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Online Scam Targets Consumers and the Federal Reserve

Posted on August 2, 2017

The Federal Reserve Bank of New York recently announced an online video scam inviting U.S. consumers to make payments from bogus Federal Reserve bank accounts, sometimes referred to as “secret accounts and/or Social Security trust accounts” supposedly holding money for U.S. citizens to access. There are no such accounts, as the Federal Reserve does not work directly with consumers for their banking needs. Those falling victim to this scam believe they’ve paid their bills, but those payments have not actually been successful, and some have been assessed penalty fees for lack of payment.

The Federal Reserve has asked that consumers report instances of this fraud by e-mailing RTN.fraud@ny.frb.org.

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