The thought of my grandmother and parents being targeted with AI-assisted attacks like this makes me feel sick. The only defence is to educate and keep vigilant, so please do share this with anyone you think needs to hear it.
Somebody tried to scam my 83 year old mum with something very similar to what happened in the video you showed, but she is extremely intelligent and worked out it wasn't genuine. I am so proud of her😊
JAMES - It is still visible that your pwned address is shack and it's microsoft's previous old service. I can't post it, but trust me it's still visible. I could be wrong because it's currently showing 29 incidencts on that address, not 19, but either way if this is close to accurate, combining it with the info on havibeenpwned is likely enough to unviel it. Someone bored could try changing a letter or number until it shows the 19 pwns. Security is key. We should block out info. Blurring could lead to unveiling
@@marcus.H I appreciate your help here. That is not the correct email address. Even so, what are the risks of someone knowing my email address, given that it's an old one I don't use?
Great advice as always. The only thing to add is when phoning someone back to verify their identity, do it from another phone as the scammer can keep the line open, play a dial tone and make it appear you are phoning your bank etc. You then end up speaking to the scammer again.
@@m_r__r_o_b_o_t To prove it's real, you can see how the light changes from the start to the end of the video. Took me 2 hours to film this and the sun set during that time!
I think so too. I really needed to make this video because in the near future, it's likely my voice and face will be used in deep fake scams. It will happen to all other content creators, but finance content creators are at the cross-section where the incentives and the risks are the highest. All I can do is keep talking about it and hope people stay vigilant.
Really? Don't reuse passwords is basic internet security. This is a quite an elaborate scam but some basic online security understanding, which everyone under age 75 should really have by now, would have prevented this.
Always phone the payee to double check an IBAN. Always. If you are sending a larger amount, send £1 first and then phone the payee the next day to confirm receipt of the test transfer.
Fantastic advice, and where possible, don't leave things to the last minute whereby you don't have the time to make sure you have the correct details either.
Very difficult to get a lot of companies to employ anyone to answer the phone these days. A lot of transactions are automatic and you have no opportunity to speak to anyone.
Don’t send a dollar, send a random amount like $13.72 and then check their number in an old school phone book and phone them. Ask them how much the amount was, that serves as a PIN number so you know they got it. Now, if you did phone the scammer, and you did send the money to them…. Then they will also know the amount. Might be best to visit them in person at their office? Very difficult to be 100%. If it’s a big transaction, probably best to proxy it through a lawyers trust account.
As a family we’ve set up phrases that we rotate every month so we can try and combat this. If we get a crank call we ask the question to get the counter answer
Too difficult to remember. Probably easier to just ask a few questions about the house - such as "where is the toaster in the kitchen and what does it look like?" or "what colour is the shower curtain"? Remember that some of these answers could be common, such as having a white shower curtain, so ask a few varied questions to be sure If you can remember passcodes that's good, but I could never do that. It's easier to ask about things only the relative would know about. Even things like "what car do I drive?" Even information available online like a picture of your car may be difficult to look up in a rush, so it could trip up a scammer. If in doubt, treat it like a potential scam
In terms of paying for a house, I think we need to bring in a rule that the deposit MUST be paid by cheque or bankers draft and it should be handed over to the solicitor in person at their offices with witnesses and paperwork. It’s a bit of a hassle but this is becoming so pervasive now and it almost happened to me a few years back.
I’ve been scammed, online, four figures, never admitted to anyone, the self-shame & depression can be overwhelming. I even have the ‘Give it Five’ anti-scam government leaflet on my fridge but still fell for an urgent opportunity scam. Lesson: After years of accumulation, never act instantly, out of place, moving substantial funds using emotion rather than logic.
I'm so sorry to hear mark. Please don't feel shamed. I used to work in financial risk and anyone regardless of age or education can be targeted by this crime. Take care.
Don't, just remember to take a moment to reflect and think before doing anything and if you are on the receiving end of an incoming call and they won't let you go, you have your answer.
Financial institutions need to seriously improve their operational security, too. People actually from my bank (as in I've called them back on a verified number and continued the conversation) have called me up, and asked me "to confirm some personal details to verify my identity". The _caller_ (i.e. the bank) should be satisfying me that they are who they say they are when they call me! They were very put out when I refused to answer their questions and couldn't understand why I was so suspicious!
I have refused to talk to my creditcard company in the past as they couldn't prove who they were, and the caller (who was actually genuine) accepted this and just asked me to call them back on the number on the back of my card.
@@bigboldbicycleworked in cyber security for a year. Got a message from another bank. Account said to call them. Then I had to research and make sure the number was legit. Very unnerving. They helped me out. Due to invalid attempts. It was fair my PC died and couldn't remember the password.😂
I have had that exact conversation with my own bank. Thankfully it appears that they have woken up and realised that they need to only verify the clients identity when the call is incoming and they generally don't make outbound calls any more unless it is to arrange an appointment.
@@bigboldbicycleexactly, I’ve had the same supposedly from the fraud department. I was once scammed by text so these days I am very wary and work in the principle that the banks do not call You direct if they suspect fraud they will delay payments etc
I think this is the best video you've ever done James and if it saves just one person from losing their life's saving it will have been worth all the time you put into it. On calling back another thing to be wary of is to make sure the inbound scammer's call is disconnected as sometimes they will keep the line open and play a dial tone so you think you are connecting to the new number but are actually just speaking to the scammer again. I believe this only works with PSTN lines. If called on your home line call the bank, solicitor etc back via your mobile or a different PSTN line.
Inbound phone calls are a major issue. Even the genuine ones want to go through their security checks but are unwilling, or unable, to go through my checks to validate who they are and seem dumbfounded when I ask. Clearly no one ever challenges them.
When I was working as an estate agent in London, this type of scam happened to a Landlord who owed commissions. They sent an email with bank details and I heard of it happening to a buyer too. We did used to tell people, always hang up and call back. Never trust an email, always confirm via phone.
