Scammers are constantly changing their tactics, and one of the most common schemes right now is designed to make you believe your money is at risk from people inside your own financial institution. This is often called an “inside job” scam, and it can sound very convincing especially when fraudsters use official-sounding titles, spoofed phone numbers, and personal information they may have found through data breaches.

At Queensborough, we want our customers and community to know the warning signs so you can stop the scam before money leaves your account.

How the Scam Works

This scam often starts with a call, text, or email from someone pretending to be with the FBI, Department of Justice, or another government agency. They may claim your account is compromised by “corrupt” bank employees and use spoofed caller ID or personal details to sound legitimate.

The scammer then pressures you to keep the situation secret and move money immediately often through a wire transfer, cash withdrawal, cryptocurrency, or payment app to a fake “safe” account. Once sent, the money may be difficult or impossible to recover.

Red Flags to Watch For

1.  Secrecy: You are told not to speak with your bank, family, or anyone else because “everyone is under investigation.”
2.  Pressure to move money: You are instructed to withdraw cash, send a wire transfer, purchase cryptocurrency, buy gift cards, or move funds to “protect” them.
3.  Extreme urgency: You are threatened with arrest, account liquidation, asset forfeiture, or other serious consequences if you hang up or delay.
4. Fake verification: The caller provides an agent badge number, directs you to a suspicious website, or sends a text code and asks you to read it  back.

How to Protect yourself

1. Hang up immediately. Do not argue, explain, or continue the conversation.
2. Call your bank directly. Use the verified phone number on the back of your debit or credit card, on your official statement, or on the bank’s official website.
3. Do not share personal information. Never confirm your Social Security number, birth date, routing number, account number, or other sensitive details with an unexpected caller.
4. Never share security codes. Do not give out multi-factor authentication codes, one-time passcodes, or online banking credentials.
5. Remember: your bank will not ask you to move money to “protect” it. A legitimate financial institution will never instruct you to transfer funds to another person, third party, or “safe” account to resolve a security issue.

What to Do If You Were Targeted

1. Contact Queensborough or your financial institution immediately. Ask for the fraud department so they can help secure your accounts and review any pending transactions.
2. Report the scam to the FBI Internet Crime Complaint Center. Filing a report helps law enforcement track and investigate cyber-enabled fraud.
3. Notify local law enforcement. A non-emergency police report can help document what happened.

If something feels suspicious, pause before taking action. Scammers rely on fear, secrecy, and urgency. Taking a moment to stop, hang up, and contact    your bank directly can help protect your money and personal information.

Queensborough is here to help you stay informed and vigilant against fraud.

Think you may have been targeted? Contact Queensborough right away so our team can help you take the next steps to protect your accounts.