01.28.26 Bypass Finfluencers / Can You Spot A Scam? - The Clark Howard Podcast Recap
Podcast: The Clark Howard Podcast
Published: 2026-01-28
Duration: 39 minutes
Summary
Clark Howard warns young investors about the risks of relying on 'finfluencers' for investment advice, emphasizing the importance of distinguishing between genuine financial guidance and deceptive sales pitches. He also provides insights into identifying and protecting against sophisticated scams, using a real-life case of a tech support scam to illustrate common tactics.
What Happened
Clark Howard discusses the growing trend of young adults trusting financial advice from social media 'finfluencers.' He highlights the risk of these influencers promoting questionable investment strategies that resemble gambling rather than sound investing. He recommends using reliable resources like Investopedia and Clark.com for genuine financial advice and underscores the importance of long-term investment strategies, such as Roth IRAs and target retirement funds.
Howard shares a cautionary tale of a retired lawyer who lost $85,000 to a tech support scam. The scammers posed as Microsoft security, tricking the victim into granting them access to his bank account. Despite the lawyer's efforts, his bank refused to refund the stolen amount, demonstrating the sophistication and persistence of modern scammers.
To protect against such scams, Howard advises listeners to learn the typical methods scammers use, such as pretexting, where they impersonate reputable companies to gain trust. He also suggests monitoring account activity independently and keeping personal data secure to safeguard 'the keys to the kingdom.'
Howard touches on credit freezes, noting that while they are a useful tool, they do not protect against all forms of fraud, such as student loans obtained without a credit check. He emphasizes the need for vigilance in all financial matters to prevent potential losses.
He also addresses the recent changes to the Chase Sapphire Reserve card, encouraging cardholders to negotiate for fee waivers by threatening to cancel, which can often lead to successful outcomes.
Howard briefly discusses changes at Southwest Airlines, noting customer dissatisfaction with their new business model. He compares his recent experiences flying with Southwest to those with other major airlines, highlighting issues like limited overhead bin space.
Key Insights
- Social media financial influencers, or 'finfluencers,' often promote investment strategies that resemble gambling rather than sound financial planning, posing a risk to young adults seeking advice.
- A retired lawyer lost $85,000 to a tech support scam where perpetrators posed as Microsoft security, gaining access to his bank account and demonstrating the sophistication of modern scams.
- Credit freezes are a useful tool for protecting against identity theft but do not safeguard against all forms of fraud, such as student loans obtained without a credit check.
- Chase Sapphire Reserve cardholders can often negotiate for fee waivers by threatening to cancel their cards, a tactic that can lead to successful outcomes.