Author: Monique Danao

Even multimillionaires aren’t immune to money worries.

Simon Cowell — the media mogul behind The X Factor and America’s Got Talent — recently opened up about his financial anxiety on the How to Fail with Elizabeth Day podcast and shared a vulnerable side.

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“I always worry about money,” he said, as the Daily Mail reported.

“I haven’t made anywhere near as much as people think I have.”

A surprising confession from a showbiz titan

Cowell, 65, is widely perceived as one of the wealthiest figures in entertainment. During the podcast, he was asked if he was worth £500 million (the equivalent of $671 million), as has been reported.

He quickly shut that down.

“Oh God, it’s not that. I’m not even close to that,” he said. “I’ve made a lot, I’m not going to lie. I’ve made a bit of money, yes, but not that much, no.”

His relationship with money has been shaped by hardship. At 28, Cowell found himself in serious debt.

Those days are far behind him, but he still finds the financial world so unstable that he never feels fully at ease about his finances.

“What is safe? Is it gold, cash, stocks? I don’t think anything’s safe any longer,” he said. “I guess your house.”

That sense of unease was clear during the early days of the COVID-19 pandemic, when Cowell rushed to accelerate production on his shows.

“I had a horrible feeling it’s going to be like that movie Contagion, and I think we need to get all of our shows into production around the world quicker this year,” he recalled. “And we did.”

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Letting go of the ‘myth of more’

Cowell now says he’s walked away from the constant pursuit of wealth. In recent years, he’s downsized his company, Syco Entertainment, and stepped back from the spotlight. He is focused more on spending time with his 11-year-old son, Eric, and his partner, Lauren Silverman.

“I’ve definitely got enough. I don’t need any more,” he said. “I don’t yearn for what I thought I wanted a few years ago.”

His shift in mindset stems from challenging the ‘myth of more’ or the belief that more money means more happiness. At one point, he tried to keep up with billionaires and mingled with yacht-owning elites. But the deeper he went, the more disillusioned he became.

“I didn’t like the people,” he said.

“I thought they were obnoxious, I thought they were snobby. … I remember saying to Lauren, ‘Do we actually know anyone who’s super rich and happy?’ She went, ‘No.’ I went, ‘Nor me.’”

What the research says

Cowell’s perspective mirrors long-standing research. A 2010 Princeton University study found that happiness rises with income, but only up to about $75,000 annually (about $109,000 today).

The message remains: financial stability can reduce stress. Still, beyond a certain point, more money doesn’t buy more happiness.

These days, Cowell says he’s choosing meaning over money. He’s inviting friends to work on passion projects without pay and has let go of the drive to accumulate wealth.

“Someone did actually say to me once, ‘Live in your money.’ And it was really good advice,” he said.

“Enjoy it, and be happy with it, but understand that the world is precarious.”

He seems to be taking that advice to heart, and offering a timely reminder: Sometimes, enough really is enough.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Jim Ross, mayor of Arlington, Texas, was furious when he learned his city was losing millions of dollars yearly because of a real estate loophole allowing private developers to avoid paying property taxes.

"I think it’s inappropriate at best. It’s underhanded," Ross said to CBS News. "I was pissed. I still am."

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The controversy centers on failed negotiations involving a Dallas-based real estate developer called TDI and the Arlington Housing Finance Corporation (HFC).

The prospective deal would have allowed the developer to claim a tax exemption for converting the Jefferson North Collins apartment complex into affordable housing.

Although the city rejected the proposal, the developers secured approval in the small Texas town of Pecos, allowing them to forgo taxes on the Jefferson North property, hundreds of miles away.

Ross said the arrangement is costing his city $1.7 million of lost property taxes.

“My first question was, what in the world are they doing,” he said. “What makes them think that they know better than the city of Arlington what this community needs.”

How the deal unfolded

The Pecos HFC approved the deal with the Dallas-based real estate developer.

Because HFCs can legally operate beyond the boundaries of the governments that created them, Pecos’ HFC quickly expanded its reach and approved several real estate deals across North Texas.

One of them is the complex in Arlington, which has been renamed Zenith. And, by law, the owners don’t even need to reduce any of the residents’ rents to meet the HFC affordability criteria — the only requirement is that at least half the tenants in the complex have a household income below $88,000.

The legality of these cross-jurisdictional operations has been questioned. In the meantime, the practice has spread. Even as HFCs operate far outside their original borders, more small governments have embraced the "travelling HFC" to raise money.

