This is a phone call in which the scammer pretends to be from a government agency like the FTC. They claim that the victim’s bank account has been compromised and order them to deduct the remaining money and move it to physical gold bars or cryptocurrency.
If moved to gold bars, the “government agent” (scammer) will schedule an in-person meeting with the victim, typically at the victim’s house, to get the gold and “place it” into a safe account for them.
If they request to move it to cryptocurrency, the scammer quickly moves the money away from the victim to hide detection from law enforcement.
The emotion the scammers use to manipulate the victims is fear. When the victim is in a state of fear, it is easy to do anything to make the panic disappear, even if it removes funds from their bank accounts in odd ways.
To protect yourself from this scam, understand that government agencies will not force you to move money from one account to another. They won’t even call you about your bank account; that is the bank’s job. If the bank calls you, you can just hang up and call the right number to verify any claims. Lastly, never move your money in ways you are not comfortable with. If you are unfamiliar with cryptocurrency, do not put your money in it.
Visit the “how to protect yourself” tab in the scam headquarters for more tips on the Douglas County Senior Safe page.