Did someone order you to move your money? It’s a scam.

Advances in technology have improved users’ access to banking accounts from the comfort of their phone or computer; but these changes have also created an environment that scammers can take advantage of. Staying informed is the best way to protect yourself from attempted scams.

In early 2024, the Federal Trade Commission (FTC) reported a scam used often that involves someone pretending to work for a financial institution, company or government agency you know calling and saying they have spotted fraud in one of your accounts, and that your money is not safe. They will attempt to connect you with someone who will supposedly help transfer your money to a safe place – likely they are planning to steal your money.

No legitimate company or government agency will tell you to move your money to a secure account, transfer your money to a cryptocurrency account, deposit cash at a Bitcoin ATM, or buy and send gold.

Scammers will lie and say your money is at risk, pressuring you to act fast. They’ll ask that you keep the information secret and offer you a quick solution: to move your money to a place they suggest.

If you get a suspicious call, be prepared with these facts provided by the FTC:

• No cryptocurrency, including Bitcoin, will protect your money.
• There’s no such thing as a government Bitcoin account or digital wallet.
• There are no Bitcoin federal safety lockers.
• Only a scammer will give you a QR code to “help” you deposit your life savings in a Bitcoin ATM.

Lastly, if you suspect you were contacted by a scammer, call your real bank, broker or investment advisor. Do not use the number the caller gives you – instead, call the number listed on your account statements. And report the attempted scam with your bank or fund, as well as the FTC at ReportFraud.ftc.gov.