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What are Housing Finance Corporations (HFCs)?

HFCs intend to support affordable housing development for low-income communities.

They can issue bonds, offer property tax exemptions, and provide other financial incentives in exchange for long-term revenue agreements with developers.

In many cases, HFCs partner with private developers to "own" properties on paper. They allow developers to claim public tax exemptions while operating as a for-profit business.

Unlike city councils or other public agencies, HFCs are often not required to hold public meetings or disclose detailed records. As a result, it’s challenging to track the amount of affordable housing built.

Critics say the consequences are significant. Every project that shifts onto an HFC’s books removes valuable properties from the tax base, depriving cities of crucial revenue for public services like schools, emergency response and infrastructure repairs.

The CBS News Texas I-Team in the area found that Pecos’ HFC has approved similar deals across North Texas — in Fort Worth, Grand Prairie, Lewisville, Haltom City and Azle — amounting to more than $500 million in forfeited taxes.

The impact on residents

When cities lose primary sources of tax revenue, the burden can shift to residents. Homeowners and small businesses may face higher tax bills, while public services — from school funding to street repairs — may see cutbacks.

Across Texas, local governments are increasingly sounding alarms about HFCs being used to shield private developments from taxes.

Officials are now calling for state lawmakers to reform the system. The loophole could continue to drain city budgets when many communities struggle to make ends meet.

"In hindsight, it’s gonna be one of the greatest frauds put on the Texas taxpayers — the introduction of this program and how it’s being abused," said Texas Rep. Gary Gates.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

For Fran Sullivan, living in a Florida condo has become financially unbearable.

“I’ve seen my condo HOAs at $450, double in two years to $900, and I’ve seen thousands of dollars in assessments. That’s what it’s cost us,” Sullivan, a condo owner in St. Petersburg, told ABC Action News.

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Across Florida, thousands of condo owners are facing similar financial pressures as homeowner association (HOA) fees and insurance premiums skyrocket.

Surfside collapse drives up condo expenses

The 2021 Surfside condominium collapse, which claimed 98 lives, prompted Florida lawmakers to enact sweeping safety regulations.

The disaster exposed widespread structural vulnerabilities in the state’s aging condo buildings.

The resulting legislation requires milestone inspections and structural integrity reserve studies for condos 30 years or older and three stories high, as well as strict funding requirements for future repairs.

The compliance deadline — Dec. 31, 2024 — triggered fee hikes and surprise assessments. Some owners, like Sullivan, have already paid thousands for repairs with little warning.

“A lot of people here were financially strapped for doing this, myself included,” said fellow condo owner Tyler Clee.

“To come up and say, I need $10,000 in three months — for most of us, that’s not realistic.”

The financial fallout is chilling Florida’s condo market. Listings in areas like Pinellas County have been sitting on the market longer, ABC Action News reports, as buyers balk at unpredictable costs.

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Condo owners criticize late reforms

In response to mounting pressure, lawmakers passed House Bill 913 — the latest revision to the post-Surfside condo reform. While core safety rules remain intact, the bill includes key concessions:

• A one-year delay in funding structural integrity reserve deadlines.
• Permission for associations to use loans or lines of credit instead of cash.
• Clarification from inspectors on which repairs are safety-related.

The bill also allows electronic voting to engage more owners in financial decisions. For many residents, the changes come too late. Sullivan’s building has already set its budget and has completed major repairs based on the earlier deadlines.

“It’s too little, too late,” she said.

“I was hoping they would have done that before the end of last year, because we were forced into a position, because of the timeline, that we had to take care of all of that. … Now, I’m not sure if other condos could be helpful to them, that’s great. It’s not for us.”

Instead, residents hope for zero- or low-interest loans to offset assessments that weren’t included.

Potential solutions

While the new law offers short-term relief, many say broader reform is needed. One of the biggest frustrations is that the legislation does little to address soaring condo insurance.

Experts and residents alike suggest more balanced, long-term strategies. These could include:

• Phased timelines. Allow condo associations to resolve urgent repairs first and offer extended deadlines for less critical upgrades. That way, owners have time to plan, save and avoid sudden, unaffordable assessments.

• Means-tested aid. State-backed grants or low-interest loans to seniors and low-to-moderate-income residents to help cover extensive assessments or emergency repairs.

• Tax incentive. Provide tax credits or deductions for unit owners or associations making qualified repairs — such as structural reinforcements, roofing or waterproofing.

