Scammers often impersonate government officials or trustworthy agencies to trick consumers into giving out money, passwords and sensitive information. They often pose as representatives of businesses you trust, government agencies, or both. In a new variation of these constantly evolving schemes, scammers are now impersonating Federal Trade Commission (FTC) Chairman Andrew Ferguson.
How the Scam Works
According to a recent FTC consumer alert, the scam usually begins with an unexpected call or message about a supposed problem—such as a suspicious purchase on your Amazon account, a virus on your computer, or an account breach.
Once you take the bait, the scammer transfers you to someone they claim is with the government, often citing the FTC as their agency. The scam operators go to great lengths to convince their targets, creating fake employee badges and using the names of real FTC officials such as Chairman Andrew Ferguson.
After gaining your trust, the scammer tells you need to move your money immediately to protect it. They may instruct you to transfer funds from your bank or retirement account to a so-called secure account or deposit it at a cryptocurrency ATM. The reality? The scammer controls those accounts and will steal your money the moment you send it.
How to Spot the Scam
To stay safe, remember that a legitimate FTC employee—or any legitimate government official—will never:
- Ask you to move your money to protect it.
- Tell you to deposit money into a cryptocurrency ATM.
- Send someone to collect cash or gold from you.
Best Practices
If you receive an unexpected call or message about a problem with one of your accounts and suspect it might be real, take these steps:
- Verify claims: Contact your bank, broker, investment advisor, or credit card company using the number listed on your account statement or by logging into your account. Do not use the contact information provided by the caller.
- Cast a skeptical eye: Government officials will not pressure you to make financial moves or provide personal information over the phone.
- Report the scam: If you encounter an imposter scam or any attempt to steal your money or personal information, report it to the FTC at ReportFraud.ftc.gov.
Pro tip: For additional protection, use Bitdefender Scamio to identify and verify potential scams before you engage. Scamio acts as your personal scam detector that fits in your back pocket. Use Scamio on WhatsApp, a web browser, Facebook Messenger, or even Discord to immediately check if any email, QR code, link, or proposal is a potential scam for free. For on-the-go checks of potentially malicious or fraudulent links, you can also use Bitdefender Link Checker, another one of our free tools designed to combat scams and fraud.