Dear Sheri: My Dad's Bank Told Him to Move His Money. Is This Legitimate?

Dear Sheri,

‍My father received a call from someone claiming to be from his bank. They told him there was suspicious activity and that he needed to move his money to another account to protect it. The caller sounded very professional. Could this be legitimate?

—Worried Son

‍

----

‍

Dear Worried Son,

This is a major red flag.

Never move your money because an unexpected caller tells you to “protect” it.

Scammers often pretend to be from banks, Medicare, Social Security, law enforcement, or other trusted organizations. They may create a sense of urgency and tell you that something terrible will happen if you don't act immediately.

A legitimate organization will not ask you to move your money to a different account because they claim it is “safer.”

Hang up. Then call your bank using the phone number on your bank statement, debit card, or official website.

Don't use the number the caller gives you.

With love,

Sheri

‍