CLEVELAND, Ohio — At a time when so many people are living paycheck-to-paycheck and the cost of living remains high, I learned we're all more vulnerable to certain schemes now than ever before.
It's no secret that everyone is trying to stretch their dollar, and many are looking for ways to make more, which is a prime setup for scammers.
That's why when you log onto social media or check your inbox, you might see ads claiming you can make some serious cash quickly.
But some of them, as you might imagine, are not legit. They fall under what's called "push button scams,” a type of financial fraud where scammers trick someone into authorizing a payment to them under false pretenses.
"So, they'll put phony ads on social media, they'll use deep fake videos of celebrities to say that you can make a ton of money," said Pamela Anson, BBB of Greater Cleveland.
That's exactly what happened to one man in Northeast Ohio.
I spoke with him as he now tries to repay tens of thousands of dollars in debt he incurred after watching a video featuring a music superstar.
It was a deepfake video on social media featuring music legend Elton John that piqued Ray's interest.
He truly believed it was Elton John in the Instagram video.
"Yeah, I did," said Ray.
Ray wants to share what happened to him, but requested we don't show his face or use his last name.
The video claimed the 71-year-old could make easy money.
I asked Ray what he thought he'd be doing to make extra income.
"Well, I thought that I would be able to set up the store and start earning money," said Ray.
It would be an online store.
"They showed you all these cool items that you'd be selling," he said.
Ray was set up with two representatives, who he thought were from the company supplying the products.
They had Ray open a bank account.
“To get a credit card with like U.S. Bank and Apple,” said Ray.
He went through the setup process with the hopes of making $25,000 to $30,000 a month.
But it didn't take long for suspicion to set in and Ray to realize things weren’t adding up.
“When these two young girls were setting me up with this store as like, and they were clueless," he said.
Ray told me he learned the pair lived on a chicken farm in the Philippines.
"And when I got to that point, it's like, yeah, you know, there's something right, not right about this," said Ray.
By then, it was too late.
The pair of so-called representatives charged Ray’s credit cards.
"Before you know it, it's like $20,000," said Ray.
I shared Ray's experience with Anson.
"You really have to do your due diligence to see that the content you're getting fed is legitimate," said Anson.
Anson told me people are more susceptible to these kinds of scams, given current economic conditions.
She encourages everyone to do their homework and remember that if it sounds too good to be true, steer clear.
"Watching for what you're clicking on social media, doing your research, that is this company that is claiming that you'll make a lot of money legitimately. Check the website. You can do a who is search to see how long the website's been created," said Anson.
As Ray deals with the emotional toll of being taken advantage of, he’s trying to figure out that his finances are taking such a huge financial hit.
"Everything they tell you is a lie to get money. I just wanted extra income, and I just got sucked into it,” said Ray.
Here's the sad reality about scams like this.
Ray was only working part-time when he got caught up in the scheme.
The loss has now forced him to return to full-time work as he looks to chip away at the debt he owes.
Since my interview with Ray, he emailed to let me know that one credit card had credited his account $9,400.
He is working with the other creditor to recover his money.
