FTC Officials Impersonated in Scam Calls Targeting Retirement Funds

The U.S. Federal Trade Commission (FTC) has issued a new consumer alert warning the public about scammers impersonating agency officials—including the FTC Chairman and Commissioners—in an effort to steal money under the guise of “protecting” it.

According to the FTC, fraudsters have been contacting individuals via phone calls and falsely claiming to represent the agency. Victims are instructed to cash out their 401(k) accounts or savings accounts and transfer the funds to a third party. The imposters also urge victims to keep the call confidential, a tactic commonly used to prevent outside intervention.

The FTC emphasizes that it will never instruct consumers to move or hand over money to anyone, for any reason. This includes communications allegedly from Chairman Andrew Ferguson, Commissioner Melissa Holyoak, or Commissioner Mark Meador.

“If anybody EVER tells you not to do some research, or says to keep the call a secret, that’s ALWAYS a scam,” the agency warned.

To help consumers recognize and avoid such schemes, the FTC has released a video titled “How to Spot Imposter Scams” on its official YouTube channel.

Source: YouTube/FTCvideos