In this eye-opening episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway unpacks the heart-wrenching story of William and Ave Bortz, a retired couple who lost nearly $700,000 to a sophisticated online scam. From a fake Amazon email to relentless calls from scammers, A.B. explains how this scam unfolded and the important lessons we can learn to safeguard our finances. He also delves into the accountability banks should bear and how individuals must take proactive steps in financial protection.

Key Takeaways:

Vigilance Against Scams: Always validate suspicious emails or calls before sharing sensitive information or giving access to your devices. Scammers often prey on the vulnerable.
Personal Accountability: While banks and financial institutions are custodians of your money, it's essential to take personal responsibility for protecting your finances by consulting trusted advisors.
Importance of a Support System: Scammers target individuals who are isolated. Having a solid financial network, including advisors and family members, can help prevent such fraud.

Quotes:

"You trust banks to deposit the money, but you can’t trust them to protect you from every scam out there."
"Once you’ve let the scammer in, it’s like letting a thief into your home. Prevention starts with you."
"We can't depend on pensions, banks, or even Social Security. We have to build our own financial fortress."

Tune in to learn how to protect yourself from falling victim to online scams and take proactive steps in safeguarding your financial future.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: ABC