Scammers are always looking for new ways to trick people out of their money, and their latest scheme is particularly bold—they’re impersonating the Federal Trade Commission (FTC) itself. The FTC, the government agency responsible for protecting consumers from fraud, is now being hijacked by scammers who use fear tactics and deception to convince victims to hand over their money.

 

How the Scam Works

The scam begins with a phone call, email, or message that appears to come from a trusted source. It often includes alarming claims such as:

  • A suspicious purchase on your credit card.
  • An attempted breach of your bank account.
  • A virus alert on your computer.

These messages are designed to create panic, making you more likely to act without thinking. Once the scammer has your attention, they claim to be from a government agency, often the FTC itself.

Shockingly, some of these fraudsters even use the names of real FTC employees, including the current chairman, Andrew Ferguson, to appear more credible. This deception is meant to earn your trust and convince you to follow their instructions.

 

What Do the Scammers Want?

The goal of the scam is to steal your money by convincing you that they are protecting it. The fraudsters will tell you to:

  • Move money from your bank or retirement account to a “safe” account (which they control).
  • Withdraw your savings and deposit it into a cryptocurrency ATM.
  • Convert your funds into cash or gold and hand it over to someone who will “secure” it for you.

Once you transfer your money, it’s gone. The scammers disappear, leaving you with little chance of recovering your hard-earned savings.

 

How to Spot and Avoid the Scam

To protect yourself, keep these key facts in mind:

  1. The FTC will never ask you to move your money.
    • No legitimate government agency will request that you transfer funds for “safekeeping.”
  2. The FTC will not ask you to deposit money into a cryptocurrency ATM.
    • Any request to move money via Bitcoin or other digital currencies is a red flag.
  3. The FTC will not send someone to collect cash or gold from you.
    • If someone claims they need to pick up your valuables for protection, it’s a scam.
  4. Hang up and don’t click on any links.
    • If you receive a suspicious call, email, or text, do not engage. Instead, contact your bank, credit card company, or investment advisor directly using the phone number listed on your official statements.

What to Do If You Are Targeted

If you receive a suspicious message claiming to be from the FTC or another government agency:

  • Do not respond to the call, email, or message.
  • Do not provide any personal or financial information.
  • Verify independently by calling your bank or financial institution directly.
  • Report the scam to the FTC at reportfraud.ftc.gov.

Stay Informed and Stay Safe

Scammers are becoming more sophisticated, but awareness is your best defense. By understanding how these scams work and knowing what to look for, you can protect yourself and others from becoming victims.

For more consumer protection tips, watch Dale’s full video on YouTube: Watch Here.