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Will your bank or investment fund stop a transfer to a scammer? Probably not


We expect banks and brokers to keep our money safe. We think they’ll stop or warn us about suspicious transfers out of our accounts. But do they? Scammers are exploiting that trust and getting people to transfer their money and drain their retirement accounts to “protect” or “safeguard” or “legalize” it. The truth? The money gets stolen, and banks and brokers won’t get it back from the scammer.

Lots of financial ads talk about “zero liability” for fraud, so it’s easy to think your bank accounts and retirement funds are covered too. Think again. Bank accounts have different (and fewer) protections than credit cards:


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