I Was Duped By A Fraudulent Buyer Now I'm Out $10,000

Summary

The Ramsey Show Highlights: Episode Summary

Episode Title: I Was Duped By A Fraudulent Buyer Now I'm Out $10,000
Host: Ramsey Network
Release Date: May 31, 2025

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Overview

In this gripping episode of The Ramsey Show Highlights, Jeremy shares his unfortunate experience of being defrauded by a fraudulent buyer, resulting in a significant financial loss of $10,000. Hosted by Ken Coleman and Jade Warshaw, the discussion delves into the nuances of online transactions, fraud prevention, and the challenges faced when dealing with credit card disputes. This summary encapsulates the key points, expert insights, and actionable advice presented during the episode.

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The Fraudulent Transaction

Jeremy's Story: Jeremy, a YouTuber specializing in buying and selling vintage guitars, recounts how he fell victim to a scam involving a $10,000 vintage 1969 Martin D28 guitar. The transaction appeared legitimate initially, as the purchase was made overnight—a rare occurrence—suggesting genuine interest.

Jeremy [00:06]: "I sold a vintage guitar and found out 11 days later that the credit card that was used to buy it was stolen."

He conducted a thorough verification by contacting the buyer, who claimed the guitar was intended as a gift for his son. Satisfied with the interaction, Jeremy consulted his credit card processor, which confirmed the transaction's legitimacy. Trusting the process, he held the guitar for a day until the funds cleared before shipping it out.

However, red flags emerged post-shipment. The buyer never confirmed receipt of the guitar, and on a Sunday morning, Jeremy received an alert from his credit card company about the suspicious activity. Eleven days later, he was informed that the transaction was linked to a stolen card, and the credit card company intended to reverse the $10,000.

Jeremy [01:40]: "I have the money, but I don't have the guitar. And now the credit card company has said that I have 90 days to pay them back."

Despite his efforts to contact the fraudulent buyer—who remains unresponsive—Jeremy faces the daunting prospect of reimbursing the credit card company within 90 days.

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Stakeholders' Reactions

Jade Warshaw's Perspective: Jade expresses empathy towards Jeremy, highlighting the injustice of the situation where the victim of fraud bears the financial burden.

Jade [02:09]: "This is an interesting quandary because you're not the one that committed the fraud, and yet you're the one kind of paying the price for right here."

She emphasizes the disparity between the fraudster, who faces no repercussions, and Jeremy, who is left grappling with the loss.

Ken Coleman's Insights: Ken delves deeper into the systemic failure that allowed the transaction to proceed despite the credit card being stolen. He points out that the credit card company's oversight is at the crux of Jeremy's predicament.

Ken [03:26]: "Because it feels like there's some evidence here that a credit card company didn't do their job. They were alerted that this was stolen or that it was misplaced or whatever, and they still allowed the transaction to go through."

Ken advises Jeremy to gather substantial evidence, including receipts, communications, and an affidavit from the rightful cardholder, to confront the credit card company effectively.

Ken [04:02]: "You can get it. You can get an affidavit or a signed statement from the person on LinkedIn that said we actually reported it, we can prove it, blah, blah, blah, blah, blah."

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Advice and Strategies

Fighting Back Against the Credit Card Company: Both Ken and Jade advocate for a proactive approach in challenging the credit card company's decision. They suggest leveraging the evidence Jeremy possesses to dispute the chargeback and hold the company accountable for their oversight.

Ken [04:15]: "I would really fight this. ... If you put your foot down and stand on business, as Ken would say, there's my."

Jade echoes this sentiment, recommending that Jeremy consult with the Federal Trade Commission (FTC) and seek legal counsel to navigate the dispute.

Jade [05:01]: "You can report it to the FTC. You might just consult with a lawyer and do one of those free."

Maintaining Financial Stability: Jeremy credits his adherence to the Ramsey program and his commitment to being debt-free as crucial factors that enable him to withstand the financial blow without jeopardizing his overall stability.

Jeremy [06:58]: "Having done the Ramsey program for 10 years and being completely out of debt ... this is a lot of money, but it does not break us."

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Conclusion and Personal Insights

The episode concludes with a sense of resilience and learning. Despite the setback, Jeremy expresses gratitude for the support and advice from Ken and Jade, reinforcing the importance of financial education and proactive measures in safeguarding against fraud.

Jeremy [07:23]: "Absolutely. Yeah."

Ken and Jade commend Jeremy for his approach and encourage listeners to remain vigilant in their transactions.

Jade [07:10]: "Way to go, Jeremy."

Final Thoughts: Jeremy's experience serves as a cautionary tale about the vulnerabilities inherent in online transactions, especially those involving high-value items. The episode underscores the necessity of due diligence, robust verification processes, and understanding one's rights and recourses in the face of financial fraud.

Favorite Guitars Segment: Towards the end, the hosts and Jeremy engage in a lighter discussion about favorite guitars, providing a brief respite from the heavy topic and showcasing the camaraderie among the hosts.

