Fake Robinhood 'Safe Account' Brokerage Transfer Scam
Fraudsters posing as Robinhood's security team tell investors that their brokerage account has been compromised and that all holdings must be liquidated and transferred to a 'Robinhood-secured custodial account' — a safe-account scam targeting retail investors' entire portfolios.
Part of: Safe Account Scams
Last reviewed: 7 June 2026
Safe-account fraud has expanded beyond bank savings to target investment accounts, and Robinhood's large retail user base makes it a specific target. For many Robinhood users, the app holds their entire investment portfolio and may represent years of savings. The prospect of that portfolio being compromised and irrecoverably lost creates the kind of panic that overrides careful thinking.
The fraudster calls from a spoofed number appearing to match Robinhood's support line and describes a serious scenario: a sophisticated attacker has breached the victim's Robinhood account and is attempting to liquidate and wire out the entire portfolio. The 'only way' to protect the assets is to voluntarily liquidate and transfer the proceeds to a 'Robinhood-designated secure custody account' while the incident is investigated.
Victims who comply liquidate their own positions, converting shares to cash, and then wire or ACH transfer the cash to an account controlled by the fraudster. By the time they call Robinhood's real support team, the cash has moved multiple hops and their portfolio is gone.
How this scam works on the Robinhood brand
Robinhood's genuine fraud-response process does not involve asking investors to liquidate holdings and wire proceeds to external accounts. If Robinhood detects a compromise, it may freeze account activity — but any account-protection measure happens within Robinhood's systems, not through a voluntary transfer out.
The fake agent is patient and persistent. They acknowledge that the instruction sounds alarming and explain in detail why the transfer is necessary, using Robinhood-specific terminology: PDT rules, settlement windows, custodial accounts, SIPC protection. The technical detail is drawn from publicly available Robinhood documentation and is designed to sound authoritative.
Some scripts add a 'law enforcement' layer: the fake Robinhood agent is working alongside a fake FBI agent or SEC officer who joins the call to confirm the severity of the compromise. This multi-caller technique adds authority and reduces the likelihood of the victim pausing to verify independently.
Common red flags
- A call from 'Robinhood security' asking you to liquidate your portfolio and transfer the cash
- A 'Robinhood custody account' you are directed to transfer funds to — Robinhood does not work this way
- An escalating call involving both a Robinhood agent and a law-enforcement impersonator
- Instruction to wire cash to an account rather than keeping it within your Robinhood account
- The entire call discourages you from calling Robinhood independently to verify
- Your Robinhood app shows no security alerts when you check it independently
- Extreme urgency: 'The breach will complete in two hours if you do not transfer now'
How to protect yourself
- Hang up and log in to the Robinhood app directly to check for any real security notifications
- Call Robinhood's real support through the Help Center at robinhood.com/support
- Remember: Robinhood can freeze account activity on its own — it will never ask you to liquidate and wire funds
- Do not act on any instruction to liquidate positions until you have independently verified with Robinhood
- Tell a trusted family member or financial advisor about the call before taking any action
- Never act on a call that involves law enforcement supposedly endorsing a financial transfer
- If in doubt, add a multi-day or week delay before any large account action — genuine emergencies are extremely rare
How to report it
- Report through the Robinhood Help Center at robinhood.com/support
- File a complaint with the SEC at sec.gov/tcr for investment-fraud impersonation
- File a complaint with FINRA at finra.org/investors/have-problem
- Report to the FTC at reportfraud.ftc.gov
- Report to the FBI's IC3 at ic3.gov if funds were transferred
Frequently asked questions
Does Robinhood have a 'secure custody account' for emergencies?
No. Robinhood does not operate emergency custody accounts that investors transfer funds into. Any instruction to send your Robinhood balance to an external account for security reasons is fraudulent.
Can the FBI or SEC ask me to move my Robinhood funds by phone?
No. US regulatory agencies and law enforcement do not contact individuals by phone to instruct them to liquidate investment accounts and wire proceeds. Any call making such a claim is a scam, regardless of how official the caller sounds.
What should I do if I already liquidated my Robinhood account under instruction?
Contact Robinhood support immediately, report the fraud to the FTC and the FBI's IC3, and if a wire was sent, contact your bank to attempt a recall. File a report with local police for documentation purposes.