'It was panic': Scammers use frantic phone call to drain Oakland woman's investment account

How it works

You receive a phone call from someone claiming to work for your investment company's security team. They tell you fraudulent activity has been detected on your account and speak with urgency and alarm to make you feel unsafe. They then instruct you to transfer your funds to a different account they control, saying it will protect your money while they investigate.

Red flags to watch for

• Caller claims to be from your investment firm but creates extreme urgency and panic
• They ask you to move money or withdraw large sums immediately
• Caller knows your real account exists but may not know other personal details
• You do not recognize the phone number and caller refuses to wait while you verify independently
• They insist you keep the call secret or hang up and call back a number they provide

What to do

Do not transfer money based on an unsolicited call, no matter how urgent or official it sounds. Hang up immediately and call your investment firm directly using the phone number on your statement or their official website. Ask to speak with security and confirm whether any fraud occurred on your account. If you already moved money, contact your bank and investment firm right away and file a report with the FTC at reportfraud.ftc.gov.