FTC Issues Alert: Calls about Fraud Activity on Your Bank Account Could be Scammers

Did someone supposedly spot fraud or criminal activity on one of your accounts? Did they offer to help “protect” your money by moving it from your bank, investment, or retirement account? Maybe they even asked you to share a verification code? If anyone did any of those things, it’s always a scam. So, what do you do next?

Here are the consumer advice given by the Federal Trade Commission (FTC):

Never move or transfer your money to “protect it.” Your money is fine where it is, no matter what they say or how urgently they say it. Someone who says you have to move your money to protect it is a scammer.

Never share a verification code. Banks and retirement and investment companies use these codes for online accounts to prove you’re really you. If you share that code, the scammer can use it to prove they’re you. No caller — especially someone from your bank or investment company’s fraud department — will ever ask for the verification code. That’s always a scam.

Stop and check it out. If you’re worried, call your real bank, broker, or investment advisor. Use the number you find on your statement — never the number the caller gave you, which will take you to the scammer.

The FTC reminds consumers that if they think their bank or investment fund will protect them, think again. Bank accounts have different (and fewer) protections than credit cards. If consumers are scammed into moving their money out of their accounts, they won’t be protected. And they probably won’t get that money back.

“If you get a call, text, or message like this, tell your bank or fund right away. Especially if you moved money or shared a verification code,” the FTC adds.