• Exemptions or relaxed rules. Exempt or reduce requirements for small, low-rise or recently constructed condos with clean inspection records.

As Florida’s condo communities grapple with the financial fallout of much-needed reforms, many hope lawmakers will allow sustainable recovery. The goal being to ensure staying safe doesn’t mean losing your home or going into debt.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Frustrated homeowners across the U.S. are reluctantly slashing asking prices by tens of thousands of dollars as the real estate market shifts out of their favour.

After years of soaring home values, today’s market tells a different story — buyers are cautious, mortgage rates are high and inventory is swelling.

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According to a recent Redfin report, the median U.S. home seller is now asking for 9% more than what buyers are willing to pay. That amounts to a roughly $39,000 gap — a significant miss for those relying on their home sale to fund their next move.

As sellers adjust to a slower pace and more selective buyers, they ask a critical question: Should I price high and wait, or price low to sell fast?

Here’s what the data says about the risks of waiting, the rewards of pricing strategically and how to strike the right balance.

The financial risks of delaying price cuts

Holding out for top dollar may sound appealing, but it can cost you in today’s market. Homes that linger on the market accrue thousands in carrying costs, from mortgage payments and property taxes to maintenance and insurance.

Take, for example, a $500,000 home with estimated monthly costs of $3,000. If it sits unsold for three extra months, that’s $9,000 in out-of-pocket expenses — not including price reductions or buyer concessions.

There’s also market risk. Rising inventory is giving buyers more leverage. Realtor.com data show active listings were up 30% year-over-year in April. As more properties hit the market, sellers risk being edged out by newer, better-priced homes.

And then there’s opportunity cost. MarketWatch reports sellers like Spencer Bauman in Utah, who had to cut $75,000 from his asking price after 72 days with no offers, face delays in moving forward with their next purchase or financial goals.

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Benefits of a strategically priced home

Getting the price right from the start can lead to a faster sale, less stress and more money in your pocket.

Most buyer activity happens in the first two to three weeks of a listing. If a home is overpriced during that crucial window, it can quickly become a “stale listing.”

Buyers may assume something is wrong with it or use its time on the market to negotiate steep discounts.

A well-priced home, by contrast, can generate more interest, leading to faster offers and fewer concessions. It also keeps your timeline predictable which is an essential factor if you rely on the proceeds for a down payment or avoid bridge financing.

“The most important thing you can do as a seller is fairly price your home. If you overprice, chances are you’ll get no activity, and then it will become even harder to recoup your investment," Redfin Premier Real Estate Agent Chaley McVay said in the report.

What’s the middle ground?

You don’t have to underprice your home — just price it smartly. Start by getting a realistic valuation based on comparable sales in your area, not wishful thinking.

In some markets, pricing slightly below the competition can spark buyer interest and lead to multiple offers. It also gives your listing a psychological edge.

A home priced at $489,000 feels more approachable than one at $500,000, even if the difference is negligible.

Finally, set a timeline. If your home hasn’t attracted serious interest within 21 days, be ready to reevaluate your price or make improvements that could boost appeal.

In today’s market, the best strategy is to stay nimble. Sellers who understand buyer sentiment and act quickly, instead of clinging to yesterday’s prices, are likely to close the deal.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Three Florida teenagers face serious charges after allegedly kidnapping a Las Vegas man at gunpoint and stealing $4 million in cryptocurrency and digital assets, according to KTSM 9 News.

Belal Ashraf and Austin Fletcher, both 16, along with a third unidentified teen, are accused of orchestrating the scheme after the man hosted a crypto-related event in downtown Las Vegas last November.

When he returned to his apartment after the event, the teens allegedly ambushed him, forced him into a vehicle, drove him 70 miles to a remote area in the Mojave Desert, placed a towel over his head and threatened his life while demanding passwords to his accounts.

“[The victim] was told if he complied, he would live to see another day, and if he did not comply, they had his dad and would kill him,” police documents state.

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The man was left stranded in the desert. He walked five miles to a gas station and called for help.

Surveillance footage and a vehicle stop in Mississippi later helped investigators link the suspects to the crime.

Victim stranded in desert, police identify suspects on video

Law enforcement matched a gun linked to one teen’s family with images from social media, revealing that all three teens were connected with the same Florida high school.

Authorities charged Ashraf and Fletcher as adults with kidnapping, robbery and extortion.

Fletcher’s bail is set at $4 million, while Ashraf awaits release under electronic monitoring. KTSM 9 News reports that the third suspect may have left the country. The FBI is assisting with the investigation.

