The FBI has issued a dire warning about a dangerous hacker scam that has already cost Americans over $1 billion, according to the agency.
The scam, dubbed the “Phantom Hacker” attack, preys on vulnerable citizens, particularly seniors, by tricking them into installing software on their devices.
The ruse begins with a phone call or message claiming a hacker has compromised a victim’s bank account. The caller urges immediate action to protect funds.
Victims are instructed to download software to scan their computer or phone, allegedly to stop the hacker. But the software actually gives scammers access to the device.
“The concept is simple,” the FBI explained. “Scammers impersonate bank reps to convince victims that hackers have infiltrated their financial account. Victims are urged to move their money fast to protect their assets. In reality, there was never a hacker, and the money that was wired is now fully controlled by the scammer.”
Once the software is installed, scammers can watch victims’ banking activity in real time.
They identify the most lucrative accounts and instruct the victims to transfer money under the guise of safety, per Forbes.
“The scammer requests the victim open their financial accounts to determine whether there have been any unauthorized charges – a tactic to allow the scammer to determine which financial account is most lucrative for targeting,” the FBI said.
The agency warns that attackers often back up their story with fake calls, emails, or letters from government agencies to add credibility. Victims are pressured to act immediately.
Experts say the scam is particularly effective against the elderly. Cequence Security’s Randolph Barr said, “One of the greatest heartaches is not being able to help our elders when they’re taken advantage of, especially after they’ve worked so hard to build and preserve their life savings.”
Black Duck’s Aditi Gupta added, “The simplicity of this scam is what makes it particularly convincing. Attackers exploit the trust associated with phone calls, making it easier to deceive vulnerable individuals.”
New variants include screen-sharing requests over messaging apps, but the FBI’s guidance remains the same: never install software or give control of your computer to anyone who contacts you unexpectedly.
Barr recommends family-assisted protections for seniors, including restricted installs, non-admin accounts, dual authorization for transactions, and routine account reviews.
Gupta stressed, “Verify authenticity by contacting the source directly. Call your bank using a separate number or visit a branch before taking any action.”
The FBI also reiterated, “The U.S. Government will never request you send money via wire transfer to foreign accounts, cryptocurrency, or gift/prepaid cards.”
With losses already in the billions and the scam growing, authorities urge families to educate loved ones, particularly seniors, about the threat and enforce strict safeguards on devices and accounts.
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Author: Anthony Gonzalez
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