Local Scams Steal Eye-Popping Figures

Here in Georgetown the local newspaper, The Sun, posts a “police blotter” section of recent reports. Nearly every time there is a report of a person falling victim to an online scam, often to the tune of tens of thousands of dollars. Sadly, a report last month detailed a victim who lost over $1 million in a phony cryptocurrency scam. These eye-popping headlines show that these scams aren’t just happening in far flung locales, but are draining local residents of hard-earned life savings. The biggest losses often are the result of a months-long “relationship”: either romantic, business, or authoritative (e.g. fake police). Once the scammer has a little bit of our money, our human nature is to double down and ignore the warning flags. This keeps us playing into the scammer’s hands until the losses become unsustainable. If you have a friend or family member who appears to be participating in something that you find a little “off”, please have a heart-to-heart conversation with them or involve the authorities. Your tough love may be the only thing that prevents further financial loss.