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The suspects are accused of stealing millions in cryptocurrency and NFTs from the victim’s accounts.

The $4-million heist in Las Vegas underscores a stark reality: holding large amounts of cryptocurrency can make you a target for violent criminals.

Crypto theft on the rise

Digital assets like bitcoins are designed for fast and anonymous transfers. That means they’re hard to trace if stolen.

And unlike money in a traditional bank, most crypto holdings are not federally insured — leaving victims with limited recourse to recover their digital assets if stolen.

Storing cryptocurrency private keys offline in a physical device, or cold wallet — as opposed to online in a device with an internet connection — can reduce the risk of cryptocurrency theft.

But even that cold storage option is not foolproof. Unless backups are carefully stored, a lost or damaged cold wallet can result in catastrophic loss.

Moreover, a thief can steal a “cold wallet,” or force a user to hand over passwords.

According to the FTC, Americans lost over $12.5 billion to crypto-related fraud in 2024. As digital assets become mainstream, experts warn that casual investors and high-net-worth holders are vulnerable.

Some exchanges have begun rolling out stronger authentication and wallet recovery tools. For now, users shoulder much of the responsibility.

Experts recommend enabling multi-factor authentication and storing recovery keys in multiple secure locations.

As this case shows, theft doesn’t always happen behind a keyboard in the world of digital currency. Sometimes, it’s face-to-face, and at gunpoint — where the physical and psychological risks are of greater concern than cryptocurrency losses.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When Anna Hewson’s daughter’s iPhone disappeared one weekend, she did what any parent would do — she followed the digital crumbs.

Using Apple’s “Find My” app, the KUSA 9News producer tracked the stolen device until it ended up at a Walmart in Arvada, Colorado.

Inside the store stood an EcoATM, a kiosk that pays cash for used phones. Hewson had a hunch, so she called the police. Moments later, officers unlocked the machine with help from EcoATM’s customer service. Inside the bin sat a pile of locked phones, including her daughter’s.

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“At face value, the idea that you can walk in and turn over, sell stolen property to a machine, it seems like the perfect vehicle to further your crime,” Arvada Police Department Public Information Officer Chase Amos told 9News.

What are EcoATMs?

EcoATMs are automated kiosks found at major retailers, including Walmart. They offer users instant cash in exchange for used electronics.

The machines scan a seller’s ID, take a thumb print, snap a photo and send the data to live agents for verification. Devices are held for at least 30 days at a processing center in Louisville, Kentucky, which offers a short window where owners can recover stolen property.

EcoATM claims to work closely with law enforcement, logging device serial numbers in national databases and cooperating with investigations.

“EcoATM happily and voluntarily cooperates with law enforcement when requested. If a missing phone does end up in one of our machines, it is returned to the rightful owner,” a company spokesperson told 9News.

Still, theft victims say recovery isn’t always so simple.

Despite robust security measures, the high volume of stolen phones and the anonymity offered by kiosks make investigations challenging for law enforcement.

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Frustrating search for a stolen phone

Michael Dill, a Denver veteran, told 9News that he was mugged on St. Patrick’s Day in 2024. Hours later, he tracked his phone to an EcoATM in an Englewood Walmart. Though he reported it, Dill said he spent weeks in a frustrating loop trying to confirm the phone’s presence at EcoATM’s warehouse.

Eventually, the company sent him a replacement device. But, he says his old phone later resurfaced in the hands of someone with a UK phone number who texted him and demanded he remove the device from Apple’s security system. When Dill refused, the texter threatened to access his data.

He contacted Apple, which assured him the phone would remain locked and his data would remain secure.

In a statement to 9News, EcoATM said Dill’s phone was not found among any devices in its warehouse.

“Because we were unable to locate Michael’s phone, we were unable to return it to him,” a spokesperson said. “However, we did in good faith, provide him with a complimentary replacement device.”

Protecting yourself devices

On the bright side, there are several ways to help protect yourself from scams involving services like EcoATM.

• Log your IMEI. Record your phone’s international mobile equipment identity and serial number, which can usually be found in the “About” section of your device settings.

• Purchase phone cases with anti-theft features. Or, choose phones with built-in anti-theft features and enable tracking apps, like Apple’s “Find My” app, to locate your device in real time.

• Choose smart insurance plans. Opt for plans with lower deductibles or comprehensive coverage in case of theft.