Hi James, I have followed your channel for a couple of years now and always enjoy your content and want to thank you for the quality and invaluable information over the years - but I particularly felt compelled to comment on this video which is just so important and beautifully put together! I teach computer skills to the elderly and I'm constantly trying to highlight to them the dangers of a "relaxed view to security", and lime you, I'm equally concerned the effect AI will have on us all generally, but yes in particular, the misuse of this 'ability' to clone someone's voice and pretend to be them is just a can of worms waiting to be unleashed on the unsuspecting. A Fantastic video - thank you for your integrity and passion in creating this and trust me, it will be passed on to my family and friends and integrated into the lessons I give to the elderly to help protect them from these despicable and unmoral characters willing to rob people (often the very vulnerable) of their life's savings. Thank you James and wishing you all the best
Think you do much for the kind and thoughtful comment. Hopefully with more people like you we can help spread the work and help those that we can. But unfortunately it’s those that don’t watch financial UA-cam channels or seek help with their finance that are most likely to fall victim.
You're videos are excellent even before this one James. Maybe you can do the sideline specially in this area to keep us all trained up. I love the video you included as well.
Thank you for this. It happened to me 6 weeks ago almost exactly as the lawyer accounts. It left me questioning everything, and we should! I managed to confirm my partners wear abouts, and by asking many questions. They only wanted 1500.00 bail, I was so upset I did not question its authenticity. One part of my brain was screaming its a scam. The other part of my brain could not bare not doing something...to rescue. Everyone pass this video along to others. Thanks, James this helped me not feel like a complete fool.
Actually you are right about how the brain splits at the time. That is EXACTLY what happens when we are being scammed. We are trained from a young age to be compliant and to help. And scammers are often exactly as bossy as people we already know who are on positions of power. I had just been threatened by the ATO Australian Tax Office demanding money ASAP while I panicked which fund I'd put the money into ( my daughters). About an hour later the FAKE ATO rang and were just as bullying in asking for my ID and completely compromised my account. Now I have a voice recognition...er well that wo t work any more will it?!?!?!
No solicitor should EVER send you payment detail requests by email. Never take a call from any bank, always call them back on the number you have stored from their website OR even better, drive in and give the deposit payment in person!
Unfortunately, they do. Perhaps it is in a password-protected PDF, but if a scammer has got access to your email, they can just delete it and send their own version.
email can be very secure - just use GPG. It's been around for 25 years. Sadly almost all financial outfits are too useless to sign or encrypt their mail. Signed emails with a registered key in the strongly-connected set is _extremely_ good evidence that it really did come from where it appears to come from.
Yes this is the post that should be massive, why are consumers / citizens to blame for climate change & wild west finance tec when thats what REGULATION & ENFORCEMENT IS FOR. The main thing the avarage person is guilty of, is assuming a quite simple life & those with wealth & power to do the right thing, this is an unreasonable expectation & false belief, help change things or be screwed by them.
If you're ever going to make a payment to someone you should always send a test amount first. And make it some random amount like £3.56 not a round £1 or £10. Then when you call to ask if they've received the test funds, ask them to confirm the sum. We also need more awareness about sending private information by email. Everyone assumes it's safe but an email is as private as a postcard! Use a secure portal for transferring data. And if the IFA or solicitors or whoever doesn't have one, perhaps you should use someone else that does. We need to be much more aware of online security.
Yeah i've used this before when sending to friends accounts abroad and its a very very long account and Bank ID number with many different characters and numbers... However - I feel solicitors and government department would struggle with this as these small, strange amounts each have to be invoiced, so would not work and would even confuse accounting system into generating underpayment notices.
What an incredibly powerful film. Everyone should watch this. I was deeply knocked in my confidence when scammed out of £5k earlier this year. Thankfully my bank came through and reimbursed me. But what a complete shock. I think the level of scamming is so sophisticated these days it is probably undermining the banking system. What happens when we lose trust in the banking system. Do we revert to old fashioned physical cheques again? Scamming us so, so bad.
James - you’re the reason i have a months (joint) income in a Vangaurd ISA so thank you for the four years of grade A advice you’re giving away for no cost to us on YT.
When I last sold a house I had it documented in a face to face meeting that payment details can't be changed except face to face meeting. I wanted to give a thumbs up to your content. As a Chartered Banker, MBA with distinction in banking and finance as well as previously holding a financial planner qualification I can say it it all relevant for the audience. That's not to say I wouldn't explain things a little differently but that would be for a different audience. I have shared your content with a friends daughter as I didn't want her to get disillusioned with her pension growing slowly when starting out after I told her that she had to do it. Starting early even on a low amount is the best thing for anyone to do. Hats off to you for sharing this info freely.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Excellent video James. I had a near miss a few years ago when my solicitors email was hacked at the time I was due to send monies over on a flat purchase. It wasn't as sophisticated a scam as your example in the video, as the tone of the scammer's email just didn't sound right to me. Sooooo glad I called them to verify otherwise I'd have been done out of over £100k.
Not a scam but be aware monies lying in lawyers account awaiting transfer attracts interest which belongs to the client. Something that some lawyers are not completely transparent about. 😮
Feedback for James: The beginning of the video used a scammer narrative: - authority - emotion - scarcity - current events - urgency And you should rearrange the words so they can be used for a good Current events, Authority, Urgency, Scarcity, Emotion. ;)
Hi James. Followed your channel for nearly a year now...appreciate everything you do for us. After tonight's video I felt rather ashamed that I haven't given you my subscription. Well now you have it and I sincerely hope anyone else that has held back for no real reason does the same...thank you so much for everything! Keep up the great work! 💪
It's SHOCKING that you're not advertising a VPN or Password Manager on this video. Kudos! It's worth having this conversation with vulnerable people in your family, older parents, young adults, or anyone with poor email/password hygiene. They are vulnerable, and sophisticated automated attacks will come quickly.
Excellent video, James. Powerful message that people need to hear. Radio 4 programme a year ago said that the police do not even bother to investigate over 90% of online scams. They said it was the best way for criminals to commit crime and not be caught. As well as protecting ourselves as you suggest, we need to put more pressure on politicians to do more to regulate banks and the on-line world to reduce these devastating crimes.
