The 4 P’s of Scams with Anthony “AJ” Monaco

Scamming is a multi-billion dollar industry that is creative and evolving. The National Consumer Protection Week is geared toward education and the National Slam the Scam Day focuses specifically on government imposter scams. Today’s guest is Anthony “AJ” Monaco. AJ currently serves as a special agent in charge of the major case unit at the Social Security Administration Office of Inspector General. His unit investigates complex fraud cases with a particular emphasis on Social Security Administration imposter scams and organized fraud rings. AJ has over 30 years of combined federal law enforcement, Marine officer, and legal experience. 

Show Notes:

• [1:00] - AJ shares his current role and what he manages at the Social Security Administration.

• [2:59] - The Secret Service is also a leader in financial fraud.

• [4:01] - Government imposter fraud is when a scammer presents themselves as a government official, specifically from the Social Security Administration.

• [6:04] - Scams evolve the way business evolves. Scammers take notice of human nature.

• [7:56] - Scammers pay great attention to everything including social media and the news.

• [9:09] - Sometimes these government imposter scammers will present fake credentials but real officials won’t send credentials through text or email.

• [11:02] - Scammers have shifted back to physical mail because that is generally the way the government contacts you.

• [13:21] - You can report calls from phone numbers that you suspect are fraudulent.

• [14:26] - For any phone call or text you get, do a search online to see if there’s anything that the phone number comes back as.

• [16:50] - If you get physical mail, there will be some minor things that could stand out as suspicious.

• [19:39] - Once scammers get past your initial barriers, they are easier to believe.

• [20:40] - The 4 P’s are the “Phony Phundamentals” and they are Pretend, Problem, Pressure, and Pay.

• [22:01] - When it comes to the Pay step, scammers will ask for money in a way that is not standard for sending money to a real government official.

• [25:37] - Gift card scams seem like they wouldn’t be easy to fall for, but once a scammer gets past the barrier, it is easier to convince targets.

• [28:01] - Purchasing and sending gift cards are almost impossible to trace.

• [30:09] - AJ describes a recent organized crime ring that they were successful in shutting down.

• [32:58] - How likely will a victim of fraud get their money back when investigated by the Social Security Administration?

• [36:02] - Be suspicious if someone reaches out to tell you that they will be able to get your money back.

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