EXPLAINING 20 SCAMS IN 20 MINUTES (pt 1)

Summary

This video script delves into the underworld of scams, detailing ten different schemes that range from the absurdly simple to the highly sophisticated. It warns viewers of the potential legal consequences of engaging in these illicit activities, emphasizing the risks of imprisonment. The narrator shares these methods not to encourage participation but to educate and illustrate the ease with which some individuals exploit vulnerabilities for financial gain. The script serves as a cautionary tale, highlighting the importance of understanding and protecting oneself from such scams.

Takeaways

• 🚫 **Refund Scam**: The speaker warns against a scam where individuals trick companies into refunding for products they claim not to have received, while they actually keep the product.
• 📚 **Textbook Rental Scam**: A scammer creates multiple accounts to rent and then resell textbooks at a profit, highlighting the risk of legal consequences like jail time.
• 💳 **Credit Card Fraud**: The script describes how scammers purchase stolen credit card information to make high-value purchases, emphasizing the high risk and potential jail time.
• 🎁 **Free Item Survey Scam**: Scammers lure victims with the promise of free items, tricking them into providing credit card details under the guise of a survey or minimal shipping fees.
• 📱 **Phone Sign-Up Scam**: Desperate individuals are persuaded to sign up for phones under their names, which scammers then sell at a profit, highlighting the direct risk of personal involvement.
• 🏦 **Bank Loading Scam**: Scammers deposit fake checks into business accounts and withdraw the money before the check bounces, leaving the account holder liable for the funds.
• 🔑 **Combos Scam**: By reusing passwords across multiple sites, scammers gain access to accounts and make unauthorized purchases, such as free food orders.
• 🆔 **Identity Theft**: Scammers use personal information like social security numbers to apply for credit cards in the victim's name and make purchases, causing significant financial harm.
• 📧 **Phishing Scams**: Scammers create fake login pages to mimic banks or company communication platforms to steal login credentials and access sensitive financial information.
• 💰 **Credit Education**: The speaker argues that understanding credit systems can legally provide financial benefits, suggesting that traditional education often overlooks this aspect.

Q & A

What is the main purpose of sharing these scam methods in the video?

The main purpose is not to encourage scamming, but to educate viewers on how easy it is to make money illicitly. It aims to raise awareness about these scams so that people can understand and avoid falling for them.

What is the refund scam mentioned in the script?

The refund scam involves convincing a company that they made a mistake and did not send the product, when in fact the scammer has the product and intends to get a refund as well.

How does the scam involving buying and using stolen credit cards work?

Scammers purchase stolen credit card information from sites like Joker stash, use VPNs and proxies to mask their identity, and then make purchases on sites like Saks Fifth or Apple, sending the items to a drop house.

What is the scam involving filling out surveys for free items?

This scam lures people with the promise of a free item after filling out a survey. The survey is a ruse to collect credit card information, which is then sold or used for fraudulent activities.

How do scammers make money by getting people to sign up for phones?

Scammers convince individuals to buy phones under their name at stores like Verizon or T-Mobile. They pay the individual a small fee, take the phone, and then sell it for a higher price.

What is the bank loading scam and how does it work?

The bank loading scam involves finding a business's account and routing numbers and printing a check with those details. The scammer then deposits the fake check into a personal account, hoping the bank credits the account before realizing the check is fraudulent.

What is the scam involving the use of the same password across multiple sites?

Scammers exploit the fact that many people reuse passwords across different sites. They use data breaches to get email and password combinations and then try those credentials on other sites to access accounts and make unauthorized purchases.

How do scammers profit from getting access to a person's full credit profile?

Once they have access to a person's full credit profile, including their social security number and other personal details, scammers can apply for credit cards in the person's name and make high-ticket purchases that they do not intend to pay back.

What is the scam involving spamming bank logs?

Scammers send text messages or emails that appear to be from a bank, asking the recipient to log in to their account through a fake login page. Once the victim enters their credentials, the scammer gains access to the bank account and can steal funds.

What is the scam involving access to a company's internal communication channels like Slack or Microsoft Teams?

This scam involves tricking an employee into logging into a fake version of their company's internal communication platform. Once the scammer has access, they can monitor business transactions and potentially redirect wire transfers to their own accounts.

What does the speaker mean when they say credit card companies are scamming people?

The speaker is suggesting that credit card companies profit from people not understanding the credit system, leading them into debt. They imply that if people were educated about credit, they could use the system to their advantage, similar to how the speaker claims to do.