris142]

When the FBI calls and has an east Indian accent then demands $10k worth of Walmart gift certs sent to Zimbabwe why doesn't Walmart flag that?

I know a guy that fell for that one .

 

[ATex7239]

When the FBI calls and has an east Indian accent then demands $10k worth of Walmart gift certs sent to Zimbabwe why doesn't Walmart flag that?

I know a guy that fell for that one .

Because WM Inc doesn’t care about you/me/him either.

 

[edyvw]

I suspect that they are targeted because they likely have money.

A lot of people have money.
They target this demographic for a reason.

 

[Pew]

I suspect that they are targeted because they likely have money.

They're easier to fool with these types of scams. Younger generations regard any call that's not friends, family, or work, as a marketing or scam first; or they're more apt to search online to see if it's a scam.

 

[D60]

It's because 65 years ago people had manners and thought it was rude to hang up the telephone.

Off Topic, I'm getting about five emails per day reading "thank you for your $400 purchase, if this was not you, call 1-800..."

Unless it's a purchase from a tool supplier like Acme, Toolup etc or inflatableplaymates.com, I know it's TOTALLY a scam

As for the issue of ignorance vs polite, we could ALL benefit from a brief pause and perspective: Does this make sense? Would they ask for this info over the phone? How can I end this call and use a known, good contact method for my [bank/credit card/lender] to verify the legitimacy of the claims?

 

[doitmyself]

The gist of this is that we need to ramp up our education of older generations, correct? Lets all do our part. If truly old people are involved with failing mental ability, there are ways to protect withdrawal of their savings and management of their various accounts. We did this with my mom.

 

[Silverado12]

Someone hacked my BB&T (Truist) checking account and wiped it out of $700 USD through Zelle. They did a fraud investigation and told me that it was done on my "device", so I filed a police report and will take them to small claims court if I have to. I did not ever give out any numbers, acct. info as I know better. I think this may be an inside job. None of my other accounts have been hacked (other bank and credit union) or credit cards, ATM, etc. I requested transcripts of everything from the bank of their investigation. My internet security is up to date, etc. This has me baffled.

 

[4WD]

Well - AI breaks it up that folks under 60 are fooled most often …
But, those over 60 take the larger monetary losses …

 

[billt460]

.....There is research on why they are targeting this demographic.....

Yeah, they've got money. First rule of being a criminal. If you're going to rob someone, make sure you pick one worthy of robbing. Today's younger generation ain't it.

 

[edyvw]

Someone hacked my BB&T (Truist) checking account and wiped it out of $700 USD through Zelle. They did a fraud investigation and told me that it was done on my "device", so I filed a police report and will take them to small claims court if I have to. I did not ever give out any numbers, acct. info as I know better. I think this may be an inside job. None of my other accounts have been hacked (other bank and credit union) or credit cards, ATM, etc. I requested transcripts of everything from the bank of their investigation. My internet security is up to date, etc. This has me baffled.

One of the big problems is the Facebook marketplace.
You are selling something and you get "buyer:" "Hey, my account can send larger amounts only if you send me same amount, and I can then return double that."

 

[Silverado12]

Hello, do you have Sir Walter Raleigh in the can?
Yes.
Well, you need to let him out for a book signing at 9 …

Hey, is your refrigerator running?

 

[4WD]

Hey, is your refrigerator running?

… already caught it

 

[Silverado12]

One of the big problems is the Facebook marketplace.
You are selling something and you get "buyer:" "Hey, my account can send larger amounts only if you send me same amount, and I can then return double that."

I already know about that one. I swear this BB&T thing has to be an inside job. Two of my wife's friends were hacked in a similar way but they eventually got their money back. We'll see. It's not the end of the world; only 700 bucks but it leaves me with the feeling of helplessness and being violated and now paranoid.

 

[Arc]

Young people do something ignorant and they’re called stupid. Older people do something ignorant and they’re called too polite. That’s rich. This comes from ignorance, plain and simple.

This is why I’ll never understand the “I’m too old school and I don’t want to change” mentality. People need to continue learning, changing, and adapting because the world is going to change around them like it or not.

Change isn't always a good thing but it is a sure thing. Every generation gets worse, thats why every society in history has failed at some point. People become selfish. After each fall people come together and rebuild as a group then slowly the cycle starts all over again.

 

[ATex7239]

Change isn't always a good thing but it is a sure thing. Every generation gets worse, thats why every society in history has failed at some point. People become selfish. After each fall people come together and rebuild as a group then slowly the cycle starts all over again.

I wouldn’t say people get worse. I would say people are just people, all subject to their genetic endowment, environment and circumstance.

Time is linear, but life is cyclical.

 

[eljefino]

And these same kids think they should make $30.00 an hour flipping burgers at McDonalds. Because it now has to be a "living wage", that was never designed to live on in the first place.

Franklin D. Roosevelt introduced the minimum wage in his Message to Congress on May 24, 1937, which led to the passage of the Fair Labor Standards Act of 1938. In the address, he declared that "no business which depends for existence on paying less than living wages to its workers has any right to continue in this country". Link

 

[eljefino]

Someone hacked my BB&T (Truist) checking account and wiped it out of $700 USD through Zelle. They did a fraud investigation and told me that it was done on my "device", so I filed a police report and will take them to small claims court if I have to. I did not ever give out any numbers, acct. info as I know better. I think this may be an inside job. None of my other accounts have been hacked (other bank and credit union) or credit cards, ATM, etc. I requested transcripts of everything from the bank of their investigation. My internet security is up to date, etc. This has me baffled.

That's just it, banks are allowed to treat your money like a hefty bag full of gasoline then when it's broken it's "your fault."

I liked the CFPB when it had teeth.

 

[billt460]

Franklin D. Roosevelt introduced the minimum wage in his Message to Congress on May 24, 1937, which led to the passage of the Fair Labor Standards Act of 1938. In the address, he declared that "no business which depends for existence on paying less than living wages to its workers has any right to continue in this country". Link

California tried that stupidity. It resulted in the highest paid unemployed fast food workers in the country. It destroyed over 16,000 jobs.

So in reality Roosevelt was right. The jobs no longer exist.

 

[Pablo]

Franklin D. Roosevelt introduced the minimum wage in his Message to Congress on May 24, 1937, which led to the passage of the Fair Labor Standards Act of 1938. In the address, he declared that "no business which depends for existence on paying less than living wages to its workers has any right to continue in this country". Link

And it remains one of the worst decisions. I mean why not $75/hour min wage, everyone will be HAPPY!

That's just it, banks are allowed to treat your money like a hefty bag full of gasoline then when it's broken it's "your fault."

I liked the CFPB when it had teeth.

Yes banks are trusted to protect your money. But if you give away the means to access your money, that's NOT the bank's fault.

The CFPB doesn't stop this type of theft. Government is not ALWAYS the answer.