Why Your Bank Will Never Ask You to Move Money
Updated: 2 days ago
A caller says they're from your bank's fraud department. There's suspicious activity on your account, they say, and to protect your money you need to move it to a new "safe" or "secure" account. Caller ID even shows your bank's name.
This is one of the most damaging scams today, and it works because it sounds helpful.
Remember this rule
Your bank will never ask you to move money to protect it. Anyone who does is a scammer.
Red flags
An unexpected call about a problem with your account
Pressure to act right now and stay on the line
A request for a verification code sent to your phone
Being told not to contact your bank directly
Caller ID showing your bank's name, which can be faked
What to say
"I don't handle financial matters on calls I didn't make. I will contact my bank directly using the number on my statement." Then hang up, and call the number on the back of your card or on your statement.
If you think you've been scammed, call your bank right away, then report it at ReportFraud.ftc.gov or call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311).
This post is for educational purposes only and is not legal or financial advice.
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