Get got by Insta-scammers?

Summary

Marketplace Morning Report – "Get got by Insta-scammers?"

Date: September 19, 2025
Host: David Brancaccio
Key Contributors: Christopher Lowe, Giselle Regatao, Melanie McGovern, Nancy Marshall Genzer

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Episode Overview

This episode of Marketplace Morning Report delivers a concise roundup of overnight business and economic news. The headline story centers on escalating scams on Instagram and other social media platforms, where Americans are losing record sums to fraudsters. The episode also covers shifting mortgage rates in the wake of recent Federal Reserve decisions, a looming government shutdown, ongoing U.S.-China trade tensions affecting soybean farmers, and evolving restaurant portion trends in response to consumer cost-cutting.

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Key Discussion Points & Insights

1. Fed Interest Rate Updates and Market Response

Time: 01:31–03:56

• Mortgage Rate Fluctuations: Thirty-year mortgage rates recently dipped to a 12-month low before rebounding, highlighting market uncertainty.
• Fed Moves and Market Sentiment: The Federal Reserve executed expected policy moves at their recent meeting. While the Fed's short-term rate cut was anticipated, the long-term interest rates remain volatile due to fiscal uncertainties.
• Debt Ceiling and Government Funding:
  • Congress passed a budget but didn't sufficiently raise the debt ceiling for the coming year.
  • Two competing budget packages are in play: one maintaining current levels, another adding $1.4 trillion in spending.
  • Markets are unsettled by congressional gridlock and the prospect of a government shutdown.

Christopher Lowe:
“One [driver of long-term rates] is the Fed doing what we want them to do, the other: How much debt do we have to finance in the next 10 years or so? And that is up in the air.” (02:41)

Christopher Lowe:
“It’s an example of the more things change, the more they stay the same.” (03:45)

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2. Social Media Scams Surge—The Insta-Scam Epidemic

Time: 05:13–08:05

• Massive Losses: Americans have lost $1 billion to social media fraud just in the first half of the year—a tenfold increase over the past five years.
• Real Victim Story: Miriam Nunberg, a NYC education lawyer, bought a skirt from an Instagram ad and received an unwearable, low-quality item with no recourse for a refund.
• Consumer Protection Limits:
  • Complaints rarely lead to refunds, especially when the seller is overseas.
  • The Better Business Bureau can’t assist with overseas sellers.
  • Social media giant Meta did not respond to interview requests.
• Expert Guidance:
  • Rachel Toback, CEO of Social Proof Security, notes social platforms don't act quickly to remove scammy ads, harming user trust.
  • Melanie McGovern (BBB) urges vigilance:
    • Look for red flags (unusually low prices, guaranteed sizes/shipping).
    • Conduct reverse image searches to spot repeat scam ads.
  • Recent tariff changes mean scammers shipping to the U.S. now face higher costs, providing slight consolation.

Miriam Nunberg (via her son):
“It had looked really pretty in the ad, and I don’t normally buy things online at all.” (05:44)

Miriam Nunberg:
“The fabric is this stiff, thick polyester that doesn’t feel very good, and it’s very clammy when you wear it.” (06:02)

Rachel Toback:
“You would think social media companies would act quickly against scammy ads because it makes their platform seem scammy as a whole.” (06:36)

Melanie McGovern (BBB):
“We’re not able to secure… a refund or anything, because we only operate in North America.” (07:01)

Melanie McGovern (BBB):
“If that stylish linen dress for $50 looks too good to be true, Google it… you do that image search and you see it pop up on a bunch of different websites. It’s maddening.” (07:37, 07:43)

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3. U.S.-China Trade Relations and Impact on Farmers

Time: 08:05–09:00

• Trade War Pause Expiry: The current truce in U.S.-China trade hostilities and punitive tariffs will end in November.
• Soybean Sales Plummet: For the first time, China hasn’t bought any of this year’s U.S. soybean crop, straining American farmers who depend on Chinese purchases for over half their sales.
• Farmers’ Challenges: With a bumper soybean crop and low prices, the lack of Chinese orders may drive prices further down.