This is an excellent video with raising awareness. Also, the financial world is full of small companies and advisors who take care of their clients personal data but may be easier to compromise due to lack of in house IT skills. Like any tool AI makes it easier for attackers and defenders, by their nature attackers are usually ahead.
Your video is timely! Just the other day I received an SMS about not having paid a parking bill; I immediately knew it was a scam, as I do not drive! If I were a driver, I may have had a moment of panic and who knows what foolishness it may have led me to!
Thank you James, I was scammed by a call claiming to be my bank and I'm no fool, but still fell for it. Luckily I got my money back. After what you've said, I've just changed all my passwords.
I've been thinking about exactly this for a while now - very good video, everybody needs to know this is coming. Definitely scary stuff that can destroy your life.
Excellent advice, Thank you. Wish more people were made aware of just how easy it is to fall victim to some of the scams now and just how little recourse we have as the general public.
Your channel is successful because it makes what most think is a rather dull and dry subject relatable and somewhat interesting. It also isn't some get rich quick scheme, it is slow and steady continues to be in the race, you don't win the race, you don't even race! You just continue on day to day, with reletively low risk but some sustainable low level process. Everyone would love to be rich tomorrow, most people are smart enough to know most are scams or just gambling, here you are suggesting that with some basic management of money, tax, and their income, they can not be poor forever, even if they will never be rich.
Excellent message - thank you. I will share this with my family and friends. I too use a password manager after I started to get some dodgy spam emails listing a common word that I used to use. In relation to the spoof of the lawyer and his son, perhaps I may suggest a key word within my family as a further safety measure. Thank you again. If you’ve saved just one person from the heartache of being scammed, then your video is of great value - I suspect it will be more than one person.
James, very powerful. One very well known Entrepreneur was vocal about slowing down AI development sometime last year. He called for a break in development so as to allow everyone to discuss AI more in depth. Seems not much has been done along those lines. Your warnings hit quite strong with me. I sent your video to family and a few friends.
Really appreciate this public service announcement. I think what I find so good about your videos is the choice to include real life stories and experiences. Like the example in this video.
My dad was scammed. He's in his 70's. He gave them copies of his passport, driving licence and paid them 1000k ...possibly more. They made him believe so much that he didn't trust his family who were trying to tell him it was a scam. He didn't believe us. The police came and said because he willing gave money he wouldn't get it back. We never did know exactly how much he gave them in the end.
The poor poor man! I myself was scammed very badly into buying a vehicle in the real ( surreal) world when I was really vulnerable. The person responsible just kept repeating the same phrases again and again. He was an eerily controlling person and I had severe PTSD at the time. Must have been triggered and disassociated plus feeling really really trapped. While someone above commented on the way his mind split so he knew he was being scammed but kept doing it anyway, I just went into a zone where i had to 'do the right thing' and keep my word and make a very large payment. I was also completely frightened and stressed because I stupidly told him how Id been attacked and he kept repeating how Id be safe in this bloody vehicle. He frightened the hell out of me. He wa obsessed not only with the vehicle but with me. Very predatory. Sam Vaknin did an excellent UA-cam Video on Shared Fantasy of the Narcissist. Not my fantasy! The Scammer/NArcissist's Fantasy of getting the chunk of money or Narcissistic Supply from his victim. Whoops. Only just sold it at auction today actually. For hugely reduced price.
Thank you James, you have really opened my eyes to the current state of play out there. Please thank Fred and Jemma (whoever they are in real life) for being brave enough to share their story.
This is a very important topic and thank you for raising awareness! However, in terms of underestimated security risk I think there is one bigger underestimated issue that really no one talks about and that is old school robbery: what if a robber points a gun to my head and asks me to cash out the money held in my broker account and then transfers it to him (for example by buying crypto on his behalf or some other way that is not trackable)? In the pre-online broker era, they would have had to hold you hostage and deal with police etc. but now they can just literally force you to push a few buttons on your phone to get the money within let's say a single afternoon before anyone notices that you are missing/held hostage etc. Would brokers reimburse you in such an event? Or are there insurances that offer protection from such forms of robbery? I'd be very interested to know - many thanks!
When we bought our house I paid £10 first, rang the solicitor and confirmed they had received it. The idea that I might not have been able to tell if that person on the phone was real is terrifying.
Have you noticed how on you tube videos people discuss if the presenter is a bot or not? For example, Louise Hay, who wrote books on health years ago has videos of her talking ( she is deceased) with many words mispronounced which clearly would be impossible if the video was of a real Louise Hay.
the issue with the first example is that its ‘normal’. They were buying a house. They were working with this solicitor. They were expecting to pay a deposit. So there is no ‘smell’ that seems off like most scam emails do.
I regularly get asked for me details from companies pretending to be my business bank. I have a simple rule - I speak to one person and one person only - and that's my relationship manager. If you don't know them - don't tell them anything. People do, however, fall for this all the time. There's no substitute for a quick phone call to verify.
Hi James. A sincere thanks and congratulations for putting this video together. As a fellow asvisor I have shared it with all my clients. I produce video content for my clients and understand the time and effort that goes into these videos, so hats off. Well done.
What a nightmare! Thank you for sharing this information with us. I have always felt that it's absolutely criminal that the internet was allowed to be set up in the first place without a system of checks and balances in place where it would be impossible for a scam to ever occur.
So much of this information should be passed along to everyone you know... 90% of all phone calls I receive are some type of scam... if only phone numbers could be as easily changed as a password.
I am in the process of buying. My conveyancer has sent bank details in a letter and made several notes that they will not change those details which I have already paid small deposits too.
The solution to this problem is simple and one which i have adopted for years (simply because I am dyslexic and prone to keying errors). 1) I set up the target account for the transfer. 2) I transfer a small UNDISCLOSED amount of money (a fee pounds and pence). 3) I call the target account owner (friend or business) a day later and ask them to verify the amount of money they received from me. 4) Once validated, I transfer the remaining balance. QED.
Best way of making these payments is to go to your bank, ask for a bank draft (think that's hte name). It's a cheque guaranteed by the bank (for large amounts). Then you go to the right place and make the payment in person! That's what I did when I bought my house.
