Government officials are also cautioning the public to watch out for phony financial advisories that are scams to capture your personal data and steal your money.
Scammers are telling potential victims that they have spotted fraud in their bank accounts, the FTC reports. The thieves then offer to help but are really seeking data from their targets, such as the highly confidential verification codes that investment firms text to account holders. People who turn over these codes risk losing their savings.
In a recent internet posting, the FTC offers three recommendations to protect the public from these fraudulent financial warnings:
- Never move or transfer your money in response to a telephone request from someone you do not know. “Someone who says you have to move your money to protect it is a scammer. Period,” according to the FTC.
- Never share a verification code. Banks and retirement and investment companies send you these codes so you can prove who you are. If a scammer gets it, they can pretend to be you and take your cash.
- Confirm any financial requests that raise doubts. Call your bank or investment firm if you have questions. And make sure to use the actual phone number (check the official website) and not a number that the scammer suggests you use.
Anyone who receives a warning like this should inform their bank and law enforcement, officials advise. In addition, individuals are encouraged to report fraud to the FTC by going to: ReportFraud.ftc.gov.