Money
Told to move money to 'protect' it
A caller says your account has been compromised and the only safe move is to transfer your money somewhere 'secure', withdraw cash, or deposit it at a Bitcoin ATM. Sometimes a courier is sent for cash or gold. The FTC says these are the costliest imposter scams, and losses are often limited only by what people have.
What it looks like
- 'Someone is using your accounts' or 'your SSN is linked to a crime', then a transfer to a 'safe account'.
- Instructions to withdraw cash and scan a QR code at a crypto kiosk.
- Being told to keep the call going and not tell the bank teller why.
- A 'courier' or 'agent' who will collect cash or gold bars from your door.
Why would a 'bank' tell you to move your money?
The caller creates a crisis and then offers to be the person who solves it. Because they may spoof your bank's real number and know a few details about you, it feels like help. Keeping you on the phone stops you from checking, and warning you that 'the tellers are in on it' explains away anyone who tries to intervene. Once the money is in crypto or a courier's bag, it's gone.
What to do
- Hang up. Call your bank back on the number on your card, not one the caller gave you.
- No bank, agency, or company will ever tell you to move money to protect it, buy gift cards, or use a Bitcoin ATM.
- If you already moved money, call the bank immediately and ask for a recall.
- Report it to the FTC and, if a courier was involved, local police.
More in the tips: Texts and calls.
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