Thank you so much for highlightling this problem, especially as we move forward. AS you say most people will be unaware of this, which can bring devastating consequences so thank you so much again for sharing this with us.
Thank you for this episode, James. We should all be made aware of these scammer scumbags and preventative measures to stop them taking advantage of others.
Absolutely sick for the people who were scammed I know I could fall for one of them scams and that makes me even more paranoid in my dealings with anyone and everyone, what a world. I hope the scammed do find some peace, it must be dreadful for them.
Great awareness publication James. 2 things to add from my experience: 1. Always use 2FA / MFA for any logged in accounts 2. Send a token amount to a new bank account (24p) - ask the recipient to TELL YOU what the amount is.
Go into your bank and make a CHAPS payment, after obtaining the banking details from your solicitor by visiting them in PERSON. Costs only £25.00 and a bit of inconvenience. Then sorted.
Yikes, I had no idea scammers were so good! I checked my emails, several of my personal emails and even my NHS email have been involved in data breaches, definitely need to change my passwords. Great video, I've passed it on to the communications lead in my company as it could potentially save people from being nastily scammed.
I just told my elderly mother to set up a verbal password. If it's really me only we know what the word is. If it's AI it won't know. But do this in person not via email
You are absolutely right. I work in AI and have been stating this for the last couple of years. I have a solution, but it needs national government or even better, international agreement - but it wont ever happen due to the greed/power hungry industry and government leaders
Very good advice, James. I use a password manager, different obfuscated passwords and also, just as importantly, different email addresses for each and every credential I have on the internet.
Great video. By the way it is Two Factor "Authentication" and not "Authentification". James, I recommend that your company implements personnel pen-testing as well. All companies will have to test their employees as a matter of routine going forward.
@@johnporcella2375Penetration testing - testing to ensure that all appropriate security protocols are in place and are up to date. It's one of the keystones for preventing unauthorised access to systems.
Great advice and very concerning what is happening. With landline phones if you received a call from someone pretending to be your bank it was even risky to hang up and call back your bank on their number as often the scammer was still on the line and had never hung up. I wonder if this will soon be possible with smartphones as well…
The solicitor should be accountable here for not implementing suitable domain signing keys for email and the like. There is no excuse in today's world for this not to be in place.
This is an excellent video James. Very informative and helpful. Just a pity that such videos need to be made. Thank you. It will have taken a lot of courage to produce this. You are to be applauded.
Thanks James, some good advice there. I would also suggest that you send a test amount to the bank details first, just a £1 or so, to make sure they get it.
James, this is probably the most important video I think I have ever seen…… It is so sad that this has to be made, but thank you for making this content!
Great video James. Not seen any of the other finance UA-camrs cover such an important topic. Obviously as individuals you want to do all the good things you have covered but as a cyber pro, I'd add making sure that all your software is always kept up to date; Just set up things to automatically update. My experience has been that many solicitors are way behind the curve in relation to security esp some of the smaller firms. Whilst protecting yourself is important, a good idea too is to check out whether the firm/s your are dealing with have Cyber Essentials certification. It costs small businesses £350 and is a sign that they have got the basics right. Final thing to say is treat email and SMS like the post box in your door - anyone can put anything in it.
Thanks for making this video and I wonder how the banking regulation needs to adapt to deal with scams like this. If money is transferred to a bank account and there is no reason for that bank account to receive such a payment, there should be some way to challenge such transactions.
The thought of my grandmother and parents being targeted with AI-assisted attacks like this makes me feel sick.
The only defence is to educate and keep vigilant, so please do share this with anyone you think needs to hear it.
Thankyou great info
Actually good security advise from someone who is not a security expert. Hear about this all the time.
Somebody tried to scam my 83 year old mum with something very similar to what happened in the video you showed, but she is extremely intelligent and worked out it wasn't genuine. I am so proud of her😊
JAMES - It is still visible that your pwned address is shack and it's microsoft's previous old service. I can't post it, but trust me it's still visible. I could be wrong because it's currently showing 29 incidencts on that address, not 19, but either way if this is close to accurate, combining it with the info on havibeenpwned is likely enough to unviel it. Someone bored could try changing a letter or number until it shows the 19 pwns. Security is key. We should block out info. Blurring could lead to unveiling
@@marcus.H I appreciate your help here. That is not the correct email address. Even so, what are the risks of someone knowing my email address, given that it's an old one I don't use?
Great advice as always. The only thing to add is when phoning someone back to verify their identity, do it from another phone as the scammer can keep the line open, play a dial tone and make it appear you are phoning your bank etc. You then end up speaking to the scammer again.
I realise i’m going OTT with the comments on this video but i’ve always wanted to say this - your kitchen is absolutely banging.
It could be an AI designed background!!
It’s a nice kitchen, but I suspect it’s just a background image
@@m_r__r_o_b_o_t To prove it's real, you can see how the light changes from the start to the end of the video. Took me 2 hours to film this and the sun set during that time!
@@JamesShack Oh wow! Nice.
Need a cushion for the bench though
This is the most important video you'll ever make.
Thank you.
I think so too.
I really needed to make this video because in the near future, it's likely my voice and face will be used in deep fake scams.
It will happen to all other content creators, but finance content creators are at the cross-section where the incentives and the risks are the highest.
All I can do is keep talking about it and hope people stay vigilant.
Really important message James - thanks as ever for making such informative content.
@@kenlee9396 You're welcome!
Really? Don't reuse passwords is basic internet security. This is a quite an elaborate scam but some basic online security understanding, which everyone under age 75 should really have by now, would have prevented this.
Well keep an eye out for your bot version!
The guy is trying to help you so I can only assume negative comments are from scammers themselves. Well done on outing them again James....
Always phone the payee to double check an IBAN. Always. If you are sending a larger amount, send £1 first and then phone the payee the next day to confirm receipt of the test transfer.
Fantastic advice, and where possible, don't leave things to the last minute whereby you don't have the time to make sure you have the correct details either.
