84 Year old promised a night of passion in online romance scam and loses $98,000 (#340)

Financial Advisors Say The Darndest Things

In this sobering episode, A.B. Ridgeway shares the heart-wrenching story of an 84-year-old widow who was deceived into losing $98,000 to a sophisticated romance scam. As Valentine's Day approaches, it’s a timely reminder to remain vigilant about online love interests and protect your loved ones from becoming victims of financial and emotional exploitation. A.B. breaks down the key steps scammers use to manipulate their victims and how to safeguard against these traps.

Key Takeaways:

1. Understand the Scam Process: Scammers typically follow a three-step method: temptation, isolation, and violation. They lure victims with emotions like love, isolate them from trusted sources, and then exploit them financially.
2. Vulnerability and Loneliness: Scammers often prey on the elderly, especially widows or those who feel isolated. It’s important to have trusted individuals to discuss financial decisions with, particularly in times of emotional vulnerability.
3. Prevention is Key: Establishing a trusted "financial five" (advisor, accountant, lawyer, power of attorney, and executor) is crucial. These individuals can help protect you from making large financial transfers and falling victim to emotional scams.

Memorable Quotes:

1. "An ounce of prevention is worth a pound of cure. Protect yourself by having a trusted circle of people to discuss big decisions."
2. "She had all the money, but what she wanted most was love. If you have love, you already have what people with money desire most."
3. "At 84 years old, she was still vulnerable to the allure of passion and love. It’s a reminder that emotions can cloud our judgment at any age."

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Video/Audio Credit: ABC news