Congratulations, You've Just Won $500,000

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Congratulations, You’ve Just Won $500,000!

A couple weeks ago I held a press conference here in Denver to get the word out about lotto scams, but the media literally covered the story in less than 30 seconds. They neglected to mention 99 percent of what I said, didn’t explain the scam very well, and didn’t use very much of my pretty mug on the television.
So, for the benefit of people who might fall victim to this, here’s how the scam works:

You are mailed a letter, some more official looking than others, telling you that you have won a sweepstakes, lotto, or other drawing. Accompanying the letter is a check, again some more official looking than others. The check is to advance you the money you will need to send to pay for the “processing fee” or “taxes” associated with your winnings so you don’t have to pay with your own money. This check is usually around $3,000. You are to deposit the money in your account and then call your claims representative.

Here’s what will happen when you call:

You will be told that you have been given the money out of your winnings and that since you deposited the money in your account, you now have the money to pay the fees. You will be asked to wire money to Canada or to Nigeria or some other place overseas. A couple weeks later, your bank will call you and tell you that the check you deposited is a fake. You will discover soon that you can’t get your money back after you’ve wired money overseas, and you’ll be out few thousand dollars.

Why this works:

First and foremost, people are greedy. They believe that they have finally got their big break. A woman began this same old story on the phone to me the other day, and then interrupted her and played out the scenario above. She was surprised I knew what all had happened to her without her having explained it to me. Even after I went through this, I told her it was a scam and she didn’t win anything. All she could tell me was that I was wrong and she was sure she had won because she deserves it and, “They told me I won.”

The other reason why this works is because it preys on people’s hopes and dreams. Think of how you feel after buying a Powerball ticket: you spend the next hour daydreaming about how you will spend your winnings, who you will give money to and how much each person will get. You spend time thinking things like, “Aunt Martha isn’t getting a dime, maybe then she’ll wish she would have sent me a bunt cake at Christmas.” Now imagine you’ve been told that you’ve won half a million dollars. Your common sense goes right out the window. Remember what your mother taught you, “If it’s too good to be true, it probably is.”