Very difficult to get a lot of companies to employ anyone to answer the phone these days. A lot of transactions are automatic and you have no opportunity to speak to anyone.
@@marianhunt8899 They are more likely to answer the phone when you are sending them money. 😊
Don’t send a dollar, send a random amount like $13.72 and then check their number in an old school phone book and phone them. Ask them how much the amount was, that serves as a PIN number so you know they got it. Now, if you did phone the scammer, and you did send the money to them…. Then they will also know the amount. Might be best to visit them in person at their office? Very difficult to be 100%. If it’s a big transaction, probably best to proxy it through a lawyers trust account.
Thank you for posting this advice
As a family we’ve set up phrases that we rotate every month so we can try and combat this. If we get a crank call we ask the question to get the counter answer
That's a great idea, thank you
Too difficult to remember. Probably easier to just ask a few questions about the house - such as "where is the toaster in the kitchen and what does it look like?" or "what colour is the shower curtain"? Remember that some of these answers could be common, such as having a white shower curtain, so ask a few varied questions to be sure
If you can remember passcodes that's good, but I could never do that. It's easier to ask about things only the relative would know about. Even things like "what car do I drive?" Even information available online like a picture of your car may be difficult to look up in a rush, so it could trip up a scammer. If in doubt, treat it like a potential scam
Alright James Bond 😂
@@fastbackseventyseven3553 It will become normal and a necessity soon. The elderly will always be the most vulnerable.
@@mattthompson8657 said the guy who’s too smart to get scammed! 🤣
In terms of paying for a house, I think we need to bring in a rule that the deposit MUST be paid by cheque or bankers draft and it should be handed over to the solicitor in person at their offices with witnesses and paperwork.
It’s a bit of a hassle but this is becoming so pervasive now and it almost happened to me a few years back.
I’ve been scammed, online, four figures, never admitted to anyone, the self-shame & depression can be overwhelming. I even have the ‘Give it Five’ anti-scam government leaflet on my fridge but still fell for an urgent opportunity scam. Lesson: After years of accumulation, never act instantly, out of place, moving substantial funds using emotion rather than logic.
Hi Mark, I'm very sorry to hear that but thank you for sharing. These scammers are so persuasive we are all vulnerable.
I'm so sorry to hear mark. Please don't feel shamed. I used to work in financial risk and anyone regardless of age or education can be targeted by this crime. Take care.
Now I'm terrified, but thanks for the heads-up!
Right? Bad actors are everywhere nowadays!
Don't, just remember to take a moment to reflect and think before doing anything and if you are on the receiving end of an incoming call and they won't let you go, you have your answer.
Financial institutions need to seriously improve their operational security, too. People actually from my bank (as in I've called them back on a verified number and continued the conversation) have called me up, and asked me "to confirm some personal details to verify my identity". The _caller_ (i.e. the bank) should be satisfying me that they are who they say they are when they call me!
They were very put out when I refused to answer their questions and couldn't understand why I was so suspicious!
I have refused to talk to my creditcard company in the past as they couldn't prove who they were, and the caller (who was actually genuine) accepted this and just asked me to call them back on the number on the back of my card.
@@bigboldbicycleworked in cyber security for a year. Got a message from another bank. Account said to call them. Then I had to research and make sure the number was legit. Very unnerving. They helped me out. Due to invalid attempts. It was fair my PC died and couldn't remember the password.😂
I have had that exact conversation with my own bank. Thankfully it appears that they have woken up and realised that they need to only verify the clients identity when the call is incoming and they generally don't make outbound calls any more unless it is to arrange an appointment.
@@bigboldbicycleexactly, I’ve had the same supposedly from the fraud department. I was once scammed by text so these days I am very wary and work in the principle that the banks do not call
You direct if they suspect fraud they will delay payments etc
I think this is the best video you've ever done James and if it saves just one person from losing their life's saving it will have been worth all the time you put into it. On calling back another thing to be wary of is to make sure the inbound scammer's call is disconnected as sometimes they will keep the line open and play a dial tone so you think you are connecting to the new number but are actually just speaking to the scammer again. I believe this only works with PSTN lines. If called on your home line call the bank, solicitor etc back via your mobile or a different PSTN line.
Inbound phone calls are a major issue. Even the genuine ones want to go through their security checks but are unwilling, or unable, to go through my checks to validate who they are and seem dumbfounded when I ask. Clearly no one ever challenges them.
We do, in our house. We call them back on the bank telephone line but I know what you are saying!
When I was working as an estate agent in London, this type of scam happened to a Landlord who owed commissions. They sent an email with bank details and I heard of it happening to a buyer too. We did used to tell people, always hang up and call back. Never trust an email, always confirm via phone.
All content providers should do a detailed video like this for awareness. Highly needed in these dangerous times
That would be good.
I think this is the best video you have done. Relevant to everyone.
I think so too!
Hi James,
I have followed your channel for a couple of years now and always enjoy your content and want to thank you for the quality and invaluable information over the years - but I particularly felt compelled to comment on this video which is just so important and beautifully put together!
I teach computer skills to the elderly and I'm constantly trying to highlight to them the dangers of a "relaxed view to security", and lime you, I'm equally concerned the effect AI will have on us all generally, but yes in particular, the misuse of this 'ability' to clone someone's voice and pretend to be them is just a can of worms waiting to be unleashed on the unsuspecting.
A Fantastic video - thank you for your integrity and passion in creating this and trust me, it will be passed on to my family and friends and integrated into the lessons I give to the elderly to help protect them from these despicable and unmoral characters willing to rob people (often the very vulnerable) of their life's savings.
Thank you James and wishing you all the best
Think you do much for the kind and thoughtful comment. Hopefully with more people like you we can help spread the work and help those that we can.
But unfortunately it’s those that don’t watch financial UA-cam channels or seek help with their finance that are most likely to fall victim.
You're videos are excellent even before this one James. Maybe you can do the sideline specially in this area to keep us all trained up. I love the video you included as well.
THE BEST video on scams I have EVER seen! I thought I was aware, to a degree I am, but this has taught me a thing or 2. Thank you!
Glad it was helpful!
