Tragically, there are countless stories of victims losing their entire life savings to texting/phone/email schemes. Adding to this is the evidence that many of the scammers are from forced labor situations. The best way to avoid becoming a victim is to adjust OUR BEHAVIOR. Do NOT respond.
You should never respond to unsolicited texts or unsolicited conversations about loans or investments or money. If you do get caught in a scam, your best defense is to NOT feel embarrassed and get out as soon as you can, even with a loss.
Before making investments, reach out to AIKAPA or a knowledgeable trusted person for a second or third opinion. Ideally you will be able to ignore these types of contacts.
If it becomes clear that it is a scam, then file a complaint on the FBI’s Internet Crime Complaint Center (IC3): https://www.ic3.gov. If it is related to crypto assets, then also report it to cryptofraud@usss.dhs.gov and the Secret Service will refer your email to an appropriate field office for immediate action.
Edi Alvarez, CFP®
BS, BEd, MS