The U.S. Federal Trade Commission (FTC) has issued a consumer alert titled "Is Someone Asking You to Transfer Money? It Could Be a Scam," reminding the public to be vigilant about common issues such as suspicious activity in victims' Amazon accounts. The beginning of an imposter scam.
However, the story quickly takes a new turn when you're told someone is using your information for criminal activity and your money is on the line, according to FTC consumer education specialist Alvaro Puig.
The twist in the story is as follows:
The caller leads you to believe that the court will seize the money in your bank account or retirement savings. The person you are calling claims to be an employee of the FTC or another agency or organization, but is actually a liar.
Scammers say the only way to protect your money or clear your name is to quickly move your money to a safer account. Alternatively, they will tell you to withdraw your deposit and put it in a box or use it to buy cryptocurrencies or gold bullion. In fact, not only will your money not be protected, you will lose all your savings. Scammers will take control of a new bank or cryptocurrency account, or send someone to pick up a gold bar or cash box, claiming to "keep it" for you.
However, the story quickly takes a new turn when you're told someone is using your information for criminal activity and your money is on the line, according to FTC consumer education specialist Alvaro Puig.
The twist in the story is as follows:
The caller leads you to believe that the court will seize the money in your bank account or retirement savings. The person you are calling claims to be an employee of the FTC or another agency or organization, but is actually a liar.
Scammers say the only way to protect your money or clear your name is to quickly move your money to a safer account. Alternatively, they will tell you to withdraw your deposit and put it in a box or use it to buy cryptocurrencies or gold bullion. In fact, not only will your money not be protected, you will lose all your savings. Scammers will take control of a new bank or cryptocurrency account, or send someone to pick up a gold bar or cash box, claiming to "keep it" for you.
How to tell if this is a scam? Alvaro Puig points out two warning signs: If the caller says you need to buy gift cards, go to a cryptocurrency ATM, or go to a bank in person while staying on the phone with you, then it’s a scam; if the caller asks It's also a clear sign of a scam that you lie to anyone who asks you why you're transferring or withdrawing so much money.
Other things to know and what to do about this type of scam:
- The FTC will never let you move funds to "protect" them. Anyone asking for this is a scammer pretending to be the FTC.
- Ignore all unexpected money transfer requests. Never give cash or gold to people you don’t know, don’t send them cryptocurrencies, and ignore unexpected calls or messages.
- Verify the incident. If you think there is a genuine problem with one of your accounts, contact the company using a phone number, website, or app that you know is real. Do not use contact information from messages you receive.
Other things to know and what to do about this type of scam:
- The FTC will never let you move funds to "protect" them. Anyone asking for this is a scammer pretending to be the FTC.
- Ignore all unexpected money transfer requests. Never give cash or gold to people you don’t know, don’t send them cryptocurrencies, and ignore unexpected calls or messages.
- Verify the incident. If you think there is a genuine problem with one of your accounts, contact the company using a phone number, website, or app that you know is real. Do not use contact information from messages you receive.