Thank you for this. It happened to me 6 weeks ago almost exactly as the lawyer accounts. It left me questioning everything, and we should! I managed to confirm my partners wear abouts, and by asking many questions. They only wanted 1500.00 bail, I was so upset I did not question its authenticity. One part of my brain was screaming its a scam. The other part of my brain could not bare not doing something...to rescue. Everyone pass this video along to others. Thanks, James this helped me not feel like a complete fool.
Actually you are right about how the brain splits at the time. That is EXACTLY what happens when we are being scammed. We are trained from a young age to be compliant and to help. And scammers are often exactly as bossy as people we already know who are on positions of power. I had just been threatened by the ATO Australian Tax Office demanding money ASAP while I panicked which fund I'd put the money into ( my daughters). About an hour later the FAKE ATO rang and were just as bullying in asking for my ID and completely compromised my account. Now I have a voice recognition...er well that wo t work any more will it?!?!?!
No solicitor should EVER send you payment detail requests by email. Never take a call from any bank, always call them back on the number you have stored from their website OR even better, drive in and give the deposit payment in person!
Unfortunately, they do. Perhaps it is in a password-protected PDF, but if a scammer has got access to your email, they can just delete it and send their own version.
They do all the time. Sad but true.
Solicitors will always do this. The onus is on calling back a known person at the firm before sending.
email can be very secure - just use GPG. It's been around for 25 years. Sadly almost all financial outfits are too useless to sign or encrypt their mail. Signed emails with a registered key in the strongly-connected set is _extremely_ good evidence that it really did come from where it appears to come from.
so in that case we should demand that they should do it by letter by post
THE GOVERNMENT, INTERNET SERVICE PROVIDERS, EMAIL SERVICES AND PHONE COMPANIES NEED TO CRACK DOWN ON THESE SCAMS
Yes this is the post that should be massive, why are consumers / citizens to blame for climate change & wild west finance tec when thats what REGULATION & ENFORCEMENT IS FOR. The main thing the avarage person is guilty of, is assuming a quite simple life & those with wealth & power to do the right thing, this is an unreasonable expectation & false belief, help change things or be screwed by them.
If you're ever going to make a payment to someone you should always send a test amount first. And make it some random amount like £3.56 not a round £1 or £10.
Then when you call to ask if they've received the test funds, ask them to confirm the sum.
We also need more awareness about sending private information by email. Everyone assumes it's safe but an email is as private as a postcard!
Use a secure portal for transferring data. And if the IFA or solicitors or whoever doesn't have one, perhaps you should use someone else that does.
We need to be much more aware of online security.
That is a really good idea, I will definitely use that in the future.
Yeah i've used this before when sending to friends accounts abroad and its a very very long account and Bank ID number with many different characters and numbers... However - I feel solicitors and government department would struggle with this as these small, strange amounts each have to be invoiced, so would not work and would even confuse accounting system into generating underpayment notices.
How does a test amount change anything? The scammer will confirm the sum you sent them, no?
We do that.
Top tips, thank you 🙏
Thanks James, a great topic to draw to your viewers attention. Much appreciated.
What an incredibly powerful film. Everyone should watch this. I was deeply knocked in my confidence when scammed out of £5k earlier this year. Thankfully my bank came through and reimbursed me. But what a complete shock. I think the level of scamming is so sophisticated these days it is probably undermining the banking system. What happens when we lose trust in the banking system. Do we revert to old fashioned physical cheques again? Scamming us so, so bad.
Excellent advice. I would add you should never feel embarassed about falling for a scam, scammers can be very convincing, and silence only helps them.
James - you’re the reason i have a months (joint) income in a Vangaurd ISA so thank you for the four years of grade A advice you’re giving away for no cost to us on YT.
You have given Vanguard your money??? Talk about stupid. They are one of the international companies trying to control/ take everyone down!!
When I last sold a house I had it documented in a face to face meeting that payment details can't be changed except face to face meeting.
I wanted to give a thumbs up to your content. As a Chartered Banker, MBA with distinction in banking and finance as well as previously holding a financial planner qualification I can say it it all relevant for the audience.
That's not to say I wouldn't explain things a little differently but that would be for a different audience.
I have shared your content with a friends daughter as I didn't want her to get disillusioned with her pension growing slowly when starting out after I told her that she had to do it. Starting early even on a low amount is the best thing for anyone to do.
Hats off to you for sharing this info freely.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Excellent video James. I had a near miss a few years ago when my solicitors email was hacked at the time I was due to send monies over on a flat purchase. It wasn't as sophisticated a scam as your example in the video, as the tone of the scammer's email just didn't sound right to me. Sooooo glad I called them to verify otherwise I'd have been done out of over £100k.
Not a scam but be aware monies lying in lawyers account awaiting transfer attracts interest which belongs to the client. Something that some lawyers are not completely transparent about. 😮
Feedback for James: The beginning of the video used a scammer narrative:
- authority
- emotion
- scarcity
- current events
- urgency
And you should rearrange the words so they can be used for a good Current events, Authority, Urgency, Scarcity, Emotion. ;)
Hi James. Followed your channel for nearly a year now...appreciate everything you do for us. After tonight's video I felt rather ashamed that I haven't given you my subscription. Well now you have it and I sincerely hope anyone else that has held back for no real reason does the same...thank you so much for everything! Keep up the great work! 💪
It's SHOCKING that you're not advertising a VPN or Password Manager on this video. Kudos!
It's worth having this conversation with vulnerable people in your family, older parents, young adults, or anyone with poor email/password hygiene. They are vulnerable, and sophisticated automated attacks will come quickly.
Maybe the most important and timely video you have ever done James. We are acting on your advice right now. 👍
Excellent video, James. Powerful message that people need to hear. Radio 4 programme a year ago said that the police do not even bother to investigate over 90% of online scams. They said it was the best way for criminals to commit crime and not be caught. As well as protecting ourselves as you suggest, we need to put more pressure on politicians to do more to regulate banks and the on-line world to reduce these devastating crimes.
Again, that's why they feel like they can continue to attack us with no threat of repercussions.
This is an excellent video with raising awareness.
