The Three-Caller Scam

The simulator

1. Step 1 of 7 First contact

   The technician sounds thorough and kind. Then he asks you to do something new.

   Call in progress

   Caller ID: (866) 555-0122

   1. Caller: “The good news is that I’ve blocked the virus. But it was on your computer for three days, so I need to make sure the hackers haven’t been into your bank accounts.”
   2. Caller: “Please log in to your online banking and open each account in turn: checking, savings and retirement. I’ll look for any unauthorized charges.”

   Read this aloud

   What do you do?

   Not sure? Show a hint

   Why would a computer technician need to see how much money you have?

   1. Log in and open each account so he can check. Looking for strange charges sounds sensible.

      Risky choice

      While you show him each account, he’s noting which one holds the most money. That tells the gang how much to aim for. Because he controls your computer, he may also capture your login details.

   2. Say I’ll check my accounts myself later, but let him finish fixing the computer.

      Better, but not the safest

      Keeping your banking private is good. But he still controls your computer, so he may see you log in later, or leave something behind that watches what you do. It’s safer to disconnect him now.

   3. Refuse, hang up and turn off the internet. Then call my bank myself, on the number on my card.

      Safe choice

      That’s exactly right. Never do any banking while someone else is connected to your computer. Your bank can check your accounts safely, and a trusted local repair shop can remove whatever the “technician” installed.

   Red flags at this step

   • A “technician” who’s more interested in your money than your computer
   • Being asked to open your bank accounts while someone is connected to your computer

   What's really going on

   This is phase one of what the FBI calls the Phantom Hacker scam. The “check for charges” is really a look at which of your accounts holds the most. The FBI’s advice is blunt: “Do not conduct banking activity while providing remote access to your computer.”

2. Step 2 of 7 The hook

   Suppose you stayed on the line. The technician goes quiet for a moment, then sounds worried.

   Call in progress

   Caller ID: (866) 555-0122

   1. Caller: “Oh dear. I can see that a foreign hacker has got into your savings. He’s already tried to send money overseas.”
   2. Caller: “I’ve alerted your bank. Their Fraud Prevention Unit will call you within the hour. Please do exactly what they tell you, and don’t discuss this with anyone. It could tip off the hacker.”

   Read this aloud

   What do you do?

   Not sure? Show a hint

   Do computer technicians really talk to your bank for you?

   1. Thank him and wait by the phone for the bank to call.

      Risky choice

      The next caller is part of the same gang. Because the technician told you to expect the call, it will feel like proof when it comes.

   2. Hang up and call my bank myself, on the number on the back of my card.

      Safe choice

      Exactly right. A call you make yourself, to a number you already trust, is the only one you can be sure of. Your real bank can check whether anything is wrong, and put extra protection on your accounts.

   Red flags at this step

   • A technician who says he’s contacted your bank
   • Being told to expect a call and do exactly what the caller says
   • Being told to keep it secret

   What's really going on

   Tech support companies don’t contact your bank for you, and banks don’t take instructions from them. Setting up the next call in advance is how this scam builds trust: when the “bank” rings, it seems to confirm everything. The FBI says victims are told “their computer and financial accounts have been accessed by a foreign hacker.”

3. Step 3 of 7 Winning your trust

   Half an hour later, the phone rings. The caller ID shows your bank’s name.

   Incoming call

   Caller ID: Your Bank

   1. Caller: “Good afternoon, this is Linda from the Fraud Prevention Unit at your bank. I’m calling about the hacker your technician found. I’m afraid he was right: someone overseas has access to your savings.”
   2. Caller: “The only way to protect your money is to move it today into a secure account at the Federal Reserve, in your name. When you go to the branch, don’t tell the staff why. We believe someone inside is helping the hackers.”

   Read this aloud

   What do you do?

   Not sure? Show a hint

   Can caller ID be faked? Would your bank ask you to keep secrets from its own staff?

   1. Go along with it. It’s my bank’s name on the screen, and she knows what the technician said.

      Risky choice

      Caller ID can be faked to show any name or number, and she knows what the technician said because they work together. Once you agree, she’ll coach you on exactly what to do and say.