Ken [07:32]: "Oh, I would love to have a Pre War Martin om 42."

This segment not only highlights their shared passion for guitars but also reinforces the personal nature of Jeremy's loss.

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Key Takeaways:

• Due Diligence: Always verify buyer information and be cautious of transactions that deviate from the norm.
• Documentation: Keep thorough records of all transactions and communications to aid in dispute resolutions.
• Proactive Disputing: Don't hesitate to challenge credit card companies with substantial evidence if you believe a chargeback is unjust.
• Financial Resilience: Maintaining financial health and being debt-free can provide a buffer against unexpected losses.

Jeremy's story is a testament to the complexities of online commerce and the importance of being prepared to defend one's financial interests.

Transcript

[Jeremy]

Brought to you by the EveryDollar app.

[Ken]

Start budgeting for free today.

[Jeremy]

Hey, Ken. Hey, Jade. I have a not fun problem, which I sold a vintage guitar and found out 11 days later that the credit card that was used to buy it was stolen.

[Ken]

Oof. So what's the rest of the story?

[Jeremy]

So the. It's an expensive guitar. It's a $10,000 guitar. It was purchased overnight, which is not normal. So I'm a YouTuber. I buy and sell guitars, and I document the process. So this guitar sold, and then I called the customer first thing in the morning, and we talked for about 20 minutes. So this person knew vintage guitars. They said, well, you know, it's going for my son. And so I felt okay that this was a real person and a real transaction.

[Jade]

Sure.

[Jeremy]

I checked with. I checked with my credit card processor. They said, this is legit. The money's on your way to the bank. So I held the guitar for a day until the transfer happened to my bank, and then I felt comfortable to ship the guitar, so I shipped the guitar. But the first red flag was that the customer never told me that the guitar got to them. Okay. And then. So for that was on a Thursday, on the Sunday morning, I got an email from the credit card company saying, hey, this is potentially suspicious. And then I heard Nothing else until 11 days later when they said, this was a stolen card and we're going to take the money back tomorrow morning.

[Jade]

Oh, man.

[Jeremy]

So I. So, yes. So I called the person that bought the guitar. They've never answered. They never responded. Of course they haven't.

[Ken]

So you got.

[Jeremy]

Well, so I was able to stop the money from leaving. So my. My bank was able to put a stop payment on the ach coming back out. So I have the money, but I don't have the guitar. And now the credit card company has said that I have 90 days to pay them back.

[Jade]

Yeah.

[Jeremy]

Which I. I think that's unreasonable.

[Jade]

Oh, interesting. This is an interesting quandary because you're not the one that committed the fraud, and yet you're the one kind of paying the price for right here. Here's where I'm thinking, like, on the one hand, if I were the person with the stolen credit card and somebody used my credit card to buy a $10,000 card, I'd be like, I want my $10,000 back. And I would dispute it, and I'd get my $10,000 back.

[Jeremy]

Right. So they. They have gotten their money back.

[Jade]

They've gotten their money back. But you've lost your.

[Jeremy]

I'M the person whose card. I found the car, I found the person who had the card on LinkedIn and they confirmed that they got the money back. And they, but they also said they reported it the same day and the.

[Jade]

Credit card reported all your stuff too.

[Jeremy]

Right. Multiple times. And I've lost the disputes. It's been two different rounds of disputes. And they say that I, I did not pass and I have to give the money back.

[Ken]

Wow. This is, I'm sitting here just really processing this.

[Jade]

Me too.

[Ken]

Because it feels like there's some evidence here that a credit card company didn't do their job. They were alerted that this was stolen or that it was misplaced or whatever, and they still allowed the transaction to go through.

[Jeremy]

Right.

[Ken]

And because of their failure. I'm just talking this out here. Because of their failure in their process, you got, you got ripped off.

[Jeremy]

Right.

[Ken]

And you can prove this?

[Jeremy]

I can.

[Ken]

You can get it.

[Jeremy]

I have a, have all the receipts for those things of the communication with them, the screenshots of the card being the process or that the money coming to my bank.

[Ken]

Yeah, but what about, can you get an affidavit or a signed statement from the person on LinkedIn that said we actually reported it, we can prove it, blah, blah, blah, blah, blah. On the day they call.

[Jeremy]

Yeah, I bet I could. He's been very responsive when I, I.

[Ken]

Would go that route and you know what I would do is after I got that, I go back to the credit card company and go, okay, let me, let me walk you through where my head's at.

[Jeremy]

Right.

[Ken]

I don't think that you should be allowed to ask me for the $10,000 or demand it or take it. Here's why you all screwed up. I have a signed statement from this person who said, and they can prove it. They got a cell phone call at, you know, such and such a date at such and such a time to you all placing a hold or a cancel on the cart. You know, I mean, you just walk through this and go, look, I mean, right. I'm not going to go down without fight.

[Jade]

Yeah. The merchant is liable for, for this.

