A caller claims to be from your bank’s fraud department, says someone is trying to steal your money, and instructs you to “move your money to a safe federal account” — or to verify your identity by reading them gift card numbers. There is no such thing as a “safe federal account.” Maryland’s new Vulnerable Adult Banking Protection Act now lets your real bank refuse suspicious transfers.
How This Scam Works
A caller phones you claiming to be from Bank of America fraud prevention, M&T Bank security, Truist fraud department, Wells Fargo, or your credit union. They tell you that someone is trying to wire money out of your account right now — usually a large amount, $5,000, $8,000, $10,000 — and they need to help you “secure” the funds immediately.
They give you one of three instructions. First version: transfer your money to a “safe holding account” or “federal protection account” until the investigation is complete. Second version: buy gift cards for thousands of dollars and read them the codes “to verify your identity.” Third version: install an app on your phone that gives them remote access to your banking app.
The Maryland Office of Financial Regulation has formally warned that no legitimate bank or government agency ever asks you to move money to a “safe account” or buy gift cards. Maryland Commissioner of Financial Regulation Tony Salazar publicly announced the new Vulnerable Adult Banking Protection Act, which empowers banks and credit unions to deny disbursements they reasonably believe are scams targeting older adults.
What They Actually Say
A Real Maryland Story
Maryland’s Vulnerable Adult Banking Protection Act · April 2026
In April 2026, Maryland passed the Vulnerable Adult Banking Protection Act. The law allows Maryland banks and credit unions to deny or delay disbursements from an older adult’s account if they reasonably believe financial exploitation is occurring. Tellers can stop suspicious wires. Branch managers can pause transfers. Your bank is legally empowered to be on your side. Use that.
What To Do · What To Never Do
After You Hang Up
This guide covers one of 222 documented scams targeting Maryland’s older adults. Every variant we track lives in the encyclopedia, searchable by name, situation, or what they said to you.
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