   2. Ask her some security questions first, to prove she’s really from my bank.

      Better, but not the safest

      She may well pass. Gangs like this often have personal details stolen in data breaches, such as your address, date of birth and account numbers. Only a call you make yourself proves who you’re talking to.

   3. Hang up. My bank would never tell me to move money to keep it safe, or to keep secrets from the branch. I’ll call the number on my card.

      Safe choice

      That’s the golden rule. Wait a few minutes or use a different phone, then call the number on your card. No real bank, police force or government agency will ask you to move money to protect it.

   Red flags at this step

   • Caller ID showing your bank’s name (this can be faked)
   • Being told to move your money to a “safe” or “secure” account
   • “Don’t tell the branch staff”
   • A “Federal Reserve” account in your name

   What's really going on

   This is phase two. The FBI says victims are told to move their money to a “safe” account, “such as an account with the Federal Reserve or another US Government agency,” and not to tell anyone the real reason. But the Federal Reserve itself says: “Individuals cannot, by law, have accounts at the Federal Reserve.” In the UK and Australia, the same trick is known as the “safe account” scam, and Australia’s Commonwealth Bank says it will never ask you to “move money to a ‘safe account’.”

4. Step 4 of 7 The pressure

   Many people do go to the branch, as the caller asked. She has told you to keep your phone on, in your pocket, so she can “help”.

   At your bank branch. You ask to send $86,000 from your savings to the account number the caller gave you. The teller looks up from the form.

   “That’s a lot of money to send in one go. Can I ask what it’s for? Has anyone asked you to move it?”

   Earlier, the caller told you: “If they ask, say it’s for a new roof. Don’t mention us.”

   Read this aloud

   What do you tell the teller?

   Not sure? Show a hint

   Who is the teller really working for?

   1. Say it’s for a new roof, like the caller told me. She said someone at the branch might be involved.

      Risky choice

      The cover story is there to stop the one person who could save your money. The “crooked employee” doesn’t exist. Once the money is sent, it’s very hard to get back, because you authorized the payment yourself.

   2. Tell the teller everything: the pop-up, the technician, the “fraud team” and the Federal Reserve account.

      Safe choice

      That’s the best thing you can do. The teller can check with the bank’s real fraud team, stop the payment and help you protect your accounts. The only people who wanted secrecy were the scammers.

   Red flags at this step

   • Being given a cover story for the teller
   • Being told staff at your own bank can’t be trusted
   • Being kept on the phone while you’re at the bank

   What's really going on

   The “insider” story is there so you’ll ignore the bank staff who are best placed to spot the scam. The FBI says scammers tell victims not to tell anyone the real reason they are moving their money. As a Better Business Bureau spokesman told a Kansas TV station: “There is really no scenario in which it would be advantageous for you to move your money into an account that has less security and less protection.”

5. Step 5 of 7 The ask

   Suppose the money was sent. The next day, a third person calls. He says he’s a federal agent, that your money still isn’t safe, and that he’s emailing you a letter.

   Federal Asset Protection Office

   Asset Protection Order, Case No. AP-447190

   Dear Account Holder,

   This office confirms that funds held in your name remain at risk from an ongoing foreign cyber intrusion. Your protected funds will be held in a secure alias account with the Federal Reserve until the investigation is complete.

   To protect your remaining retirement savings, you are directed to convert them to gold bullion, which cannot be accessed electronically. An authorized courier will collect the gold from your home.

   This matter is strictly confidential. Telling bank staff or family members may compromise the investigation.

   Special Agent M. Ellis Asset Protection Division

   Read this aloud

   The letter looks official. What do you do?

   Not sure? Show a hint

   How hard is it to make a letter look official on a home computer?

   1. Believe it. It has a case number, an agent’s name and very official language.

      Risky choice

      Anyone can make a letter look official. The FBI warns that this scam uses email or letters on “what appears to be official US Government letterhead” to make the story believable. A real agency would never tell you to buy gold or hand anything to a courier.

