Podcast Summary: So Money with Farnoosh Torabi

Episode: 1796
Title: Think Before You Click: How to Outsmart Social Media Scammers
Release Date: March 5, 2025
Host: Farnoosh Torabi
Guest: Darius Kingsley, Head of Consumer Banking Practices at Chase

1. Introduction

In episode 1796 of So Money with Farnoosh Torabi, host Farnoosh Torabi delves into the escalating threat of social media scams. With the digital landscape evolving rapidly, scammers are becoming increasingly sophisticated, making it imperative for listeners to understand how to identify and protect themselves from these deceptive practices. Farnoosh is joined by Darius Kingsley from Chase, who brings expert insights into the mechanics of modern scams and practical advice for safeguarding personal finances.

2. The Rise of Social Media Scams

Farnoosh opens the discussion by highlighting the alarming surge in scams originating from social media platforms. According to JPMorgan Chase data shared by Darius Kingsley, nearly half of the scams reported by Chase customers are now rooted in social media activities. These scams range from phishing attempts and impersonation schemes to fraudulent ads, fake quizzes, and deceptive job postings.

Notable Quote:
Farnoosh Torabi [02:00]:
"You're listening to So Money with award-winning money guru Farnoosh Torabi... Social media scams are on the rise and it's important we know how to spot the telltale signs and how to protect our information and money from scams."

3. How AI is Empowering Scammers

Darius Kingsley explains that artificial intelligence has significantly enhanced the ability of scammers to create convincing fraudulent content. AI tools enable scammers to craft emails that closely mimic legitimate communications from banks or governmental institutions, complete with accurate logos and minimal spelling errors. Additionally, AI facilitates the creation of realistic fake websites that can deceive even the most cautious consumers.

Notable Quote:
Darius Kingsley [07:13]:
"In the hands of scammers, AI is making things harder for all of us... It can get emails that look really good, that they're not coming from fake princes. They look like they're coming from your bank... It can be really hard sometimes to tell those apart from the real thing."

4. Recognizing Red Flags in Scams

Understanding the red flags of scams is crucial for prevention. Darius outlines several indicators that a transaction or communication might be fraudulent:

• Too Good to Be True Offers: Whether it's unbelievably low prices on concert tickets or high-return investment opportunities, if it sounds too good, it probably isn't.

• Sense of Urgency: Scammers often pressure victims to act quickly to avoid missing out, such as claiming limited availability of tickets or rental properties.

• Unusual Payment Methods: Requests to pay via non-traditional methods like Zelle, wire transfers, cryptocurrency, or gift cards are major red flags.

Notable Quote:
Darius Kingsley [10:17]:
"The first place to start is if it seems too good to be true, it probably is... Another big thing is any kind of sense of urgency. Right. This sense of you have to act now."

5. Safe Payment Methods for Online Transactions

Farnoosh and Darius emphasize the importance of using secure payment methods to protect against fraud. Credit cards are recommended due to their purchase protections, whereas methods like debit cards, wire transfers, and gift cards lack these safeguards. Darius points out that services like Zelle function similarly to cash, providing no recourse if the transaction is fraudulent.

Notable Quote:
Farnoosh Torabi [13:48]:
"I've always just my go-to is a credit card because I know that even if I'm working with a legitimate merchant, if the product arrives and it's broken or it never shows up... they don't intend to create a disruptive experience."

6. Different Scam Tactics Across Generations

The conversation shifts to how scams target different age groups uniquely. Older adults are more susceptible to tech support scams and deceptive emails that appear to come from trusted institutions like banks. In contrast, younger individuals, particularly Gen Z, may fall prey to job scams and deceptive social media interactions that exploit their online purchasing habits and perceived lack of privacy.

Notable Quote:
Darius Kingsley [22:44]:
"With older customers we definitely see like tech support scams... with younger people, it's like talking about it, raising that awareness, teaching some basic financial education."

7. What to Do If You're Scammed

Darius provides a step-by-step guide for listeners who find themselves victims of a scam:

1. Stop Communication: Immediately cease all interactions with the scammer.

2. Contact Your Bank: Use the number on the back of your card to report the incident and secure your accounts.

3. Change Passwords: Update all relevant passwords to safeguard your online presence.

4. Seek Support: Reach out to a trusted individual for assistance and guidance.

5. Document Everything: Keep records of all interactions and transactions related to the scam.

6. File Reports: Report the scam to the police and the Federal Trade Commission (FTC).

7. Monitor for Identity Theft: Utilize services like Chase Credit Journey to keep an eye on your credit and personal information.

Notable Quote:
Darius Kingsley [26:56]:
"The first thing you should do if you believe you're falling for a scam or fallen for one, stop communication... Contact your bank... Change passwords... Document everything... Monitor for identity theft."

8. The Role of Social Media Platforms in Preventing Scams

Farnoosh inquires about the responsibility of social media companies in combating scams. Darius asserts that these platforms must enhance their efforts to detect and remove fraudulent accounts swiftly. He notes that while social media companies are making strides in this area, there is still room for improvement to better protect users from emerging scam tactics.

Notable Quote:
Darius Kingsley [21:27]:
"Social media platforms should really continue to work to detect these scams, really pay attention to new accounts... I think there's more they can do."

9. Resources and Final Advice

To assist listeners further, Darius directs them to Chase’s dedicated resources at chase.com/dontgetreeledin. Here, individuals can find comprehensive information on various scam types, safety tips, and steps to take if scammed. Additionally, he recommends signing up for Chase Credit Journey for free identity monitoring.

Farnoosh concludes the episode by reiterating the importance of staying informed and vigilant. By recognizing red flags and utilizing available resources, listeners can significantly reduce their risk of falling victim to social media scams.

Notable Quote:
Farnoosh Torabi [30:05]:
"This is so helpful... Keep this podcast in your back pocket. And Chase has additional resources... visit the link in our show notes."

Conclusion

Episode 1796 of So Money with Farnoosh Torabi offers an in-depth exploration of the pervasive issue of social media scams. Through the expertise of Darius Kingsley, listeners gain valuable insights into the evolving tactics of scammers, the importance of recognizing red flags, and actionable steps to protect themselves financially. Emphasizing education and vigilance, the episode empowers individuals to navigate the digital marketplace safely and confidently.

For more information and resources, visit chase.com/dontgetreeledin.