‘Bank investigation’ scams
As part of its recent The Sanibel Community Safety Update, the Sanibel Police Department (SPD) shared the following information:
The SPD continues to investigate reports of residents being targeted by scams involving individuals who claim to be from a bank, law enforcement agency or government organization. In several recent cases, victims have lost more than $10,000 after being convinced they were assisting with a confidential fraud investigation or protecting their money from criminal activity. These scams are highly organized and often involve professional-sounding callers who appear knowledgeable and convincing.
The scam typically begins with a phone call informing the victim that their bank account has been compromised or that a bank employee is suspected of theft or fraud. The caller then instructs the victim to withdraw cash from their account as part of a supposed investigation or to move their money to a “safe” location. In many cases, victims are specifically told to lie to bank employees about why they are withdrawing large amounts of cash. The scammer may claim that bank staff cannot be trusted or that discussing the matter could jeopardize the investigation. Once the cash is withdrawn, victims are directed to deposit the money into a cryptocurrency ATM or hand it to a courier who has been hired to collect it. Once the money is transferred, it is almost impossible to recover.
It is important to remember that no legitimate bank, law enforcement agency or government organization will ever ask you to withdraw cash to protect your money or assist with an investigation. They will never instruct you to deposit money into a cryptocurrency ATM, purchase gift cards or provide cash to a courier. Likewise, no legitimate investigator will tell you to keep secrets from your bank, family members or law enforcement. If you receive a call like this, hang up immediately and contact your bank using a verified phone number. If you are unsure whether a call is legitimate, contact the SPD. If you suspect that a family member or friend may be involved in one of these scams, speak with them as soon as possible. A timely conversation can prevent a significant financial loss and help protect some of the most vulnerable members of our community.
Red flag warning: If anyone tells you to withdraw cash and lie to your bank about why you need it, you are almost certainly being scammed.