Imposter scams occur when an individual or business receives an email, text or phone call from a criminal posing as someone they trust or a person of authority, instructing them to send money to a fraudulent account.
Criminals use various methods to trick and threaten potential victims if immediate payments are not made. They demand electronic payments in the form of wire transfers, gift cards or cryptocurrency. Criminals know that once the money is sent, it is usually impossible to retrieve the funds.
Some common red flags include a request for payment that is:
- Unexpected
- From an email, text or phone number you do not recognize
- A solicitation to wire money to another country
- A claim that you’ve won a prize and need to pay a fee
- A return payment in exchange for a check
- Only accepted via payment apps, gift cards or cryptocurrency
Protect yourself. Never send money to anyone who:
- You haven’t met in person
- Says they work at a government agency
- Pressures you into paying immediately
- Says an electronic payment is the only way to pay
- Tries to sell you something over the phone
If you become a victim of imposter fraud, immediately contact your financial institution. Learn more at consumer.ftc.gov/features/how-avoid-imposter-scams.