[Ken]

Yeah. And I'm not going to be out 10 grand because I'm out 10 grand of this guitar. The guitar is gone. Not right. My problem. It's your problem on the ten grand. The ten grand is mine.

[Jeremy]

Right.

[Ken]

I would really fight this.

[Jade]

I would too. You can report it to the ftc. You might just consult with a lawyer and do one of those free.

[Ken]

Because here's the deal. See, Jade, I'M going to make a statement. You tell me if you think I'm wrong, because sometimes I can be cranky Ken and James and my w. Stacy always called us out, so I feel like I'm starting to get it.

[Jade]

I like cranky Ken.

[Ken]

Let's get into it, James. This is cranky Ken on this on his behalf. Cranky ken believes that $10,000 is a drop in the bucket for a big old credit card company. And if I become a real thorn in their side and promise to fight them to the bitter end and I become more of a nuisance than they want to deal with, I think they walk away. But I think you got to send a message. I'm not paying you a nickel. Here's why. I got all the proof. If we got to go to court, we'll go to court. But you're going to pay my. You're going to pay my attorney's fees. I just think that they will go away. I really do. If you've got all this proof and you could show it to them and anybody with a brain can see this trail, that's what I would do. Jay, is that too.

[Jade]

Yeah. I'm not sending the money back. I'm not sending it back to them. I'm like. I believe with what Ken said, I think if you put your foot down and stand on business, as Ken would say, there's my.

[Ken]

Where's my hat? I didn't bring my hat to the studio today. I got a standing on business hat. And if there was ever time to wear it, this is the call.

[Jade]

Yeah.

[Ken]

I just don't. Yeah, I don't think they want to mess with this and spend all this time and money on ten grand. They just write it off.

[James]

Jeremy, what kind of guitar was it?

[Ken]

Oh, do you hear James?

[Jeremy]

That's a good question. It was a 1969 Martin D28. So it was the last year of a brazilian rosewood back inside acoustic guitar.

[James]

That's brutal, man.

[Ken]

Look at James. He can tell.

[Jade]

He shed a tear. I saw it.

[Ken]

He's getting a little dusty eyed in there. That's a nice guitar, boys.

[Jeremy]

No guitars.

[Ken]

They do. They do. Well, listen, hold the line on this one, man. I like our strategy here. I think this is a game of poker.

[Jade]

Yeah.

[Ken]

And I'd push all my chips in the middle because you got the cards.

[Jade]

Yeah.

[Jeremy]

Oh, I really appreciate it.

[Ken]

Yeah.

[Jeremy]

And thankfully, having having done the Ramsey program for 10 years and being completely out of debt and, you know, it. It makes it to where this is a lot of money, but it does not break us.

[Jade]

Way to go, Jeremy.

[Ken]

Yeah.

[Jeremy]

Gosh. That's been the piece through all of this.

[Ken]

Good for you.

[Jade]

That's great. That's fabulous.

[Jeremy]

Thank you all.

[Ken]

Yeah.

[Jade]

Sorry you got got. But hold your.

[Ken]

You learned something though, right? Did you learn something?

[Jeremy]

Absolutely. Yeah.

[Ken]

Very interesting. All right, my man. Well, you get the last word. What is your favorite guitar that you don't own, but you'd love to have?

[Jeremy]

Oh, I would love to have a Pre War Martin om 42.

[Ken]

Okay.

[Jeremy]

A very pearly, very pretty guitar. Who played it like Eric Clapton has played one? I mean, that's the holy grail. Those are a hundred thousand dollars. $125,000.

[Jade]

Wow.

[Ken]

Yeah. Well, James has one right beside his desk. Yeah.

[Jade]

Yeah.

[Ken]

All right. I like that. I like to ask people those kind of questions. Because you knew he had an answer.

[Jade]

Oh, yeah. And somebody listening. That was like gold for them. For me, I was like, what was it?

[Ken]

I didn't even know what it is. He said pre war and the rest of it was Charlie brown's teacher for me. I didn't hear anything.

[Jade]

I understood Eric clap.

[Ken]

But I did appreciate that he said it was pearly.

[Jade]

Yeah.

[Ken]

I like a good aesthetic.

[Jade]

Pearlescence.

[Jeremy]

Yeah.

[Ken]

Yeah.

[Jeremy]

A little.

[Ken]

A little. Little pearly. All right, James, what's your go to guitar? Money's no object. What guitar are you getting?

[James]

I'm more of an electric player, but Acoustic wise, Gibson J45 is what I would get.

[Jade]

Who plays that?

[James]

A bunch of like. It's kind of a folk guitar. A lot of bluegrass players and stuff like that.

[Ken]

And what's a mint condition one of those gonna set you back?

[James]

Oh, I have no idea. The vintage guitar market. You can spend 20,000. I mean, they're crazy.

[Ken]

Wow.

[Jade]

You learn something new every day.

[Ken]

Ken, I think you and I need to start a YouTube channel selling guitars. I don't know anything about them, but I can sell them.

[Jade]

Okay, well, I'll get got. Cause I don't know.

[Ken]

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