Scammers are constantly changing their tactics, but one thing remains the same: they prey on trust. A particularly dangerous scam is now targeting older adults by convincing them that their own bank account is at risk because of an alleged internal investigation. We’ve seen an increase in reports from victims who receive a phone call from someone claiming to be a fraud investigator from their bank or even claiming to be working alongside the FBI. The caller sounds professional, knows banking terminology, and creates an overwhelming sense of urgency. The scammer tells the victim that dishonest bank employees are stealing customer funds and that the victim’s money is in immediate danger. To “protect” their savings and help with the supposed investigation, the victim is instructed to withdraw all of their money and deposit it into a new account that the bad actor has conveniently established. Victims are often warned not to tell bank employees or family members because doing so would “compromise the investigation.”It is all a lie.The moment that money is transferred, it is under the scammer’s control, and in many cases it’s gone forever.Law enforcement agencies, including the FBI, do not ask people to move their money as part of an investigation. Legitimate banks do not direct customers to withdraw cash or transfer their life savings into another account to protect it. And no real fraud investigator will ever instruct you to keep their directions secret from your family or your bank.Scammers know that fear clouds judgment. They pressure victims into acting before they have time to think, verify the story, or speak with someone they trust. Many victims are embarrassed after realizing they were deceived, but these criminals are skilled manipulators who use sophisticated social engineering to exploit even the most cautious individuals. You can protect yourself and your loved ones by remembering a few simple rules:Never move your money because of an unsolicited phone call.Hang up and call your bank using the number printed on the back of your debit or credit card.Never trust a phone number provided by the caller.Discuss any unexpected financial request with a trusted family member or friend before taking action.If someone tells you to keep a banking matter secret, consider it a major warning sign.Financial scams have become organized criminal enterprises that target Americans every day. Older adults are often singled out because they are more likely to have retirement savings and because scammers believe they are more trusting of authority figures.In San Diego County, we are committed to protecting residents through prevention, investigation, and prosecution. Our Elder Justice Task Force brings together local, state, and federal partners to disrupt these criminal networks and hold offenders accountable. But prevention remains our strongest defense.If you or someone you know receives a suspicious call from a supposed bank investigator, stop the conversation immediately. Verify the information independently, and if you believe you have been targeted or victimized, report it to your local law enforcement agency and your bank as soon as possible. The best way to outsmart a scammer is to stop, hang up and tell someone. Never let fear make financial decisions for you.The San Diego County District Attorney’s Office is committed to keeping our communities informed and protected as criminals evolve their tactics. By staying alert and spreading awareness, we can stop scams and keep families safe. To learn more about our Consumer Protection Unit, visit our consumer protection page at www.sandiegoda. com.
