by Charles Miller

My sense is that most people who fall victim to a scam are reluctant to admit being duped by whatever it was. Criminals probably count on half of their victims being too embarrassed to admit being cheated, and the other half being belatedly-pragmatic enough to realize after being scammed there is usually zero chance of getting their money back. I believe that is why it is so rare for anyone to seek my advice after they have been conned.

Recently, someone who shall remain anonymous did contact me after having been swindled out of several thousand dollars online. I immediately told them that with scams involving prepaid gift cards or cryptocurrency there is realistically no chance of getting any money back; but I would look into it. When I did I quickly learned this scam was really good, and I mean REALLY good, like the kind of scam I myself might have fallen for.

Michael Saylor is the founder of the software company MicroStrategy Inc. and is also a huge proselytizer of Bitcoin. Mr. Saylor has been all over the news to the point that hardly a week goes by without him being interviewed in the mainstream media, plus he has been a guest on countless online podcasts promoting his financial strategy. Needless to say, he is all over Youtube so that a search for his name turns up dozens of his interviews. It comes as no surprise then that the aforementioned anonymous victim found a video featuring Michael Saylor, the real Michael Saylor.

The problem was that the Youtube video had been professionally edited, cleverly so, probably with the aid of Artificial Intelligence, and had interspersed a fake Michael Saylor. The fake was all but completely indistinguishable from the real one, except that the fake Michael was offering something TGTBT (too good to be true): If you sent him some Bitcoin he would double it and send it back to you. The con included a dash of FOMO (fear of missing out) saying "You must act now!"

The con directed victims to a very professionally-done website. I was very impressed both with the video and the website. I might have been fooled except that combining TGTBT with FOMO puts me on guard. I was disappointed that I had no success at all engaging the scammers in online chat intended to learn more and waste their time. It was not until later that I read a news article that seemed to explain why. According to Yahoo Finance news some sucker had watched the same video and visited the same website that I had seen. Then so overcome with greed and FOMO had sent $1.14 million dollars worth of Bitcoin believing they would instantly double their money. Obviously having already scored such an unexpectedly-huge payday the crooks had less interest in my questions and delaying tactics.

My point, if I have one today, is that modern technology in the hands of criminals has brought us all to a place where it is not always wise to trust your own eyes and ears. The verisimilitude of easily-produced "deep flake" videos is frightening.

Remember the old axiom; if it is TGTBT then it probably is. I want to also remind everyone that FOMO is something con artists use to pressure otherwise-cautious people into making hasty decisions. The next time you have a case of FOMO try to remember that another bus will come along eventually. Following that philosophy I have ended up standing in the rain a few times waiting for the next bus, but doing so I have never lost $1.14 million.

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Charles Miller is a freelance computer consultant with decades of IT experience and a Texan with a lifetime love for Mexico. The opinions expressed are his own. He may be contacted at 415-101-8528 or email FAQ8 (at) SMAguru.com.

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