A call says to move your money to a "safe account" — scam?
Your phone rings. It's someone from your bank's "fraud department," or a government investigator. They say criminals — or even a bank employee — are after your savings, and the only way to protect your money is to move it right now to a "safe account" they'll help you set up. This is one of the most damaging scams there is, and the rule that beats it is simple.
“This is the fraud department at your bank. We've detected criminal activity on your account. To protect your funds, move your balance to the secure holding account we set up while we investigate. Do not tell the branch staff — one of them may be involved.”
No real bank or agency will ever ask you to move your money to a "safe account." That account is theirs.
How to tell
They tell you to move or wire your own money to a new "safe" or "holding" account. Real banks never do this.
They say not to trust the branch, the teller, or your family. Isolating you is how the scam works.
There's urgency and secrecy, and they may stay on the phone while you go to the bank.
They may already know some of your details. Knowing your name or bank is not proof they're real.
What to do
1Hang up. Then call your bank on the number on the back of your card and tell them about the call.
2Never move money because a phone call told you to, no matter how urgent it sounds.
3Talk to a family member before doing anything with your money.
If you already clicked or paid
First: don’t blame yourself, and don’t hide it. Acting quickly matters more than anything else.
If you moved money, call your real bank immediately — the number on your card — and say the word "fraud." Speed matters most.
Report it at reportfraud.ftc.gov, and for larger losses at ic3.gov.
This scam fools careful people by pretending to protect them. Being tricked by someone impersonating your own bank is not a failing.
Worth remembering: Your bank will never ask you to move your money to keep it safe. Anyone who does is trying to steal it. Hang up and call the number on your card.