• Secure your phone. Help protect your private data by using fingerprint or face recognition to unlock your phone.

• Enable remote wipe. Set up remote wipe capabilities to erase your information if your phone is stolen.

If your device is stolen, report it to your local police department. If you do track it to an EcoATM kiosk, notify the company via their customer service line. But, authorities warn people should never try to go out and find the phone on their own.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Even the most confident financial planner can question their future after a divorce.

But let’s say you’ve spent years as the primary breadwinner in your relationship, steadily building a comfortable retirement nest egg, only to lose both your life partner, along with $1.2 million following a costly divorce.

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Even if you’re debt-free, have no children and still have a cushy $2 million in retirement accounts and $500,000 in savings, you might still be reeling from what you’ve lost and find it hard to be sure of your financial security.

It gets even trickier if you still co-own a home with your ex — especially if you plan to stay there for the foreseeable future.

You may have enough saved for your next chapter on paper — but how do you know for sure? Here’s how to assess whether you’re truly ready to retire and start this new chapter all on your own.

How to evaluate your situation

Dividing up your assets and losing $1.2 million in a divorce isn’t just a blow to your net worth — it can completely reshape your financial future. Having the right strategy is key to retiring comfortably.

The first step is to take stock of your current financial picture. Start by assessing:

• Short-term liquidity: Do you have enough cash for emergencies and necessary expenses without dipping into long-term investments?
• Monthly expenses: How much are your monthly expenses, especially if you plan to retire soon?
• Housing decisions: If you still share property now that you’re no longer married, would buying out your ex make sense, or would selling and downsizing give you greater financial flexibility?

Next, consider your financial stability. Evaluate health care costs and the ideal time to claim Social Security for maximum benefits. The longer you wait, the better. According to the Social Security Administration, retirement benefits increase every month you delay claiming them until age 70.

When it comes to withdrawals, running multiple scenarios — the straightforward 4% rule and perhaps even testing a more aggressive 5% withdrawal — can help you determine if your savings can support your lifestyle. Suppose you have $2.5 million in retirement accounts and savings. A 5% annual withdrawal would give you $125,000 per year, or about $10,415 per month — well above the average retiree’s income. Even sticking to 4% would translate to $100,000 a year or about $8,333 a month.

For context, a survey by Northwestern Manual found that U.S. adults believe they need $1.46 million to retire. However, the average adult has only $88,400 saved for retirement, while baby boomers have an average of $120,300 saved for retirement currently.

With your financial foundation, you’re ahead of the curve — but to make your retirement more secure, you can continue rebuilding your finances in many ways.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Rebuilding your investment strategy

Rebuilding your finances after a divorce takes time — even if you have a solid amount saved. But not everyone will be fortunate enough to have $2.5 million to fall back on after a costly breakup.

However much you’re working with, start by reviewing your investments. To lower your risk, you may want to redistribute your portfolio, and diversify across different assets like stocks, bonds and savings accounts. Dividend stocks can provide regular income and improve your financial stability throughout retirement.

If you’re unsure about retirement, work a few more years to increase your savings. You can delay Social Security payments to increase your monthly benefits and get more income for the long haul.

You don’t have to stick with full-time work to stay financially secure. Part-time or freelance jobs can help bring in extra cash. You can even rent out part of your home or start a small side business to add new income streams.

A good tip is to consult a financial advisor even if the numbers say you’re in good shape. They can help you make smarter decisions about your savings, minimize taxes when withdrawing funds, and decide whether to keep or sell your home.

The right strategy will help you feel more confident about your financial future, allowing you to enjoy the retirement you deserve.

What to read next

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Changing jobs can feel like the fastest route to better pay and a fresh start.

For many, this was true during the “Great Resignation” of 2021. According to the Society for Human Resources Management, that year a staggering 47.8 million workers (or 4 million a month) left their jobs in search of higher wages or remote work opportunities.

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Fast-forward to 2025, and the path to success isn’t as straightforward.

While job hopping can help you build skills and grow your network, they don’t always lead to more enormous salaries in this cooling job market.

Why job hopping doesn’t always pay off

Changing jobs is a fact of life for most of us. In fact, according to the World Economic Forum, by 55, the average American will have switched jobs 12 times.

In a strong market, switching roles every year or two might lead to a 10% to 20% salary boost. That may sound appealing, given the median American salary is $61,984 per year.

But with inflation and slow wage growth, job hopping may not stretch your paycheck as far as you’d hoped.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

It can also make future employers think that you’re a flight risk, especially if you’ve never stayed at a company more than a year. That might cost you a dream role, even if your resume looks impressive on paper.

