Become scam savvy | Summary and Q&A

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June 14, 2018
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Investor Motivation
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Become scam savvy

TL;DR

The Triple C's report exposes the extent and depth of financial scams, with a combined loss of $340 million in 2017 and a 9% increase from the previous year.

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Questions & Answers

Q: What does the Triple C's report reveal about financial scams?

The report highlights a combined loss of $340 million from over 160,000 reported cases in 2017, with an average loss of $6,500 per scam.

Q: Which types of scams are most common?

The dominant scams revolve around investing, particularly sending money overseas for trading programs or investments recommended by overseas brokers.

Q: Who are the primary targets of financial scams?

Individuals aged 45 and above make up 75% of scam victims, with the age group of 55 to 64 being the most targeted. However, they may underreport due to embarrassment.

Q: What are the main contact methods used by scammers?

Phone calls account for 40% of contact methods, followed by email. Scammers often use a combination of both, relying on professional-looking graphics and website designs to deceive victims.

Summary & Key Takeaways

  • In 2017, financial scams resulted in a combined loss of $340 million across government agencies, with over 160,000 reported cases and an average loss of $6,500 per scam.

  • The dominant scams are centered around investing, such as sending money overseas for trading programs or investments recommended by overseas brokers.

  • Dating and romance scams are also prevalent, taking advantage of increased access to people through online platforms.

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