Impostor alert
The Caller Says He Works for the FTC. Then He Tells You to Buy Gold
Scammers are posing as federal consumer-protection staff to convince people their savings are in danger. The real FTC says it will never ask for any of this.
It starts with fear. A call, text or email tells you your bank account has been compromised, your identity has been stolen, or your money is "at risk." Then comes the twist that makes it convincing: the person helping you says they work for the Federal Trade Commission — the agency whose job is to protect consumers from fraud.
The FTC is warning Americans that this is one of the scams it is fighting right now. Fraudsters pretending to be agency employees are talking people into handing over money, access to their financial accounts or personal information.
How the script works
The fake agent creates urgency, then offers a "solution": move your money to a safe account, withdraw cash, or convert your savings into gold — and hand it to a courier who will "keep it safe." Some impostors even send a photo of an official-looking ID card by text to prove who they are.
Some use the names of real FTC employees, which makes a quick online search look like confirmation rather than a warning.
The typical loss is not small. In earlier warnings, the FTC said the median amount lost to people impersonating the agency rose from $3,000 in 2019 to $7,000 by 2024.
Impostor scams of all kinds were the most reported fraud in 2025, with more than one million reports and $3.5 billion in losses.
What the real FTC will never do
The agency is explicit about this. A real FTC employee will not:
- threaten you or demand payment,
- tell you to transfer your money somewhere to "protect" it,
- tell you to withdraw cash or buy gold and give it to someone,
- text you a photo of their ID to "verify" who they are.
If someone claiming to be from a government agency asks for any of these things, you are talking to a scammer. Hang up, and contact the agency yourself using a phone number or website you look up independently.
If you think you've been targeted
- Stop all contact. Don't call back numbers the person gave you.
- If you sent money or gold, contact your bank immediately and call your local police.
- Report the impostor at ReportFraud.ftc.gov.
- Warn older relatives: this script often targets retirees with savings.