FDIC warns of scams being carried out in its name

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The Federal Deposit Insurance Corp. has warned that fraudsters are taking advantage of the atmosphere of fear and confusion surrounding the coronavirus pandemic to perpetrate scams in the agency's name.

These cons are being conducted through emails, phone calls, letters, text messages, faxes, and social media, the FDIC said Wednesday.

Typically, the perpetrator claims to be a specific FDIC employee and demands bank account numbers, Social Security numbers, dates of birth, and other details that can be used to commit fraud or sell a person's identity. Sometimes they ask for payment.

The FDIC urged people to not be fooled.

“The FDIC does not send unsolicited correspondence asking for money or sensitive personal information,” the agency said. “The agency will never contact people asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers, or passwords.”

The agency also said false information is being spread about the safety of consumers’ deposits and their ability to access cash.

“Since 1933, no depositor has ever lost a penny of FDIC-insured funds,” the release stated. “Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money. Some banks may have adjusted hours or services in compliance with Centers for Disease Control guidance on social distancing. Customers’ deposits remain safe in these banks, as does customer access to their funds.”

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Cyber security Fraud Coronavirus