3 Scary Realistic Financial Scams - Money Tip Tuesday

There are so many different ways scammers try to trick people. Some scams are easily recognizable, while others might not be so obvious. The effectiveness of a scam depends on many factors, most importantly, the victim’s unawareness of the scammers’ techniques. Staying aware is the number one thing we should all do to stay ahead of scammers and live with a little more peace of mind.  

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

We cover fraud scams and alerts on this channel a lot, but the truth of the matter is that fraud attempts are always occurring so it’s imperative that everyone should stay on top of the most effective or newest trends in order to keep themselves and their loved ones safe. 

This tip is going to present examples of some gut-wrenching scams individuals have experienced using three fictitious stories based on real tactics. 

#1 Virtual Kidnapping 

David was halfway through his morning coffee when his phone rang with a recognized number – his wife’s. The voice on the other end was cold and urgent: “We have your wife. If you want to see her again, send $25,000 through Zelle—now.” Panic surged through him as the caller described personal details about his wife, making the threat feel terrifyingly real. He knew his wife was already on her way to work, but occasionally stopped at a local cafe or store to pick up a coffee or morning snack. David’s hands trembled as he opened his banking app and considered sending the money, but something about the situation didn’t feel right. He asked the caller to put his wife on the phone. The caller refused and instead continued to push David into sending over the money. David began to suspect he was being scammed, so he decided to hang up and call his wife’s office phone. Within seconds, she answered on the other end, confused but safe. Immediately, the scam unraveled, leaving David shaken but relieved, and prompting a call to the police to report the fraud. 

This kind of scam preys on fear and urgency. Scammers often use social media to gather personal details, then demand payment through apps like Venmo or Zelle, which are harder to trace. David’s quick thinking saved him from a costly mistake—but not everyone is so lucky. 

 

#2 AI Voice Cloning: 

Margaret was folding laundry when her phone buzzed with a call from her daughter, Emily—at least, that’s what the caller ID said. Emily’s voice came through in a frantic rush: she’d been in an accident, her wallet was gone, and she needed money immediately to avoid legal trouble. “I’ll send you a link,” she said, her voice trembling. “Just click it and send whatever you can through Zelle.” Margaret’s heart raced. The voice sounded just like Emily’s—same tone, same cadence—but something felt off. The urgency, the unfamiliar link, the fact that Emily had just messaged her hours before about coming to visit for the holidays. Margaret hesitated, then decided to try something. She remembered Emily had just told her something personal a little while ago that no one else could have known. She quickly asked to Emily to remind her the specific details about that conversation. The caller on the other line was silent for a second then came back with a different question in an attempt to deflect. Margaret was more convinced now this was a scam, so she hung up the phone and called Emily’s number. When her daughter answered calmly from her apartment in Pennsylvania, the truth hit: the voice had been AI-generated, and the link was a scam. 

This type of fraud is growing more sophisticated, using voice cloning and spoofed caller IDs to exploit emotional bonds. Margaret’s instinct to verify, saved her from financial loss, but the experience left her shaken—and more cautious than ever. Any of us might face a scam like this in the future, so it’s important to develop pass phrases or codes you can use with friends and family to verify each others’ identities in case a scam like this ever comes up. 

 

#3 Bank Impersonation Fraud 

Jason was just finishing dinner when his phone rang with a number labeled “Bank Fraud Department.” The caller sounded professional, even reassuring, and said they’d detected suspicious activity on his checking account. “We need to verify your identity to cancel the card and secure your funds,” the voice said. Jason, alarmed but trusting, began answering questions—his full name, date of birth, and eventually his account number and online banking login. The caller promised a confirmation email would follow shortly. But when Jason checked his bank app minutes later, he was locked out. His account had been drained.  

This scam relies on urgency and authority to trick victims into revealing sensitive information. Scammers often spoof legitimate phone numbers and use insider lingo to sound convincing. Jason’s experience is a reminder of how sophisticated scammers can be. It’s policy for most banks and financial institutions that they’ll never ask for full login credentials or account numbers over the phone. When in doubt, hang up and call the bank directly using the number on the back of your card or found on their verified website. 

Scams are increasing in sophistication these days, especially when tools like AI can convincingly replicate the voices of friends or loved ones. Please keep these scam tactics in mind and share with others in your life. Awareness is the first step in keeping our identities and finances safe in today’s mobile and digital world.  

If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our new Making Money Personal FB page and look for Triangle on Instagram and LinkedIn to share your thoughts. 

Thanks for listening to today’s Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!