Most people believe they would never hand their money to a scammer.
Yet every day people do exactly that, not because they are careless, but because scammers are experts at creating fear, urgency, and confusion. They know how to convince people that they are protecting their money, helping a loved one, or avoiding serious legal trouble.
One of the fastest growing fraud tactics today involves convincing victims to withdraw large amounts of cash before they have time to think or ask for advice.
The good news is that once you understand how these scams work, they become much easier to recognize.
The scammer's playbook
While every scam has a different story, most follow the same pattern.
Step 1: They pretend to be someone you trust
Scammers often claim to represent:
- A financial institution
- The IRS or another government agency
- Law enforcement
- A utility company
- Technical support
- A family member or loved one
They may sound professional, know personal details about you, or even make it appear as though they are calling from a legitimate phone number.
Step 2: They create a sense of urgency
Next comes the pressure.
You may hear statements like:
- "Your account has been compromised."
- "You owe back taxes."
- "You will be arrested if you do not pay today."
- "Your computer has been hacked."
- "Your grandchild needs help immediately."
The goal is simple. They want you to react before you have time to think.
Step 3: They tell you to withdraw cash
Once they gain your trust, scammers instruct you to withdraw money and send it using methods that make it difficult or impossible to recover.
They may tell you to:
- Convert cash into cryptocurrency
- Purchase gift cards and provide the card numbers
- Send a wire transfer
- Mail cash
- Give cash to a courier
No matter the payment method, the outcome is the same. Once the money is gone, recovering it can be extremely difficult.
Step 4: They keep you from asking for help
Many scammers also try to isolate their victims by saying things like:
- "Don’t tell anyone."
- "Stay on the phone with me while you are at the financial institution."
- "The bank employees cannot be trusted."
- "Only I can help you."
These tactics are designed to prevent someone else from recognizing the scam before it is too late.
Pause. Verify. Protect.
When you receive an unexpected request involving money, take these three simple steps.
Pause. Scammers rely on urgency. Taking even a few minutes to slow down can interrupt their plan and give you time to think clearly.
Verify. Hang up and contact the organization yourself using a trusted phone number or official website. Never rely on the contact information provided by the caller.
Protect. Before withdrawing cash or sending money, talk with someone you trust. A family member, friend, or Golden 1 employee may recognize warning signs that you do not.
If someone has instructed you to withdraw cash while staying on the phone, tell a branch employee what is happening. They can help determine whether you are being targeted by a scam.
What to do if you think you have been targeted
If you believe someone is attempting to scam you:
- Stop communicating with the caller immediately.
- Do not withdraw or send money.
- Contact your financial institution using a trusted phone number.
- Report threats or criminal activity to local law enforcement and the Federal Trade Commission
The sooner you act, the more options may be available to help protect your accounts and finances.
Continue building your fraud defense
The best protection against fraud is not fear. It is preparation.
Explore additional fraud prevention resources in Golden 1's Learning Lab, visit the Fraud Center for the latest scam alerts, or attend a fraud prevention workshop to strengthen your scam-spotting skills.
The more familiar you become with today's scams, the more confident you will be recognizing and avoiding them tomorrow.
