(NEXSTAR) A new wave of a three-step scam, known as the “Phantom Hacker,” has been making headlines after the FBI released a warning about it. This scam particularly affects numerous Americans, especially those approaching retirement age, who find their financial accounts drained.
Unlike your typical scams, these Phantom Hacker cases unfold in distinct phases, each step designed to manipulate the victim more thoroughly. The FBI noted, “Victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets.”
Aaron Rose, a security expert with Check Point Software, shared insights with Nexstar via email, explaining that scammers often exploit the personal interests of their victims. Individuals enthusiastic about classic cars, antique watches, or similar interests might inadvertently reveal too much on social media, making them easy targets for criminals.
“Criminals leverage personal interests, disguising their malicious actions as legitimate, which reduces their chances of being caught,” Rose stated. He further added that AI technologies can analyze social media to tap into personal milestones and craft seemingly personalized messages for their targets.
Since its rise in 2024, this scam has allegedly swindled over a staggering $1 billion, with the bulk of victims being over the age of 60, as reported by the FBI.
Scott Davis, the chairman of the Cybersecurity Association of Pennsylvania, pointed out in a recent interview, saying, “These attacks aren’t your run-of-the-mill prank phone calls or phishing emails; they’re elaborate schemes involving multiple impersonators, fake phone numbers, and meticulous follow-ups. Seniors are being misled into thinking they are safeguarding their funds, when in fact they’re handing it right into the hands of criminals.”
The ‘Tech Support’ Phase: An Introduction
The scam kicks off when a fraudster pretends to be part of tech support for a reputable company, reaching out via call, text, email, or even a pop-up message. Once the victim seeks help, the scammer guides them to download software that unknowingly grants access to their computer. After going through a charade of checking for viruses, they convince the victim to access their financial accounts.
Next, they pick an account to go after, leading the victim to anticipate a call from a phantom “fraud department” of the bank.
A Call from the ‘Financial Institution’
In the second phase, a fraudster, masquerading as an employee from a well-known bank, reaches out to tell the victim that their account has been compromised by someone overseas. To protect their money, the scammer claims that it must be moved to a secure third-party entity like the Federal Reserve or another government agency, as alerted by the FBI. This transfer is usually sliced into various transactions, carried out through methods like wire transfer, cash, or cryptocurrency.
The ‘Government’ Representative
To further legitimize their operations, the scammer might also impersonate an employee from the Federal Reserve or a different governmental body. If the victim starts to grow suspicious, the scammer may follow up with a letter that uses what looks like official government stationery, reinforced with the false narrative that their funds are at risk and need immediate relocation.
Steps to Stay Safe from Harassment
Experts emphasize that there’s a host of proactive steps everyone can take to shield themselves from the Phantom Hacker scam – advice that should be shared with older family members or loved ones who may be more vulnerable.
Rose notes, “The simplest yet most crucial advice is: Never grant remote access to your computer just because someone you don’t know calls you. Don’t shift your money based solely on a caller claiming to be from your bank or government. Hang up, contact the official number listed on your bank statement, and verify the claims yourself.”
If you feel uncertain about a situation, it’s always a good call to hang up and consult with someone you trust before acting, according to Rose.
He added, “Scammers operate off secrecy and pressure tactics. Disrupting their game plan by consulting a friend, family member, or local law enforcement professional is often the best defense available.”
The FBI encourages anyone who suspects they might be a victim of fraud to reach out to their local field office or report the incident at tips.fbi.gov. If the crime involves the internet, it’s advised to file a complaint with the Internet Crime Complaint Center (IC3).
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