April 19, 2023
CBS News Boston recently published a segment featuring Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law discussing the devastating results of a recent financial scam that occurred in Massachusetts.
Many people have experienced scam calls from individuals claiming to be the federal government but are attempting to steal money and information from those they are calling. A senior from Newton recently fell victim to this scam, getting swindled out of $20,000 by someone claiming to be the US Marshal Service.
Despite the importance of protecting banks’ customers, questioning why a customer withdraws money is intrusive and makes it difficult to stop these scams. “Do we really want bank tellers screening us and asking, how much money? What are you going to use this money for? Is this a legitimate purpose? I think we’re invading privacy at this point,” Zagorsky stated.
The increase in schemers comes with risks, making it difficult for people to differentiate between a scam and reality.