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4. Restaurants Adopt Smaller Portions as Diners Seek Savings

Time: 09:00–09:38

• Olive Garden Trial: The chain is experimenting with reduced portion sizes and lower prices to attract cost-conscious customers.
• Kids Menu Trend: Lightspeed survey finds 44% of adults now order from kids menus for better value.

David Brancaccio:
“The Olive Garden chain is experimenting with less giant individual portions at cheaper prices to see if it can lure back cost conscious diners... It found 44% of adults ordered from the kids menu. Why? Smaller portions and to save money.” (09:09–09:29)

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Memorable Quotes

• David Brancaccio:
  “Social media has a vast network of pickpockets, scammers and thieves.” (01:31)

• Christopher Lowe (on political gridlock):
  “It’s an example of the more things change, the more they stay the same.” (03:45)

• Rachel Toback:
  “All social media companies have a long way to go in responding to scammy behavior.” (06:30)

• Melanie McGovern:
  “If that stylish linen dress for $50 looks too good to be true, Google it.” (07:37)

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Additional Noteworthy Moments

• Consumer Advice:

  • Check the BBB scam tracker before buying.
  • Be wary when retailers guarantee sizing/shipping or offer prices that seem too good to be true.

• New Tariffs:

  • As of August, international online retailers must pay U.S. tariffs on parcels under $800, slightly raising costs for scammers. (07:49–08:05)

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Timestamps for Major Segments

| Time | Topic | |----------|-----------------------------------------------------------| | 01:31 | Mortgage rates & Fed policy updates | | 05:13 | Rise of social media scams—feature segment | | 08:05 | U.S.-China soybean trade update | | 09:00 | Olive Garden portion-nomics and dining trends |

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This fast-paced episode delivers a snapshot of how economic policy, global trade, consumer deception, and shifting spending habits are unfolding in real time—all in under ten minutes, complete with vivid anecdotes and actionable advice.

Transcript

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[David Brancaccio]

Social media has a vast network of pickpockets, scammers and thieves. I'm David Brancaccio in Los Angeles. First on Tuesday we noticed 30 year mortgage rates hit their lowest point in a year. Then the cost of home loans started to creep back up as the week wore on. This with the Federal Reserve Chair vague about more interest rate cuts ahead. Watching all of this unfold this week is Christopher Lowe, chief economist at FHN Financial. Chris, was it that bond market pros did not hear what they wanted to hear from our central bankers?

[Christopher Lowe]

Well, you know, we're always greedy for new information and I think what's happening in the markets this week is we had the Fed meeting on Wednesday. The Fed did exactly what they were expected to do and lower short term interest rates are the result. The Fed directly sets short term interest rates, but long term interest rates are a little more complicated. There's two primary drivers there. One is the Fed doing what we want them to do the other. How much debt do we have to finance in the next 10 years or so? And that is up in the air. Congress passed a budget this summer, as you know, but they didn't lift the debt ceiling enough to finance next year. And so we need a continuing resolution by the end of this month to keep the government open. There's two competing packages out there. One sticks to current spending, the other would add 1.4 trillion in new spending. And I think that's what the market is nervous about.

[David Brancaccio]

I mean, is it really such a cliffhanger? I mean, given the way politics have been going, it's not like suddenly everyone's going to bring in austerity, it seems.

[Christopher Lowe]

No, I think that's exactly right. And this is one of those shoe on the other foot things. It was only a couple of years ago that that Chuck Schumer, the minority leader in the Senate now, was scolding Republicans for trying to change the budget deal when they had just passed the budget and they were fighting over the debt ceiling. Now it's Schumer who's trying to change the budget deal while they fight over the debt ceiling. So I guess it's an example of the more things change, the more they stay the same.

[David Brancaccio]

Economist Christopher Lowe, FHN Financial thank you.

[Christopher Lowe]

Thank you, David.

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[David Brancaccio]

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[David Brancaccio]

Now to a warning about thieves who use social media to pick your pocket. People in the US lost 1 billion billion to fraud on social media. And that's just in the first six months of this year kind of theft. That is 10 times what it was five years ago. Gisele Rigatau, has more on the Insta scams.

