FBI, cybersecurity experts warn of 3-phase scam that is draining bank accounts
FBI, cybersecurity experts warn of 3-phase scam that is draining bank accounts
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(NEXSTAR) – A multi-phase scam credited with emptying the financial accounts of numerous Americans – many of whom were nearing the age of retirement – is again making headlines after the FBI recently issued a warning.
The FBI reminds the public to beware of Phantom Hacker Scams where cyber criminals use a 3 prong attack against victims using tech support, financial institution, & government impersonation scams simultaneously. Learn more here: https://t.co/c5V3OUEtZU #TechTuesday pic.twitter.com/H9T0EqNZlF
— FBI Los Angeles (@FBILosAngeles) July 15, 2025
Unlike many scams, “Phantom Hacker” attacks often come in three distinct phases, each building on the last to thoroughly convince the victim to allow access to their funds.
“Victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets,” the FBI said in a news release.
vulnerable to bad actors.
“Criminals use personal interests to make their criminal actions appear authentic which decreases the chances of being caught,” Rose said, adding, “AI technology can analyze social media content to detect personal interests and life milestones which allows it to generate messages that seem personalized.”
Since 2024, the scam has reportedly been used to steal over $1 billion in funds, with the majority of victims being at least 60 years old, according to FBI data.
“These attacks are not just simple phone calls or phishing emails—they’re complex operations that involve multiple impersonators, spoofed phone numbers, and coordinated follow-ups,” Scott Davis, chairman of the Cybersecurity Association of Pennsylvania, said in a recent interview. “Seniors are being tricked into believing they’re protecting their money, when in reality they’re handing it straight to criminals.”
‘Tech support’ and the first phase
While pretending to work in tech support for a legitimate company, the scammer will use a phone call, text, email or pop-up window to contact the victim.
Once the victim calls for tech support help, the scammer instructs them to download a program giving access to the victim’s computer. After pretending to check the device for viruses, the scammer will then suggest the victim open financial accounts to look for unauthorized charges.
After choosing an account to target, the scammer tells the victim to wait for a call from the “fraud department” of the bank or institution holding the funds.
A call from the ‘financial institution’
The next phase begins when a scammer, posing as an employee of a well known financial institution, calls the victim to inform them that their account has been hacked by someone overseas.
