The NYPD says scam calls from people posing as the Social Security Administration and other extortion scams are costing New Yorkers thousands of dollars.

Officials say a common scam is getting a phone call from agencies saying your loved one is in trouble in an attempt to get people to make a payment over the phone using gift cards or bitcoins.

The police department says the first thing you should do is hang up and get in touch with that loved one.

Already this year, police officials say more than 700 financial scam incidents have been reported.

As a result, the police department is reaching out to advise the community on these kinds of scams to make sure no more people fall victim.