[Giselle Regatao]

If you scroll Instagram, chances are you see a lot of tempting ads for Miriam Nunberg, an education lawyer in New York City. The one she fell for showed a light skirt with colorful birds for less than 30 bucks.

[Dell Spokesperson]

It had looked really pretty in the ad, and I don't normally buy things online at all.

[Giselle Regatao]

That's Nunberg's son, who clearly knows her well. When the skirt arrives, she realizes it's totally different than it looked in the ad.

[Dell Spokesperson]

The fabric is this stiff, thick polyester that doesn't feel very good, and it's very clammy when you wear it.

[Giselle Regatao]

The prints of the birds are blurry and the packaging was in a different language.

[Dell Spokesperson]

I have no idea how to return this because I can't even read the return address.

[Giselle Regatao]

So she couldn't get her money back. Consumers have little protection from these kinds of scams, says Rachel Toback. She's the CEO of Social Proof Security, a cybersecurity company. All social media companies have a long way to go in responding to scammy behavior. Mata didn't respond to Marketplace requests for an interview, but Toback says, you would think social media companies would act quickly against scammy ads because it makes their platform seem scammy as a whole. Melanie McGovern is a spokesperson for the Better Business Bureau. She says when a retailer is based overseas, there is little the bureau can do.

[Melanie McGovern]

We're not able to secure like a refund or anything because, you know, we only operate in North America.

[Giselle Regatao]

The FTC works with agencies all over the world, and it advises consumers to report [e-mail] but it's unclear if reports lead to any action. McGovern says before buying, consumers can check the BBB scam tracker and more generally, watch for red flags on ads.

[Melanie McGovern]

Is it really inexpensive? Are they guaranteeing sizes? Are they guaranteeing shipping?

[Giselle Regatao]

If that stylish linen dress for $50 looks too good to be true, Google it.

[Melanie McGovern]

You do that image search and you see it pop up on a bunch of different websites. It's maddening.

[Giselle Regatao]

And maybe a small consolation. Since August, online retailers have to pay tariffs to ship parcels worth less than $800 from abroad. So at least it will cost the scammers more to scam you. Giles I'm Giselle Regatao for Marketplace.

[David Brancaccio]

President Trump and Chinese President Xi are scheduled to talk today. The tick tock is ticking, and so are other trade matters. Marketplace's Nancy Marshall Genzer reports.

[Nancy Marshall Genzer]

A pause in the U. S. China trade war and triple digit tariffs is set to run out in November. China hasn't purchased any of this year's US Soybean crop yet as Beijing and Washington jostle for leverage in trade negotiations. China usually buys US Soybeans in the fall, but this year it's placed zero orders, putting American farmers in a bind because China is a huge customer. Last year, Chinese importers bought more than $12 billion worth of American soybeans, more than half of total U.S. soybean sales. To make matters worse, farmers are coping with low soybean prices and what looks like a bumper crop this year, which could push prices even lower. I'm Nancy Marshall Genser for Marketplace and.

[David Brancaccio]

My grandma Millie would put out a wading pool sized bowl of pasta and clam sauce, but that was meant to feed 15 human beings. There's news the Olive Garden chain is experimenting with less giant individual portions at cheaper prices to see if it can lure back cost conscious diners. Olive Garden's move has drawn new attention to a survey this summer from an outfit called Lightspeed that used checkout payment data from restaurants. It found 44% of adults ordered from the kids menu. Why smaller portions and to save money. I'm David Brancaccio. Marketplace Morning Report from APM American Public Media.

[Melanie McGovern]

The Trump administration is making deep cuts to education research. The cancellation notices started coming.

[David Brancaccio]

When the contract is cut, the study just dies.

[Melanie McGovern]

It's all happening just as schools are trying to make use of research to improve reading instruction.

[David Brancaccio]

There would not have been a science of Reading without the federal funding.

[Nancy Marshall Genzer]

It wouldn't have happened.

[Melanie McGovern]

I'm Emily Hanford. On our new episode of Sold a Story, what the Trump cuts mean for the science of Reading. Go to your podcast app and follow Sold a Story.