Fraudsters are becoming increasingly sophisticated, and one scheme growing in frequency is the "safe account" scam. 

These criminals impersonate trusted organizations, such as banks, credit unions, or even law enforcement agencies, to convince people that their money is at risk. Their goal is to trick you into moving your money into an account they control.

How the Scam Works

The scam often begins with a phone call, text message, or email from someone claiming to be from your financial institution. They may tell you that your account has been compromised and urgently instruct you to transfer your funds to a "safe account" or a "secure holding account"  for protection. In reality, the supposed 'safe' account is owned and controlled by the scammer.

To make the scam more convincing, fraudsters may spoof caller IDs so it appears the communication is coming from a legitimate organization, including your financial institution. They may also reference personal details about you to gain your trust.

💡 Real-life tip:
Magnifi Financial and any reputable financial institution will never ask you to move your money to another account for safekeeping.

Warning Sign to Watch For:

Be cautious if someone asks you to:

• Transfer money to another account for “protection”

• Withdraw cash and deposit it elsewhere

• Send money via wire transfer, person-to-person payment, or gift cards

• Act immediately or under pressure, without giving you time to think or verify

Scammers may also attempt to obtain sensitive information such as: 

• PINs or passwords

• Account or card numbers

• Online or mobile banking credentials

• One-time passcodes or verification codes

Any request for this information—especially under pressure—is a major red flag and a strong indicator of fraud.

How Magnifi Helps Protect You

We provide tools and resources to help you stay in control and monitor your accounts easily: 

• Secure Alerts: Get real-time texts or emails about account activity. 

• Card Controls: Instantly lock or unlock your debit card from our app. 

• Digital Solutions: Monitor spending activity and quickly identify unusual transactions.

Protect Yourself:

We always encourage members to take extra care to protect their identity. DO NOT give out your personal or account information to anyone if you feel unsure of the communication. If you are suspicious, call Magnifi directly at (888) 330-8482.

Magnifi will NEVER contact you by phone, email, or social media to solicit confidential, personal, and/or account information. This includes Digital Banking credentials, personal identification numbers, one-time passwords, secure access codes, or debit or credit card information (expiration date or CVV number).