How AI is Making “Pump and Dump” Investment Scams Easy for Criminals
Karen is experienced in investing, but she hopes to boost her retirement savings by joining an investors group on WhatsApp. After a few months of receiving positive trading tips, she follows the advice to invest in several stocks in Asian markets. Her portfolio plummets, losing tens of thousands of dollars. Karen is the victim of a classic “pump and dump” scam: scammers buy a very cheap stock, persuade investors to buy by spreading deceptive claims, and then sell their shares once the price rises, leaving investors with a loss. Learn how AI and an army of bots are making this age-old scam easier for criminals.
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Archive Episode: Knock Knock, Where’s My Puppy?
In this 2021 episode, Rochelle scores a great deal on a house in northern Virginia, only to have her dream home transformed a few months later into Pet Scam Central. Day after day, strangers show up on her doorstep, claiming they’ve arrived to pick up a puppy they paid for. Some have driven over six or twelve hours with their family. Unfortunately, Rochelle must break the news that she has no puppies to sell, and the hopeful would-be owners leave heartbroken, confused and out hundreds of dollars. Even worse, over the course of a year, Rochelle finds herself accused of being the con artist. Desperate, she turns to a local news station for help in putting an end to the scam.
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Archive Episode: Courage of Steele, Part 2: How One Man Fought Back Against His Abusive Caregiver
In part 2, as 72-year-old Steve Steele is released from jail, not only can he hardly stand or walk, but he is worried about how he will recover the property stolen by Elizabeth, the caregiver who worked for him. That’s where Steve’s attorney, Brent Smith, comes in, waging what becomes a nearly two-year battle.
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Archive Episode: Courage of Steele, Part 1: Housekeeper Turned Caregiver Steals Homes
In this 2021 episode, after 72-year-old Steve Steele’s life partner passes away, his housekeeper, Elizabeth, offers to work as his caregiver. Over time, Elizabeth takes over Steve’s finances, even persuading him to deed her his homes. It all comes to a head one Christmas Eve, when Elizabeth accuses Steve, who can hardly stand or walk, of assault, and the police cart him off to jail for months. When the public defender’s investigator meets Steve, though, she quickly senses this is elder abuse. The judge agrees and releases Steve, but now he faces an even bigger battle: How does he get his homes back? And will Elizabeth be held accountable for her crimes?
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Reverse Mortgage Scam Leaves Chicago Families Fighting to Save Homes
Longtime homeowners on Chicago’s West Side trust Mark Diamond to help them access funds and carry out necessary home repairs. However, they are often unaware that they are entering into reverse mortgage agreements. The repairs are never completed, and Diamond disappears with the money, leaving families desperately struggling to save their homes from foreclosure.
AARP’s weekly podcast The Perfect ScamSM tells the stories of people who find themselves the target of a scam. Host Bob Sullivan introduces listeners to those who have experienced scams firsthand, as well as professional con artists and leading experts who pull back the curtain on how scammers operate.
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