Investor Advisory—Beware of NFA Imposters
February 9, 2023
NFA has noticed a recent uptick in scams perpetrated by fraudsters posing as NFA staff or agents. Typically, these scammers promise to assist individuals in recovering funds lost in an investment scheme in return for a fee. NFA reminds investors that NFA staff will never solicit payment or fees from investors for any reason.
Scam Characteristics
These scams often begin with the fraudster, posing as an NFA employee or agent, a lawyer, a government official or a consumer advocate, sending an unsolicited message to a recently defrauded victim. The message, often sent via social media, an app or email, may attempt to establish false credibility by containing specific details pertaining to a particular fraud. The scammer offers the victim assistance in recovering funds lost for a fee and may request the victim provide bank or credit card information. Once an individual pays the fee (sometimes called a "tax," "retainer fee," "processing fee" or "administrative fee"), the money is lost.
Avoiding the Scam
To keep your money and account information safe, remember these tips:
- Never provide your bank account or credit card information in response to unsolicited requests or to someone you do not know.
- Investigate and verify the legitimacy of any people, organizations and websites that contact you offering to recover lost funds, particularly when unsolicited.
To verify the legitimacy of any communication or request purportedly sent by an NFA employee, contact NFA's Information Center (information@nfa.futures.org or 312-781-1410 or 800-621-3570).