Scam Inc - The Economist podcasts
This excellent podcast series was launched in February 2025 after a lengthy and detailed investigative journalism project across many countries.
The series is 8 podcasts with episodes 4-8 being paywalled (it is about $50 and worth paying in our opinion).
But the first three episodes are free to listen to and we would encourage you to share these as far and wide as possible. There are links below with a few notes from us.
Some notes from us
Pig Butchering - is what the scammers do - fattening up the target to be scammed through flattery and other techniques.
When people who are being scammed are 'in the thrall' of the scam, they don't believe that they are being scammed, as the scammers are so good at pushing psychological buttons (or using psychological weapons - as it has been described).
The scammers are so good that people find themselves doing things they would never normally do, lying to family, friends, their financial advisers, stealing (in their minds possibly' borrowing') money.
There are scamming 'camps' across the world, on the border of Myanmar - thousands of trafficked people are stuck here working up to 16 hours a day to scam. If they can't scam, they may be punished.
There are also scam compounds in Russia, Eastern Europe, the Isle of Man, China and Asia. Some scammers participate voluntarily for the rewards that they get.
The scammers use Artifical Intelligence and fake pictures, profiles, videos and voices to reel their targets in.
It is estimated that at present the scam industry is worth between $500 billion US and $1 trillion US and is growing rapidly.
Crypto currency transactions are a common part of a scam, as are social media platforms.
Scammers will usually ask you to take your conversation onto a different platform that is encrypted so that they can't be traced.
It is very difficult to get your money back, but Netsafe NZ advise that www.cybera.io is a reliable site to go to to try and get your money back.
If you believe that you have been scammed, please let Netsafe know at www.netsafe.org.nz and lodge a complaint with the police. While they may not be able to do much, this helps the authorities with understanding what is happening with the scam industry.
If you have a financial adviser, we recommend that you tell them that if they believe that you are being scammed and you aren't believing them, that they have permission to contact someone (family, friend) who may be able to get you to see sense and stop.
Moneyworks NZ Ltd
P: 0800 225 621
E: contact@moneyworks.co.nz
P O Box 1003, Cambridge 3450
Licensed Financial Advice Provider - FSP 15281
Regulatory Information: Moneyworks is a Licensed Financial Advice Provider (FSP15281), and AML Reporting Entity and is supervised by the Financial Markets Authority.