A CBS News piece making the rounds this week highlights the explosion of imposter scams—frauds in which callers pose as bank employees, government officials, or representatives of other trusted organizations to trick consumers into providing account access or transferring funds. These scams are devastating, and seniors are particularly vulnerable.
The problem? The advice in the piece misses the mark.
The suggestion that family members should have information about and access to each other’s accounts might be reasonable in some circumstances, but it’s not good blanket advice—particularly for seniors.
Here’s the reality: The more people who have access to an account, the greater the risk of unauthorized access. And while some seniors may reach a point where they want adult children to have visibility into their finances—viewing access, the ability to discuss accounts with the bank, and so on—that arrangement raises a host of issues regarding independence and autonomy. It can also, in many cases, increase the risk of unauthorized account access by a family member.
(To be clear, shared access might sometimes be helpful or even necessary. But it’s a decision that should be made carefully, based on individual circumstances—not offered as generalized advice.)
The real key to preventing imposter scams is simpler: Know your rights. Secure your accounts. And never give account access information to anyone over the phone, email or text. Ever.
What the FTC Recommends—With Some Additional Guidance
The FTC has published solid guidance on avoiding imposter scams. Here’s what they recommend, along with a few points I want to emphasize:
1. Know that you have rights and legal protections—even if you’ve had your identity stolen.
This is critical. Federal law provides robust, fee-shifting protections to victims under statutes including the Electronic Fund Transfer Act (EFTA), the Fair Credit Billing Act (FCBA), the Truth in Lending Act (TILA), and the Fair Credit Reporting Act (FCRA). Just because your bank tells you that you need to eat the loss doesn’t make it so.
2. Never transfer or send money, cryptocurrency, or gold to someone you don’t know in response to an unexpected call or message.
I’d take this further: Never provide any access information to your account to someone who has called you claiming to be “from the bank.” Nothing. Not your PIN. Not a confirmation code. Not your Social Security number. Hang up the phone.
3. Don’t believe anyone who says you have to quickly move your money to “protect” it. Anyone who tells you that is a scammer.
The same goes for anyone who calls to tell you that you need to change your PIN or password, or that they need to “confirm” your Social Security number or other personal information. Legitimate institutions don’t operate this way.
4. If there’s a problem with your account or identity, talk about it with someone you trust—especially if the stranger on the phone says it’s serious, involves a crime, or claims to be from the government.
If you genuinely believe there’s a problem with your account, call the number on the back of your card or go into the branch. Don’t rely on contact information provided by the caller.
5. Don’t click on links or call phone numbers in unexpected messages. If you think the message could be real, verify the story by contacting the organization using contact information you know is legitimate.
One more warning here: Do not Google the phone number. Google has improved on this front, but we routinely work on cases in which the victim called a fake bank or payment platform number they found online. Again—call the number on the back of your card or visit the branch in person.
[To review the FTC’s page on imposter scams go here: https://consumer.ftc.gov/features/how-avoid-imposter-scams]
The Bottom Line
Scammers are sophisticated, and these schemes are designed to create panic and urgency. The best defense is a simple rule: If someone contacts you unexpectedly asking for access to your accounts or personal information, the answer is no.
We Can Help
If you or a loved one has lost money to an imposter scam, don’t assume the loss is yours to bear. Federal law provides strong protections for consumers—and banks don’t always get it right when they deny claims. Schlanger Law Group is a national leader in representing victims of imposter scams and unauthorized account access. Contact us today to discuss your situation.
