Did someone tell you to move or transfer your money? It could be a scam

Image

Many impersonation schemes start with a call about a routine problem, like suspicious activity in your Amazon account. But in a new twist, the story quickly takes a more serious turn when you’re told someone is using your information to commit crimes and all your money is at risk.

The caller convinces you that the court will seize the money in your bank account or retirement savings. The person you’re talking to — who claims to be a helpful agent from the FTC, or another agency or organization — is really a scammer. The only way to protect your money or clear your good name, the scammer says, is to quickly transfer it to a more secure account. Or, they tell you to cash out your savings to put in a box or buy cryptocurrency or gold bars. The truth is, instead of protecting your money, you’re about to lose all your savings. The scammer controls the new bank or cryptocurrency accounts or sends someone to pick up the gold bars or boxes of cash “for safekeeping.”

How can you tell it’s a scam? If the caller says you need to buy gift cards, go to a cryptocurrency ATM, or go to the bank in person while they stay on the phone with you, that’s a scammer. And if the caller tells you to lie to anyone who asks why you’re transferring or withdrawing so much money, that’s also a clear sign of a scam.

Here’s what else to know and do about this scam:

• The FTC will never tell you to move your money to “protect” it. Anyone who does is a scammer impersonating the FTC.
• Ignore all unexpected requests for money. Never transfer or send money, cryptocurrency, or gold to someone you don’t know in response to an unexpected call or message.
• Verify the story. If you think there’s a real problem with one of your accounts, use a phone number, website, or app you know is real to contact the company. Don’t use contact information in the message you got.

Image

Our Anatomy of an Imposter Scam blog series breaks down how to recognize, avoid, and report business and government imposter scams.

• Never move your money to “protect it.” That’s a scam
• What’s a verification code and why would someone ask me for it?
• Will your bank or investment fund stop a transfer to a scammer? Probably not
• Sure ways to spot a scammer
• Did you get a call or text about a suspicious purchase on Amazon? It’s a scam
• New tech support scammers want your life savings
• Did someone send you to a Bitcoin ATM? It’s a scam

Where this page came from

This page was imported from Federal Trade Commission. Published by the Federal Trade Commission and, as a work of the United States government, in the public domain; material credited to others is left out.

Nobody has written it yet — it is the source material at a new address, which is why search engines are asked to skip it and why no one earns from it. It is up for grabs: take it on, and it is yours to rewrite and to earn from.