   2. Call the agent back on the number he gave me, to check he’s real.

      Risky choice

      That number goes straight back to the scammers, who will happily confirm everything. To check any agency, find its number yourself on its official website, never from a letter or a caller.

   3. Stop and tell my family and my bank. No government office holds people’s savings or asks them to buy gold.

      Safe choice

      Exactly right. Individuals can’t have accounts at the Federal Reserve, and the FBI says the government and real businesses will never ask you to buy gold. Telling your family breaks the secrecy the whole scam depends on.

   Red flags at this step

   • An official-looking letter sent by email
   • A “secure” or “alias” government account in your name
   • Being told to turn your savings into gold
   • “Strictly confidential”: don’t tell your bank or family

   What's really going on

   This is phase three: a fake government official. The FBI says these scammers claim your money is still “unsafe” and must be moved to a new “alias” account for protection, and they send official-looking letters to back it up. Some tell victims to cash out retirement savings and buy gold, which a courier then collects.

6. Step 6 of 7 The ask

   Suppose you did cash in your retirement savings and buy gold, as the letter said. The agent calls with final instructions.

   Incoming call

   Caller ID: (202) 555-0163

   1. Caller: “Agent Ellis here. Keep the gold in the box it came in. A secure courier will come to your home at 2 pm to take it into federal protection.”
   2. Caller: “He’ll give you a passcode: the serial number of the dollar bill I asked you to keep. Only hand the gold to the man who reads it out correctly.”

   Read this aloud

   What do you do?

   Not sure? Show a hint

   What does a passcode really prove about the courier?

   1. Wait for the courier and hand over the gold once he reads the right passcode.

      Risky choice

      The passcode only proves that the courier works with the caller. The gold is driven away and is rarely seen again. Some people are then told that even more needs protecting.

   2. Don’t open the door. Call 911, tell the police a courier is coming to collect gold for a scammer, then call my bank.

      Safe choice

      That’s the right call. Police would much rather hear from you before the courier arrives than after. Then tell your bank everything, so it can protect whatever is left.

   Red flags at this step

   • A courier coming to your home to collect cash or gold
   • A passcode or serial number to “prove” the courier is genuine
   • Cashing in retirement savings to buy gold

   What's really going on

   The FBI’s annual report counted $311.8 million lost to gold courier scams in 2025 alone, and its Boston office found that about 98% of courier-scam victims were over 60. The FBI says scammers give victims a “code,” “password,” or “serial number” to identify the courier. It is clear: “The U.S. government and legitimate businesses will never ask you to purchase gold or other precious metals.”

7. Step 7 of 7 Afterwards

   A few days later the agent calls again. And a few weeks after that, a different caller offers to help.

   Incoming call

   Caller ID: (202) 555-0163

   1. Caller: “Your gold is safe in federal protection. But our final security check shows the hacker has found your home equity line of credit. We’ll need to protect that too.”
   2. Weeks later, a new caller: “I’m with a fund recovery office that works with the FBI. We’ve traced your gold. For a processing fee of $2,500, we can have it returned to you.”

   Read this aloud

   What do you do?

   Not sure? Show a hint

   Would a real investigator charge you to get your own money back?

   1. Pay the recovery fee. $2,500 is worth it to get my savings back.

      Risky choice

      This is a recovery scam, often run by the same criminals or by people who bought their list of victims. The FBI’s complaint center says it “will never ask for payment to recover lost funds.” Paying only adds to the loss.

   2. Hang up on both. Report everything to the FBI at ic3.gov and to my local police, and ask my bank for help.

      Safe choice

      That’s the way to real help. Reporting is free, and the details you give can help investigators. Your bank can try to recall any wires, and the National Elder Fraud Hotline can guide you through the next steps.

   Red flags at this step

   • “One more” security check or transfer
   • Someone offering to get your money back for a fee
   • A caller who says they work with the FBI

   What's really going on

   Once a gang knows someone will pay, it keeps coming back. In one Kansas case, reported alongside an FBI warning about this scam, a man’s phone records showed more than 17,000 minutes connected to the scammers over several weeks. The FBI’s complaint center, IC3, says it will never contact people directly by phone or email, and never charges to recover money.