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There’s No Such Thing as a Safe Account

Safe account scams start with a terrifying phone call.

You get a call from your bank’s fraud department. There’s been fraud on your account – a criminal has gotten in and is currently in the process of stealing every penny you have. If you don’t act now, you’ll be left with nothing. But the person on the phone tells you there is a solution. You just have to move your money from your regular accounts to a special “safe account” that the bank offers. This one transfer will protect your money, and the person on the phone will help you do it.

That sounds like a nightmarish scenario with an easy solution. If it stops a thief who is currently stealing all your money, that seems like a no-brainer. And the helpful bank representative is ready to walk you through the process. But not so fast. Have you verified that this person is actually from your bank? Even though this scenario sounds like a reasonable interaction with the fraud department, it’s actually a scam.

How Safe Account Scams Work

Most safe account scams work just like the scenario described above. You’ll get a call out of the blue from someone pretending to be either from your bank’s fraud team, the police, or the government. Often they spoof phone numbers so the caller ID looks real. Some of them even ask “security questions” to look more legitimate and get some of your personal information while they’re there.

Once you answer the call, they tell you there’s a massive issue with your account and you’re about to lose all your money. If they’re pretending to be from your bank, they’ll tell you there’s some kind of fraud or unauthorized access and someone is stealing your money. If they’re pretending to be from the police or government, they’ll tell you that your money is at risk of being seized by the government.

Whatever the story, there’s a simple solution. They can open a different, safe bank account for you and you can transfer all your money to that account. Safe accounts are protected from thieves and government seizure, so your money will be safe. The caller will even walk you through the process.

But in reality, the caller is not from your bank, the police, or the government – they’re a scammer. And the “safe account” they want you to put your money in is really their account. Once you’ve transferred the money, it’s gone. And since you were the one who actually initiated the transfer, many consumer protections don’t apply. There’s often no way to get it back.

What is a Safe Account?

The key to this scam is the safe account that they offer you. After scaring you with the threat of losing all your money, they offer a different account where your money can’t be accessed by criminals or seized by the government. By offering you this account and then giving you their own account details, they can trick you into sending your money directly to them.

The biggest problem with this story? There’s no such thing as a safe account.

That’s not to say that you can’t take steps to secure your accounts. There is no account anywhere that is 100% safe from criminals. If your financial accounts were compromised in some way, you can set up a new account on your own. But depending on how the compromise happened, that may not be the best solution – you should call the number on the back of your bank card and ask their fraud department about it. And no accounts are safe from government or law enforcement seizure. Some international accounts may protect your money from being seized by your government, but they’ll still be vulnerable to the government of that country.

Signs It’s a Scam

Like any scams, a safe account scam has red flags that can give you a warning that something’s amiss.

  • The call is unexpected. It’s always good to be suspicious of unexpected calls.
  • The “bank representative” asks unusual security questions. There are some pieces of information, like your account numbers or social security number, that a legitimate bank will never ask for.
  • They claim the government or law enforcement is going to seize your accounts. The government and law enforcement don’t seize assets without a reason. You’d know you’re under investigation or you’d find out when the SWAT team breaks down your door. Either way, they wouldn’t call to warn you about it!
  • You’re feeling strong emotions. Scammers rely on getting you too emotional to think clearly. If you find yourself experiencing any strong emotion, positive or negative, during a phone call, it’s time to take a step back and look critically at the situation.
  • They stress how important it is to act right now. Scammers don’t want you to have time to think about it. They want you to do it right now so they can steal your money and run.
  • They pressure you or threaten you. A legitimate caller will do none of these things.
  • They want to stay on the phone with you while you make the transfer. A real bank representative or law enforcement officer has other things to do. A scammer, though, has plenty of time and want to make sure they get your money.
  • They tell you to move your money to a “safe account.” There’s no such thing as a safe account – that’s a scam!

Ultimately, trust your gut. If a phone call has none of these signs but you still feel anxious, scared, or just a little uncomfortable, there’s probably a problem.

What to Do if You Moved Money

If you moved your money into a “safe account” because of one of these scam calls, your first thought is probably about getting that money back. Unfortunately, you may not have a lot of options. Banks have some protections in place for unauthorized transactions. But since you were the one who made the transfer – even though you did it under false pretenses – they consider it authorized. They may not have any way to help you.

But that doesn’t mean you shouldn’t try. Contact your bank as soon as you realize it was a scam and explain the situation. Ask for help cancelling or reversing the transfer. Depending on the method, a transfer may take some time. If you reach the bank before it completes, they may be able to stop it. And ask what other recourse is available for your situation.

You can also file a police report with your local law enforcement. Chances are good that they won’t do anything about it. Some officers or departments may even tell you that it’s your fault because you sent the money. Remember that it’s never your fault for being a victim of a crime. And filing a police report also helps law enforcement understand how big the problem is and devote more resources to fighting it.

Finally, report the scam at the national level. In the US, report it to the FBI and the FTC. In the UK, report to Action Fraud. If you’re an EU citizen, Europol lists reporting agencies by country. In Australia, report to ScamWatch. All of these help government agencies track scammers and make a case to get more resources to fight fraud. And if they eventually catch the scammer who stole your money, you may someday get some of it back.

Protect Yourself From Safe Account Scams

The first step to protecting yourself from a scam is knowing that it’s out there. You’ve already taken a big step just by reading this article. But there are a few additional steps you can take.

If you get a call from your bank, hang up and call back. You can even tell them you’re going to do this if you want. A legitimate bank representative will appreciate your commitment to security. A scammer will want you to stay on the line at all costs. Don’t call the number they called from or use the redial button – instead, call the number on the back of your card. And you don’t even have to do any bank business over the phone. You can always go to a branch and talk to a teller in person.

Be suspicious of any phone call that makes you feel strong emotions, especially if those emotions are anxiety, fear, or panic. That’s a sign to look closer. It doesn’t necessarily mean you’re talking to a scammer. But if they told you something that’s inspiring these emotions, especially if they’re pressuring you to do something because of it, verify the story before you act. Very few things are immediately urgent. Even if there are unauthorized charges on your account, there are good consumer protections for that. Taking a few minutes to calm down and think won’t hurt. Talking it over with someone else can also help.

All of these steps can help protect you from any scam. But the biggest thing that will protect you from a safe account scam is this fact: There’s no such thing as a safe account! If someone wants you to move your money to a different account to keep it safe from some threat, that’s a scam.

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