Also, the financial world is full of small companies and advisors who take care of their clients personal data but may be easier to compromise due to lack of in house IT skills.
Like any tool AI makes it easier for attackers and defenders, by their nature attackers are usually ahead.
Your video is timely!
Just the other day I received an SMS about not having paid a parking bill; I immediately knew it was a scam, as I do not drive! If I were a driver, I may have had a moment of panic and who knows what foolishness it may have led me to!
James this is excellent and so important. I immediately sent this to my wife and adult kids. It’s a brilliant resource. Thank you
Thank you James, I was scammed by a call claiming to be my bank and I'm no fool, but still fell for it. Luckily I got my money back.
After what you've said, I've just changed all my passwords.
Thank you for sharing, and I'm sorry that happened.
Hopefully, never again, though!
Yes, they a very very good at what they do, Everyone! - Do not think you are smarter, they are extremely well versed in what they do...
Thankyou for this scary times indeed.
Thank you for making this very important video. I have just shared it with family.
👏🏻
More than anything, I thank James for raising awareness. The word has to be spread much much more widely.
Thanks to James I notice that the comments are really opening up!
I've been thinking about exactly this for a while now - very good video, everybody needs to know this is coming. Definitely scary stuff that can destroy your life.
Excellent advice, Thank you. Wish more people were made aware of just how easy it is to fall victim to some of the scams now and just how little recourse we have as the general public.
Your channel is successful because it makes what most think is a rather dull and dry subject relatable and somewhat interesting. It also isn't some get rich quick scheme, it is slow and steady continues to be in the race, you don't win the race, you don't even race! You just continue on day to day, with reletively low risk but some sustainable low level process.
Everyone would love to be rich tomorrow, most people are smart enough to know most are scams or just gambling, here you are suggesting that with some basic management of money, tax, and their income, they can not be poor forever, even if they will never be rich.
Excellent message - thank you. I will share this with my family and friends.
I too use a password manager after I started to get some dodgy spam emails listing a common word that I used to use.
In relation to the spoof of the lawyer and his son, perhaps I may suggest a key word within my family as a further safety measure.
Thank you again. If you’ve saved just one person from the heartache of being scammed, then your video is of great value - I suspect it will be more than one person.
James, very powerful. One very well known Entrepreneur was vocal about slowing down AI development sometime last year. He called for a break in development so as to allow everyone to discuss AI more in depth. Seems not much has been done along those lines. Your warnings hit quite strong with me. I sent your video to family and a few friends.
Everyone needs to see this video.
Really appreciate this public service announcement. I think what I find so good about your videos is the choice to include real life stories and experiences. Like the example in this video.
My dad was scammed. He's in his 70's. He gave them copies of his passport, driving licence and paid them 1000k ...possibly more. They made him believe so much that he didn't trust his family who were trying to tell him it was a scam. He didn't believe us. The police came and said because he willing gave money he wouldn't get it back.
We never did know exactly how much he gave them in the end.
The poor poor man! I myself was scammed very badly into buying a vehicle in the real ( surreal) world when I was really vulnerable. The person responsible just kept repeating the same phrases again and again. He was an eerily controlling person and I had severe PTSD at the time. Must have been triggered and disassociated plus feeling really really trapped. While someone above commented on the way his mind split so he knew he was being scammed but kept doing it anyway, I just went into a zone where i had to 'do the right thing' and keep my word and make a very large payment. I was also completely frightened and stressed because I stupidly told him how Id been attacked and he kept repeating how Id be safe in this bloody vehicle. He frightened the hell out of me. He wa obsessed not only with the vehicle but with me. Very predatory. Sam Vaknin did an excellent UA-cam Video on Shared Fantasy of the Narcissist. Not my fantasy! The Scammer/NArcissist's Fantasy of getting the chunk of money or Narcissistic Supply from his victim. Whoops. Only just sold it at auction today actually. For hugely reduced price.
Thank you James, you have really opened my eyes to the current state of play out there. Please thank Fred and Jemma (whoever they are in real life) for being brave enough to share their story.
This is a very important topic and thank you for raising awareness! However, in terms of underestimated security risk I think there is one bigger underestimated issue that really no one talks about and that is old school robbery: what if a robber points a gun to my head and asks me to cash out the money held in my broker account and then transfers it to him (for example by buying crypto on his behalf or some other way that is not trackable)? In the pre-online broker era, they would have had to hold you hostage and deal with police etc. but now they can just literally force you to push a few buttons on your phone to get the money within let's say a single afternoon before anyone notices that you are missing/held hostage etc. Would brokers reimburse you in such an event? Or are there insurances that offer protection from such forms of robbery? I'd be very interested to know - many thanks!
When we bought our house I paid £10 first, rang the solicitor and confirmed they had received it. The idea that I might not have been able to tell if that person on the phone was real is terrifying.
Have you noticed how on you tube videos people discuss if the presenter is a bot or not? For example, Louise Hay, who wrote books on health years ago has videos of her talking ( she is deceased) with many words mispronounced which clearly would be impossible if the video was of a real Louise Hay.
the issue with the first example is that its ‘normal’. They were buying a house. They were working with this solicitor. They were expecting to pay a deposit. So there is no ‘smell’ that seems off like most scam emails do.
I regularly get asked for me details from companies pretending to be my business bank.
I have a simple rule - I speak to one person and one person only - and that's my relationship manager.
If you don't know them - don't tell them anything.
People do, however, fall for this all the time.
There's no substitute for a quick phone call to verify.
Great video James. Genuinely frightening stuff! I'll be showing this to my parents 👍
Please do!
Your channel puts out great, honest information. I really enjoy watching!
Hi James. A sincere thanks and congratulations for putting this video together. As a fellow asvisor I have shared it with all my clients. I produce video content for my clients and understand the time and effort that goes into these videos, so hats off. Well done.
What a nightmare! Thank you for sharing this information with us. I have always felt that it's absolutely criminal that the internet was allowed to be set up in the first place without a system of checks and balances in place where it would be impossible for a scam to ever occur.
