"The Age of the Scammer"

 Spring arrived last evening on the eastern seaboard around 11:30pm, but whoever is in charge forgot to tell the one who controls the thermostat. It was thirty-six degrees this morning, and turtles and peepers are squawking. And, for the next two days, forecasts for the weather are for the low 20s. Nevertheless, spring is on its way, and scammers are in full bloom. 

 

Sydney M. Williams

 

More Essays from Essex

“The Age of the Scammer”

March 20, 2024

 

“Internet scamming is the safest crime in the world.”

                                                                                                                                Answer on Quora, July 22, 2023

 

AARP estimates that Americans lost $8.8 billion in 2022 to scammers versus $3.5 billion in 2020, a revenue increase that must be the envy of most New York Stock Exchange-listed companies. But perhaps we should consider ourselves fortunate (and maybe U.S.-based scammers less so). The Delhi-based and English language daily Hindustan Times estimated that, world-wide, people lost about $1.02 trillion between August 2022 and August 2023. Scammers mostly target older and younger consumers – both vulnerable because of a sense of loneliness or isolation. As octogenarians, my wife and I, while often acting like the latter, fit the profile of the former. Most calls on our house phone do not come from those wishing us well.

 

Despite recent notoriety – reflecting aging populations, media interest, new technologies, and a surfeit of scammers – the profession of fraudster vies with prostitution for the title: “world’s oldest profession.” In the Book of Proverbs it is written: “Bread gained by deceit is sweet to a man, but afterwards his mouth will be filled with gravel.” If only…! Among more famous con artists and swindlers were Charles Ponzi (1882-1949) who brought down six banks and cost investors $20 million between January and November of 1920; Ivar Kreuger (1880-1932), the “Swedish match king” who committed suicide in 1932, forged securities worth about $700 million (and among whose victims was my maternal grandfather); and Bernie Madoff (1938-2021) who cost investors approximately $17 billion when he was finally defrocked in 2008. While the individual stealing my credit card is a small fish, he is a member of the same guild.

 

Most scams come via phone or e-mail. The perpetrators are aided by technology: In Connecticut, there are four area codes for 3.6 million people and 1.4 million households. However, there are over nine million combinations of a seven-digit number, meaning that those four area codes could produce over thirty-six million different phone numbers. While most of us, at least those of us with caller-ID, will not answer the phone unless we recognize the name or the number, phone scammers have the capability of calling you from your area code, using made-up names. If you answer the phone you may find that the voice does not fit the name. In a recent op-ed on scammers in The Wall Street Journal, Joseph Epstein wrote that he takes amusement in their false names, writing that his favorite is ‘Shawn Parker’ delivered in a heavy South Asian accent. More alarming is that Artificial Intelligence (AI) will soon allow scammers to produce individual avatars that provide the image and voice of a child, grandchild, or friend. 

 

E-mail scams are often not subtle. A message will be received from a friend or relative’s hacked account asking for money, because he or she has become ill, involved in an accident, or is in jail. While I am tempted to answer humorously, the best thing to do is delete the e-mail and notify your relative or friend.

 

Scams appear on internet accounts. One is asked to click on a link, as I once did, forcing me to change my credit card number. The worst are those intent on stealing your identity, generally by getting hold of your Social Security card number. Be skeptical. If you have a question or are in doubt shut down your computer, and call the Social Security office, bank, credit card company, or merchant. Caveat Emptor does not apply just to the real estate industry. It is a motto we should all obey, especially in this age of the scammer.