The “You Can’t Trust Anyone At Your Bank” Scam

A red-flag of a scam: If someone tells you that “you can’t trust anyone at your bank” …

In his “Smart Money” column for the Canton Citizen, Canton Co-operative Bank President & CEO Nick Maffeo recently wrote about a scam that is surging right now.

It’s the “You Can’t Trust Anyone At Your Bank” scam. Here’s how it works: The scammer connects with a person, usually by email or by phone. The scammer says the money the person has on deposit at their bank is not safe. The scammer directs the person to withdraw their money from the bank “to keep it safe.” The scammer tells the person that no one at the bank can be trusted because supposedly they’re all in on the scheme.

If a stranger tells you to withdraw your money from your bank and to lie to the people at the bank about what’s going on, that is a scam. Always.

If a stranger has you afraid that you cannot trust anyone at your bank, before you withdraw any money or buy any gift cards or lie to your bank, you should call the Canton police or the Massachusetts Division of Banks consumer assistance line (617-956-1500 x4).

Give the police or the Massachusetts Division of Banks the chance to convince you the scammer is lying to you. They will be very happy to help you figure out what’s going on and prevent you from being scammed.

Remember: More people have sadly lost money to this scam than have ever lost a cent to a bank where – according to a scammer! – no one could be trusted.

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