Never move your money to "protect it." That's a scam.
Published: 03/05/2024
People are losing big money to scammers running complicated scams. The scams usually involve someone supposedly spotting fraud or criminal activity on one of your accounts, offering to help “protect” your money, sometimes asking you to share verification codes, and always telling you to move money from your bank, credit union, investment, or retirement account. And every bit of it is a scam.
To help protect people you care about, and their life savings, share this advice on how to stop these scammers in their tracks.
Never move or transfer your money to “protect it.” Your money is fine where it is, no matter what they say or how urgently they say it. Moving it means you’ll lose it, not protect it. Someone who says you have to move your money to protect it is a scammer. Period.
Never share a verification code. Ever. Credit unions use these codes in online banking to prove you’re really you. If you share that code, the scammer can use it to prove they’re you. No caller — especially someone from the credit union’s fraud department — will ever ask for the verification code. That’s always a scam.
Stop and check it out. If you’re worried, call us directly. Always use the number you find on your statement — never the number the caller gave you, which will take you to the scammer.
Report it. If you get a call like this, tell the credit union right away. Especially if you moved money or shared a verification code. Then tell the FTC: ReportFraud.ftc.gov.