Rip-off artists often use the same phrases to sow confusion and induce panic among their victims. Here's what to watch out for.
New York Magazine financial columnist Charlotte Cowles made waves last month with an article revealing that she'd been scammed out of $50,000. While some people were sympathetic, others criticized the author for falling for what even she herself admitted seemed like an obvious, if highly elaborate, con.With scams on the rise, now often abetted by artificial intelligence, government watchdogs want people to be aware of the language fraudsters typically use to dupe their victims.
Con artists may ask you to stay on the phone while you buy a gift card or withdraw money from the bank so they can monitor what you're saying and talk you out of backing out of the transaction. Move your money to protect it. It may seem obvious, but instructions from a total stranger on the other end of the phone telling you to move money from your bank or investment accounts to anywhere else is a scam, according to regulators. Withdraw money and buy gold bars. Really? Afraid so.
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