Money Wise #493 - Valentine's Special: Romance Scams & Love Stories from The Money Guys
The episode begins with hosts Ray and Pete Lance and attorney Tenny Lance offering condolences for Pete's two recently deceased rescue dogs, Willow and Luna, setting a personal tone. They transition to the main topic: senior financial scams, prompted by Valentine's Day and Super Bowl Sunday. Ray shares a news story about a 73-year-old grandmother named Jean on Long Island who received a call from a scammer pretending to be her grandson arrested for drunk driving. She played along, called police, and handed the scammer an envelope with paper towels instead of $8,000, leading to his arrest for attempted grand larceny. Pete mentions his brother in North Carolina experienced a similar scam. The hosts cite AARP, the FBI, and other sources, noting seniors lost over $3 billion to scams last year, with a 47% increase in fraud and identity theft this year. They discuss why seniors are targeted, citing loneliness and trust. The grandparent scam is explained in detail: callers ask 'Grandma, do you know who this is?' and confirm any name guessed to pose as grandchildren, then request money for emergencies like jail or car repairs. Other scams covered include deed copy offers for $75 (which can be obtained for $3 online), online shopping fraud, and government imposter scams like fake IRS calls. Ray advises never giving out Social Security numbers, sharing he leaves them blank on medical forms. Tenny and Pete emphasize the IRS and Social Security will never call you. Personal anecdotes include a hairdresser scammed out of $18,000 via ATM withdrawals and clients bringing in suspicious letters. The hosts recommend hanging up on unknown calls, checking with family, and using resources like the police. The episode blends educational content with casual banter about pets and holidays.
