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When Joe A. from Shelton, Connecticut After receiving a message about an opportunity to invest in cryptocurrency, he thought this was his chance to recover from his divorce. Instead, he lost every dollar he had. Joe's story is a heartbreaking reminder of how easy it is to fall for online investment scams that promise quick success and easy money.
Joe allowed Cyberpar to tell his powerful story so that others could learn from his experience and protect themselves from similar scams. Here's how it all happened and how you can protect yourself from falling into the same trap.
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HOW TO STOP SCAM BANKS BEFORE THEY TAKE YOUR WALLET
After access to his account disappeared, the scammers allegedly demanded more money to “reactivate” him. By then, Joe's retirement savings had been wiped out. (Gabby Jones/Bloomberg via Getty Images)
How the online investment scam started
In August, Joe received a message from a company calling itself ZAP Solutions. It was promised that if he invested $30,000, he would soon receive a profit of $368,000. It sounded like a smart move. Like many victims, Joe bought into the idea because it seemed professional and legitimate.
But he was soon led even deeper into the trap. Each “short-term investment” required another bank transfer. Before he knew it, Joe had sent out every penny of his 401k, IRA and other investments.
When an investment scam fell apart
The moment Joe was blocked from accessing his account, panic began. The scammers demanded more money to “reactivate” it. By the end, Joe had lost $228,000.
His mother, Carol, was devastated when she found out.
“I was shocked,” she said. “He showed us screenshots, messages. He devastated everything.”
Joe and his family filed a lawsuit police report with local authorities and contacted the FBI. But according to officers, recovery is unlikely.
“They told us there was no way to get him back,” Carol said. “These cyberstalkers are transferring money too quickly.”
The big picture: Online investment scams are on the rise
Joe's story is not unique. The FBI reports that cybercriminals have stolen more than $50 billion from Americans in just five years. Scammers prey on emotions, targeting people who are hopeful, lonely or in transition.
“If it seems too good to be true, it probably is,” Joe said, delivering a line we should all remember.
How to protect yourself from online investment scammers
Staying safe starts with awareness and consistent action. Cybercriminals are becoming increasingly creative, so protecting your finances means staying vigilant every step of the way. Follow these proven steps to protect your accounts and identity.
1) Research before you invest
Always check any investment opportunity before sending money. Search for the company on official government or financial websites, such as the SEC's Investment Adviser Public Disclosure Database or FINRA's BrokerCheck. Read reviews, verify licenses, and look for online scam alerts.
2) Be suspicious of unwanted messages and use powerful antivirus software.
If the text e-mail or a social media post promises high returns, stop and think. Legitimate firms never cold talk to people about investment proposals. Delete suspicious messages immediately and never click on links from unknown sources. Install and regularly update powerful antivirus software on all your devices. This can block phishing attempts, malicious downloads, and fake investment platforms designed to steal your data.
The best way to protect yourself from malicious links that install malware and potentially access your personal information is to install powerful antivirus software on all your devices. This protection can also alert you to phishing emails and ransomware, keeping your personal information and digital assets safe.
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Joe's mother says the family has filed reports with police and the FBI, but recovery is unlikely as criminals move money across borders and accounts quickly. (Silas Stein/Photo Alliance via Getty Images)
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3) Check email addresses and website domains.
Fraudsters often use domains that look almost identical to the real ones. Double-check for spelling errors, extra letters, or unusual web extensions such as “.co” or “.biz.” If you are not sure, search for the company's official website separately in your browser.
4) Never transfer money to strangers.
As soon as you transfer money to the scammer, recovery is almost impossible. Never send money to someone you just met online, even if they claim to represent a reputable company. Always confirm payment details through trusted sources.
5) Talk to a trusted financial advisor.
Before investing large sums, get a second opinion from a licensed financial advisor. A professional can spot red flags and unrealistic promises that you may not notice.
6) Use a data removal service
Protect your personal information by using a data removal or privacy service that removes your phone number, address and other data from people search sites. This reduces the likelihood of scammers finding and targeting you.
While no service can guarantee complete removal of your data from the internet, a data removal service is indeed a smart choice. They don't come cheap, and neither does your privacy. These services do all the work for you, actively monitoring and systematically removing your personal information from hundreds of websites. This is what gives me peace of mind and has proven to be the most effective way to erase your personal data from the internet. By limiting the information available, you reduce the risk that scammers will link leaked data to information they can find on the dark web, making it harder for them to target you.
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7) Sign up for an identity theft protection service.
If scammers have your personal information, they may try to open credit cards or loans in your name. Signing up for a reliable identity theft protection service adds another layer of security by monitoring your credit and alerting you to suspicious activity.
Identity theft companies can track personal information such as your Social Security number, phone number, and email address and alert you if it is being sold on the dark web or used to open an account. They can also help you with freezing your bank and credit card accounts to prevent further unauthorized use by criminals.
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CyberGuy shares specific steps to block phishing, vet companies, and protect your money, from antivirus and data removal services to identity theft monitoring. (Gabby Jones/Bloomberg via Getty Images)
Check out my tips and best practices on how to protect yourself from identity theft at Cyberguy.com.
8) Report suspicious activity immediately.
If you think you have been attacked or scammed, act quickly. Contact your local police department and bank and file a report with the FBI Internet Crime Complaint Center (IC3). Quick action can sometimes limit further losses or help investigators track down fraud.
Kurt's key takeaways
Joe's story is painful, but it is also powerful. His honesty may prevent someone else from losing everything. Online scams thrive when people remain silent, but stories like Joe's help others stay vigilant. So, before you trust anyone promising quick profits online, pause, check everything, and remember Joe's story, because one moment of caution could save you from a lifetime of regret.
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Have you ever received an investment offer that seemed too good to be true? Let us know by writing to us at Cyberguy.com.
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