The Dictionary of Financial Scam Terms©: The truth vs. the scam

 

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Telemarketing

Truth:

Sale of product or services by telephone.  Whether a direct telephone solicitation is made or whether a potential buyer is calling a telephone number listed in an ad, this is telemarketing. 

Scam: 

You might think that the telephone distances you from the person you're talking to.  Actually it's the other way around.  There are several psychological factors at work here.  

The first is that people have a natural tendency to confide in someone they figure they'll never see.   Another is that the telephone, by its mere proximity to your face, lips, and ears, triggers a feeling of intimacy.  The telephone receiver may only be an object, a machine.  But it is one that we allow into our very personal, intimate physical space.  This tells our subconscious that the message being carried by the phone is not one to be feared.   Think about that for a minute.  If someone on the phone becomes threatening, what is the very first thing we do?  We hold the receiver away from us.  The telephone is no longer our friend, it is a snake that can bite.  Anyone in debt is familiar with this feeling.

The entire psychology of telemarketing (or psychic lines, for that matter) is based on the pre-established trusting relationship we have with our telephones.  We will leave our emotions wide open to the telephone, emotions that we convey by our tone of voice.  Did you know that even your posture and facial expressions are carried in your tone of voice?  An experienced telemarketer can read the person on the other end of the line like a book.

Once the telemarketer gains your confidence, he or she then sets you up for the buy.  Even if you don't buy right away, your voice will indicate that the door has not been slammed shut, that one or two call-backs will clinch the deal.  

The lures vary little from any scam - guaranteed loans, stocks that are guaranteed to shoot through the roof, free vacations, high-limit credit cards for people with poor credit, valuable prizes, business opportunities, franchises, buyers clubs, on so forth.  

All the telemarketer needs is some money up front, or your bank account number (a portion of the number will do since they have your name, address, and telephone number), or your credit card number.  Actually, as much financial information as you're willing to give.  

The National Fraud Information Center (NFIC) publishes a very comprehensive telemarketing fraud prevention section, available at http://www.fraud.org/telemarketing/teleset.htm NFIC.

 

 

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