Always use caution when answering phone or video calls from a stranger. Scammers have lately pretended to be employees of the Consumer Financial Protection Bureau (CFPB), using real names of people who work there in an attempt to gain sensitive information or money from unsuspecting older adults.
The fraudulent callers often tell targets they have won cash awards, such as in a contest or a class-action lawsuit. They then tell them to pay some fees upfront in order to collect their prize. They may claim that their targets owe taxes on the cash, and pressure them to pay right away.
In alerting the public about this imposter scam, the CFPB declared that it will “never” ask individuals for money or personal information. The agency, which was established to help consumers battle unfair financial practices, does not seek fees for its services. The CFPB warns that scammers seek out victims through phone calls, emails, texts, social media, messaging apps, and in person. Consumers should double-check email addresses from government agencies to make sure they end in .gov. Anything else is likely fraudulent.
If you are contacted by someone claiming to be a CFPB employee, you can verify their identity by calling the agency’s consumer call center line at 855-411-2372, between 8 a.m. and 8 p.m. Eastern time, Monday through Friday. Report CFPB imposter scams to the Federal Reserve Office of the Inspector General. Other consumer scams can be reported to the Federal Trade Commission.