Scammers are becoming increasingly sophisticated in their attempts to steal money from unsuspecting victims. One of the fastest-growing tactics involves criminals posing as bank representatives and convincing people to move their own money under the guise of "protecting" it.
These scams can be highly convincing and often target older adults, but anyone can fall victim.
This type of scam often begins with a phone call, text message, or email from someone pretending to be from a bank, government agency, law enforcement, or fraud investigation team.
The scammer creates a sense of urgency by claiming one or more of the following:
Withdrawing cash from your bank account
Scammers are skilled manipulators, but these scams typically come with several warning signs, such as:
Pressure to Act Immediately
Fraudsters want you to panic and make decisions before you have time to think clearly. They often create a false sense of urgency by claiming your account is at risk, your identity has been compromised, or you could lose money if you don't act immediately. If someone insists that you must act "right now" or face financial loss, it's a major red flag. Legitimate organizations will give you time to verify information and won't pressure you into making immediate financial decisions.
Requests for Cash Withdrawals
Legitimate banks or government entities will never ask you to withdraw cash to "protect" your accounts. Scammers, on the other hand, may instruct victims to remove money from their bank and hold it, transfer it elsewhere, or hand it over to a third party under the pretense of preventing fraud. In reality, once cash leaves your account and enters a scammer's hands, it can be extremely difficult, if not impossible, to recover.
Instructions to Keep It Secret
Scammers often tell victims not to discuss the situation with bank employees, family members, friends, or law enforcement. They may claim confidentiality is necessary for an investigation or warn that telling anyone could jeopardize the process. In many cases, scammers anticipate that a bank may question a large cash withdrawal and will coach victims on what to say, such as claiming they are purchasing a car, buying property, or paying for home renovations. These tactics are intended to prevent others from identifying the scam and to isolate you from people who might intervene. Legitimate organizations will never discourage you from seeking advice, asking questions, or independently verifying a request.
Delivery Through Unusual Channels
No legitimate bank, law enforcement agency, government organization, or fraud department will ask you to send money through unconventional methods such as:
Demands for Proof
Scammers may ask victims to provide evidence that they've followed instructions, such as sending photos of cash, gift cards, wire transfer receipts, or account activity. These requests are designed to verify that the victim has complied before the scammer moves to the next step.
Legitimate banks, government agencies, and law enforcement organizations will never ask you to photograph withdrawn cash or provide proof that money has been withdrawn for an investigation. If you're asked to send photos of cash, gift cards, or financial transactions, consider it a major red flag and end the communication immediately.
Scammers often target older adults because they may:
If you receive a text or call claiming to be from your bank or another organization, follow these steps:
A simple rule of thumb can help protect you from many financial scams: If someone tells you to withdraw money, buy gift cards, send cryptocurrency, or hand cash to a third party in order to protect your finances, stop the communication immediately. Then, report the communication to the bank or other organization using their public phone number.
Awareness remains one of the most effective tools in preventing fraud. By understanding the warning signs and sharing them with family, friends, and older loved ones, you can help prevent more people from becoming victims. If you are a BankFive customer and think you are being scammed, call us directly at 774-888-6100 or contact us through Online Banking using secure chat.
These scams can be highly convincing and often target older adults, but anyone can fall victim.
How This Scam Works
This type of scam often begins with a phone call, text message, or email from someone pretending to be from a bank, government agency, law enforcement, or fraud investigation team.
The scammer creates a sense of urgency by claiming one or more of the following:
- Your account has been compromised
- Your identity has been stolen
- Someone is attempting fraudulent transactions with your account
- Immediate action is required to protect your money
Withdrawing cash from your bank account
- Purchasing gift cards
- Sending money through wire transfers
- Depositing funds into cryptocurrency accounts
- Handing cash to a courier, rideshare driver, or "investigator"
Red Flags To Be Aware Of
Scammers are skilled manipulators, but these scams typically come with several warning signs, such as:
Pressure to Act Immediately
Fraudsters want you to panic and make decisions before you have time to think clearly. They often create a false sense of urgency by claiming your account is at risk, your identity has been compromised, or you could lose money if you don't act immediately. If someone insists that you must act "right now" or face financial loss, it's a major red flag. Legitimate organizations will give you time to verify information and won't pressure you into making immediate financial decisions.
Requests for Cash Withdrawals
Legitimate banks or government entities will never ask you to withdraw cash to "protect" your accounts. Scammers, on the other hand, may instruct victims to remove money from their bank and hold it, transfer it elsewhere, or hand it over to a third party under the pretense of preventing fraud. In reality, once cash leaves your account and enters a scammer's hands, it can be extremely difficult, if not impossible, to recover.
Instructions to Keep It Secret
Scammers often tell victims not to discuss the situation with bank employees, family members, friends, or law enforcement. They may claim confidentiality is necessary for an investigation or warn that telling anyone could jeopardize the process. In many cases, scammers anticipate that a bank may question a large cash withdrawal and will coach victims on what to say, such as claiming they are purchasing a car, buying property, or paying for home renovations. These tactics are intended to prevent others from identifying the scam and to isolate you from people who might intervene. Legitimate organizations will never discourage you from seeking advice, asking questions, or independently verifying a request.
Delivery Through Unusual Channels
No legitimate bank, law enforcement agency, government organization, or fraud department will ask you to send money through unconventional methods such as:
- Uber drivers or other rideshare services
- Courier or delivery services
- Gift cards
- Cryptocurrency or digital wallets
- Cash deliveries or drop-offs
Demands for Proof
Scammers may ask victims to provide evidence that they've followed instructions, such as sending photos of cash, gift cards, wire transfer receipts, or account activity. These requests are designed to verify that the victim has complied before the scammer moves to the next step.
Legitimate banks, government agencies, and law enforcement organizations will never ask you to photograph withdrawn cash or provide proof that money has been withdrawn for an investigation. If you're asked to send photos of cash, gift cards, or financial transactions, consider it a major red flag and end the communication immediately.
Why Seniors Are Frequently Targeted
Scammers often target older adults because they may:
- Have substantial savings
- Be more likely to answer unknown calls
- Trust authority figures
- Feel pressured to resolve what appears to be an urgent problem
How to Protect Yourself If You Think You’re Being Scammed
If you receive a text or call claiming to be from your bank or another organization, follow these steps:
1. Hang up immediately.
2. Do not provide personal information.
3. Do not transfer money or withdraw cash.
4. Report the communication to your bank or other organization using their publicly listed phone number. You can usually find this on their official website.
5. Talk with a trusted family member or friend before taking any financial action.
6. Report suspicious activity to your local law enforcement agency.
A Reminder Worth Sharing
A simple rule of thumb can help protect you from many financial scams: If someone tells you to withdraw money, buy gift cards, send cryptocurrency, or hand cash to a third party in order to protect your finances, stop the communication immediately. Then, report the communication to the bank or other organization using their public phone number.
Awareness remains one of the most effective tools in preventing fraud. By understanding the warning signs and sharing them with family, friends, and older loved ones, you can help prevent more people from becoming victims. If you are a BankFive customer and think you are being scammed, call us directly at 774-888-6100 or contact us through Online Banking using secure chat.