SOURCE: Terri Miller, Consumer Education Specialist, FTC

Did someone supposedly spot fraud or criminal activity on one of your accounts? Did they offer to help “protect” your money by moving it from your bank, investment, or retirement account? Maybe they even asked you to share a verification code? If anyone did any of those things, it’s always a scam. So, what do you do next?

Never move or transfer your money to “protect it.” Your money is fine where it is, no matter what they say or how urgently they say it. Someone who says you have to move your money to protect it is a scammer. Period.

Never share a verification code. Ever. Banks and retirement and investment companies use these codes for online accounts to prove you’re really you. If you share that code, the scammer can use it to prove they’re you. No caller — especially someone from your bank or investment company’s fraud department — will ever ask for the verification code. That’s always a scam.

Stop and check it out. If you’re worried, call your real bank, broker, or investment advisor. Use the number you find on your statement — never the number the caller gave you, which will take you to the scammer.

And if you think your bank or investment fund will protect you, think again. Bank accounts have different (and fewer) protections than credit cards. If you are scammed into moving your money out of your account, you won’t be protected. And you probably won’t get that money back.

If you get a call, text, or message like this, tell your bank or fund right away. Especially if you moved money or shared a verification code. Then tell the FTC:  ReportFraud.ftc.gov.  Now that you know, share this advice — it could help protect your buddies and their life savings.