Thank you for posting such an important video. I've forwarded it to my children. I didn't realise it could potentially get even worse.
So much of this information should be passed along to everyone you know... 90% of all phone calls I receive are some type of scam... if only phone numbers could be as easily changed as a password.
I am in the process of buying. My conveyancer has sent bank details in a letter and made several notes that they will not change those details which I have already paid small deposits too.
James, thank you for this video. I will rewatch it with my parents to help educate them as well.
Thanks for your continued education of investing. I've been following you for just over almost a year and have learned so much.
The solution to this problem is simple and one which i have adopted for years (simply because I am dyslexic and prone to keying errors).
1) I set up the target account for the transfer.
2) I transfer a small UNDISCLOSED amount of money (a fee pounds and pence).
3) I call the target account owner (friend or business) a day later and ask them to verify the amount of money they received from me.
4) Once validated, I transfer the remaining balance. QED.
Fantastic video explaining this so well. I'll be sharing everywhere - thank you James.
Thanks for highlighting this to your audience - really important topic that a lot of people are not clued up enough about. Great work James!
Best way of making these payments is to go to your bank, ask for a bank draft (think that's hte name).
It's a cheque guaranteed by the bank (for large amounts).
Then you go to the right place and make the payment in person!
That's what I did when I bought my house.
Thank you so much for highlightling this problem, especially as we move forward. AS you say most people will be unaware of this, which can bring devastating consequences so thank you so much again for sharing this with us.
Excellent video and thank you for making it, I shall show it to my family and friends and share it wherever possible.
Thank you so much James (the real one)
Thank you for this episode, James. We should all be made aware of these scammer scumbags and preventative measures to stop them taking advantage of others.
Thanks for the comment, and you’re welcome.
Brilliant James - bringing it to life
Thank you so much for this video, such an important issue. Will share with all my friends
Absolutely sick for the people who were scammed I know I could fall for one of them scams and that makes me even more paranoid in my dealings with anyone and everyone, what a world. I hope the scammed do find some peace, it must be dreadful for them.
Great video - thank you very much James. Frightening times we live in.
Very helpful video. We should all up our defences to recognise things which may be a scam.
Thank you for posting this important video
Glad it was helpful!
Bravo for doing a video on this chap.
Needed to be done!
Thanks James . This is a must watch.
Great awareness publication James. 2 things to add from my experience:
1. Always use 2FA / MFA for any logged in accounts
2. Send a token amount to a new bank account (24p) - ask the recipient to TELL YOU what the amount is.
Go into your bank and make a CHAPS payment, after obtaining the banking details from your solicitor by visiting them in PERSON. Costs only £25.00 and a bit of inconvenience. Then sorted.
Much easier to just ring the solicitor. Initiate any call yourself using a number you know to be correct.
Yikes, I had no idea scammers were so good! I checked my emails, several of my personal emails and even my NHS email have been involved in data breaches, definitely need to change my passwords. Great video, I've passed it on to the communications lead in my company as it could potentially save people from being nastily scammed.
Great, I'm glad you've found it valuable.
I just told my elderly mother to set up a verbal password. If it's really me only we know what the word is. If it's AI it won't know. But do this in person not via email
Is it Bosco?
You are absolutely right. I work in AI and have been stating this for the last couple of years. I have a solution, but it needs national government or even better, international agreement - but it wont ever happen due to the greed/power hungry industry and government leaders
What would that solution be? A regulatory one?
The main question I have is why on earth are solicitors using email for sending ANY financial details. It should be banned.
Amazing video James, thank you. I m sharing this video with a MUST WATCH message.
Very good advice, James. I use a password manager, different obfuscated passwords and also, just as importantly, different email addresses for each and every credential I have on the internet.
Do not call back on the landline phone. You were called on if somebody's asking you for money. Call the number you know is safe from your mobile phone
Excellent video and choice of subject, can not thank you enough. Well done
Great video. By the way it is Two Factor "Authentication" and not "Authentification".
James, I recommend that your company implements personnel pen-testing as well. All companies will have to test their employees as a matter of routine going forward.
"Pen testing"?
@@johnporcella2375 Penetration testing
@@johnporcella2375Penetration testing - testing to ensure that all appropriate security protocols are in place and are up to date. It's one of the keystones for preventing unauthorised access to systems.
@@johnporcella2375 Even more confusing when you add the word hygiene - Pen test personnel hygiene.
Great advice and very concerning what is happening.
With landline phones if you received a call from someone pretending to be your bank it was even risky to hang up and call back your bank on their number as often the scammer was still on the line and had never hung up. I wonder if this will soon be possible with smartphones as well…
The solicitor should be accountable here for not implementing suitable domain signing keys for email and the like. There is no excuse in today's world for this not to be in place.
This is an excellent video James. Very informative and helpful. Just a pity that such videos need to be made. Thank you. It will have taken a lot of courage to produce this. You are to be applauded.
Many thanks for this.
I'm glad you found it useful!
Well done James 👏👏
Thanks James, some good advice there. I would also suggest that you send a test amount to the bank details first, just a £1 or so, to make sure they get it.
James, this is probably the most important video I think I have ever seen…… It is so sad that this has to be made, but thank you for making this content!
Thank you so much for this James - it's hugely helpful.
Glad it was helpful!
Brilliant. One of the most important videos I have ever seen on youtube.
Great video James. Not seen any of the other finance UA-camrs cover such an important topic. Obviously as individuals you want to do all the good things you have covered but as a cyber pro, I'd add making sure that all your software is always kept up to date; Just set up things to automatically update. My experience has been that many solicitors are way behind the curve in relation to security esp some of the smaller firms. Whilst protecting yourself is important, a good idea too is to check out whether the firm/s your are dealing with have Cyber Essentials certification. It costs small businesses £350 and is a sign that they have got the basics right. Final thing to say is treat email and SMS like the post box in your door - anyone can put anything in it.
James , fantastic information you give out long may it continue
Thanks for making this video and I wonder how the banking regulation needs to adapt to deal with scams like this. If money is transferred to a bank account and there is no reason for that bank account to receive such a payment, there should be some way to challenge such transactions.