The Social Security Administration is warning beneficiaries about a scam in which fraudsters impersonate government or bank employees and convince victims to transfer money from their accounts.
The scammer typically contacts a victim claiming to have discovered fraud or identity theft on their account. The caller, posing as a bank or government employee, claims to be helping protect or recover the victim's money. To appear credible, the scammer may provide personal details about the victim or their account.
The scammer then keeps the victim on the phone for hours and walks them through a three-way call with their real bank to unlock the account. The victim is instructed to transfer or move money to another account, supposedly to keep it safe.
The SSA emphasized that legitimate government agencies and bank employees will never ask customers to transfer money to protect it. No legitimate institution will require a victim to stay on the phone for hours or keep the call a secret.
Victims who are targeted should hang up immediately and call their bank directly using the number on their card or statement. Anyone who paid a scammer or disclosed personal information should consult the Federal Trade Commission's guidance on next steps.