Feb 17, 2025
The first scam that cost Ed Hayduk of Lehigh County, Pennsylvania, a chunk of his life savings started with a simple text message. The text appeared to be meant for someone else, Hayduk told CBS Philadelphia, but instead of ignoring it he decided to reply. They texted back and forth for nearly a week, he says, before the scammer asked if he was interested in investing in cryptocurrencies.
"It was all just friendly, and it seemed real," Hayduk said. "It seemed like, well all right, I don't have my money invested in anything to earn real money so let's give it a try. And then the money went up quickly."
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He says the crypto scammer kept him on the hook long enough to snag $50,000 before disappearing. That amount represented a majority of his life savings — the rest of which he lost in a romance scam shortly afterward, another $20,000.
All in all, Hayduk lost $70,000 via wire transfers to two different scams. Experts say this transaction method is particularly difficult to recover money from. Now, the victim wants to help prevent others from falling into the same trap.
Scammed not once, but twice
Hayduk says the crypto scammer didn't ask for large sums at first. He was asked to wire $1,000 into a crypto wallet, then $2,000. However, the requests kept coming until he had sent a total of $50,000.
Hayduk showed CBS Philadelphia statements the scammers sent, which appeared to show his investment growing. In one statement, Hayduk's balance was more than $100,000.
Scammers use this tactic to keep victims on the hook and convince them to hand over even more cash. The promise of easy money — and the feeling of friendship — can be difficult for victims to walk away from.
"I can't even describe it, you're alone," Hayduk said.
After the first scammer disappeared, that loneliness led Hayduk to join a dating website. There, he met someone with an elaborate tale of needing money to get back to the United States.
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According to Hayduk, the pair spoke for several months via text and email, sent each other photos and even talked on the phone. He says the woman claimed she needed cash to insure a payout her employer owed her. Hayduk ended up wire transferring another $20,000.
Hayduk has now compiled all the messages from both scams into binders as he tries to make sense of the schemes that robbed him of his life savings.
"I feel stupid," he told the local broadcaster. "That's how you feel."
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The big red flag to watch out for
The Federal Trade Commission (FTC) warns consumers that wiring money is like sending cash — it can't be recovered in most cases. That's a big reason why scammers ask for funds to be sent via wire transfer.
The agency also warns against responding to text messages from unknown numbers. Fraudsters might send a simple text like, "Hi, how are you?" and if you reply they may try to keep the conversation going until they've gained your trust. The best way to avoid scams is to ignore and report texts from people you don't know.
Here are a few other ways to avoid being scammed:
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Never wire money to someone you haven't met in person: If a stranger asks for a wire transfer, there's a good chance it's a scam, even if they claim to be with the government or say you've won something.
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Be wary of anyone who pressures you to send money immediately: Scammers tend to create urgency or fear to prevent you from thinking critically or asking for help.
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Verify investment opportunities before transferring funds: Scams involving crypto, stocks or real estate often promise big returns only to disappear with your money.
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Be skeptical of online friends or romantic interests who ask for wire transfers: Romance scammers often spend months building trust before making financial requests.
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Check with your bank before wiring money: Many financial institutions can flag suspicious transactions and help you spot scams before they make off with your cash.
If you think you've been scammed, report it immediately to the FTC, your bank or local law enforcement. If you've already wired money, contact the wire transfer company and tell them it was fraud. They may be able to reverse the wire transfer in some cases.
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Danielle is a personal finance writer based in Ohio. Her work has appeared in numerous publications including Motley Fool and Business Insider. She believes financial literacy key to helping people build a life they love.
