Well, you, my dear reader, perfectly match the description of a scammer’s ideal target. You have a college degree, a smartphone, and ambitions. Your generation has become an obvious target for the scammers. They understand you struggle with student debt and desperately search for an easier way. Frankly speaking, they count on your hope beating your cynicism. 😅
The get-rich-quick schemes have evolved far beyond Nigerian princes asking for money via e-mail. Nowadays, it’s represented by Instagram posts, promising that you’ll become rich in no time. If you see something similar and the course costs $997 and guarantees millions by Thursday – leave without looking back. Real investing is a lengthy and boring process; hence the temptation. Remember how my friend bought some “masterclass” only to realize it was a YouTube playlist? 🤦♂️
Mind the “exclusive community” strategy. They will try to provoke your FOMO with timers and banners, saying “only 3 spots left”. They want you to believe you are a part of a mysterious elite investors club. Instead, you become a paying member of a Discord community of people who got duped by the same promise. You are a product if the community is paid and unregulated.
Romance scams have also adjusted to the times. Scammers are not targeting elderly men anymore, now they try to catch young professionals searching for companionship. They portray themselves as wealthy crypto traders on Tinder and Hinge. Weeks of chatting and building your connection are followed by talks about their investment portfolio and lessons on trading. You’ll never see the money you spent on your education again. 💔
Phishing emails have become more sophisticated, so avoid reading them in a hurry when rushing to a café. Pay particular attention to the sender’s address because it’s extremely easy to mix a “0” with an “O”. They’ll pretend to be your bank, landlord, and even IRS demanding immediate payment. Don’t ever click on the link sent to you in a text message saying that your account is frozen. Open the site in question via your browser.
Student loan forgiveness scams are particularly nasty because they are exploiting your worries about your debt. They will call you from the Department of Education asking for the processing fee. Federal agencies don’t ask for payment when you apply for government relief programs. Never give out your FSA ID password over the phone because scammers will take control of your account and take the money themselves. 🚫
Protect your digital footprint just like you’d protect your physical one. Stop using the same password for your Netflix and checking account. Buy a password manager like 1Password or Bitwarden. Enable two-factor authentication whenever it’s possible and, if you can, use the application instead of SMS. This method is more reliable and takes five minutes to set up. 🔒
If you encounter some kind of scam – don’t pretend nothing is happening. Report it to the FTC or consumer protection agency in your area. Even if you think it’s a waste of your time – the agencies analyze all data they receive to find patterns. In case you lose some money, call your bank immediately because they may reverse the transaction. Being a scam victim is embarrassing but silence is what makes them prosper.