And there are long-term financial tradeoffs. Retirement contributions may come with a vesting period for up to three years — meaning you might not get to keep all of your employer’s 401(k) match if you leave too soon.

Health-care benefits like extended parental leave, fertility treatment coverage or mental health coverage may also have waiting periods or eligibility conditions tied to your tenure.

On the bright side, staying with an employer long enough to build trust can also lead to internal promotions, mentorship or participation in high-impact projects. If you’re starting over, these opportunities are hard to come by.

Things to think about before you make a jump

Here are a few things to consider before jumping into a new job.

• Make sure it aligns with your career goals: Ask yourself if this move will help you grow. Will you build new skills, expand your leadership potential or take on greater responsibilities?
• Research salary trends in your industry: Check if your pay expectations align with the market. Resources like Glassdoor and Payscale will reveal whether the new role is a financial upgrade or if you’re better off negotiating a raise in your current position.
• Think beyond the paycheck: A higher salary may not be worth it if you face burnout, poor leadership, or a toxic environment. A good tip is to read reviews and talk to current employees about the work culture.
• Consider the benefits you’d give up: Retirement contributions, stock options, and vacation days often grow with tenure.
• Don’t overlook internal opportunities: The growth you’re looking for could exist at your current organization. A raise, promotion or department switch might give you a new challenge without starting over somewhere else.

Career growth isn’t always about moving. Growing where you are could lead to better rewards.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When Adrianna Parsons and her husband found a shiny Lexus SUV listed for sale on CARFAX, they thought they were in safe hands.

“It all looked very legitimate at first glance,” said Parsons, a resident of Doylestown, Pennsylvania.

The vehicle was listed for $46,000 and linked to a dealership called Specialty Auto in Lincoln, Nebraska. Concerned about buying a car from a dealership 1,400 miles away, Parsons called the number listed on the website and spoke with a man claiming to be the owner, Jim Woods.

“He played the role. He preyed on us. He knew that I was worried. My gut was telling me to stop. I didn’t listen to it well enough,” she shared with ABC 6 Action News.

The man offered to send a custom video of the SUV — what Parsons called a “cold video” — to confirm he had the car. Reassured, the couple agreed to wire $45,000. The SUV never arrived.

What Parsons didn’t know was that the man wasn’t the real Jim Woods — and the website wasn’t legitimate. Though Jim Woods does own a dealership by that name, he told ABC 6 he doesn’t sell cars online and has no internet presence. Multiple other victims have since contacted him with similar stories.

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What is dealership cloning?

The scam that ensnared Parsons is a sophisticated form of fraud called dealership cloning.

Scammers replicate the name, location, and even employee details of real dealerships to create convincing fake websites. They then upload fake listings to platforms like CARFAX, Facebook Marketplace, or Craigslist, often using stolen images and real VINs.

Despite being a trusted resource, CARFAX listings aren’t immune to scams. When reached for comment, the company declined to explain how it vets dealer listings.

In a statement, it said, "If CARFAX is made aware of a potentially fraudulent listing, the team acts swiftly to investigate and remove [it].”

Since Action News began investigating, the fake Specialty Auto website has been taken down. Local police and the Nebraska DMV are investigating. The FBI has also been alerted. Still, Parsons says the loss was “cataclysmic” for her family.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to protect yourself from dealership cloning scams

As more car sales move online, so do the risks. Here’s how to protect yourself:

• Verify the seller: Confirm the dealership’s website URL and call the dealership. Be wary of inconsistent contact details, slight misspellings or prices that are too good to be true. You can also search the dealership’s name alongside terms like “scam” or “fraud” to find any complaints.

• Avoid risky payments: Never wire money, pay with gift cards, or send cryptocurrency. Instead, use a credit card or a reputable escrow service that holds the funds until the vehicle is delivered and verified.

• Get proof of the car: Ask for a custom video to prove the seller has the vehicle. Order a VIN report independently and cross-check it with photos and seller info. If buying remotely, hire an independent mechanic to inspect the vehicle in person.

• Trust your instincts: If a deal feels too good to be true, it probably is. In Parsons’ case, her intuition told her to walk away but the scammer’s smooth demeanor made her second-guess herself.

With many legitimate dealerships and platforms moving their business online, the burden increasingly falls on consumers to vet who they’re buying from and whether the transaction is a possible scam.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.