Oh, you thought phone spam was bad? Social media direct message spam is coming next! The Consumer Financial Protection Bureau just ruled that debt collectors can now contact you through text messages, emails, and social media direct messages.[1]
Let’s get 1 thing clear. Debt collectors should not be hated. They are getting paid to do their job and it is a dirty job, but somebody has to do it. However, the legal presence of debt collectors poisons communication channels, because bad actors take advantage of this and pose as debt collectors to scam vulnerable people out of their money.
SpamCA$H is our way of creating trust between 2 unknown parties with a cash deposit and a refundable time-based trigger.[2] This gives legit debt collectors a chance to create trust while financially punishing bad actors. SpamCA$H is the only answer that addresses the root cause of spam, economic incentives.
RoboCash is a simple demonstration of the SpamCA$H algorithm used to fight phone spam calls, but rest assured we are planning to fight spam in every single communication channel that exists. That is ultimately what FynCom is about, “Financial Communications”. As the human population and the Internet of Things grows, so does the market size for potential fraud victims.
Be sure your family and friends know not to give out personal information to anyone who tries to cold-contact them. While seniors lose more money per scam, younger folks get fooled more often, but lose less money per scam.[3] If you’re reading this, you’re aware of the scam/spam problem and can help those who are not. Next time you hear someone complaining about spam messages or calls, tell them you know why it happens, economic incentives!
[1] “Debt collectors will soon be allowed to reach you by text or on Facebook.” https://www.cbsnews.com/news/debt-collectors-unlimited-text-email-messages-consumer-financial-protection-bureau/ (accessed Nov. 06, 2020).
[2] A. E. Garcia, “Time-Based Nano-Transaction System For Reducing Unsolicited Communications,” 16/820,313.
[3] “Scams and older consumers: Looking at the data,” Consumer Information, Oct. 23, 2019. https://www.consumer.ftc.gov/blog/2019/10/scams-and-older-consumers-looking-data (accessed Nov. 06, 2020).