The Federal Bureau of Investigation (FBI) has issued a warning about a sophisticated multi-phase scam known as the “Phantom Hacker.”
This scam has been successful in draining the bank accounts of a significant number of Americans, especially those approaching their retirement years.
The “Phantom Hacker” scam operates in three distinct phases, each meticulously designed to manipulate victims into granting access to their financial assets. The FBI stated in a news release that victims often lose their entire banking, savings, retirement, or investment accounts under the pretense of ‘protecting' their assets.
The scammers exploit the personal interests of the victims, usually obtained from their social media posts. Aaron Rose, security architect manager at cybersecurity firm Check Point Software, told Nexstar, “Criminals use personal interests to make their criminal actions appear authentic which decreases the chances of being caught.”
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Since 2024, this scam has been used to siphon off over $1 billion in funds, with the majority of victims being at least 60 years old, as per FBI data. The scam involves complex operations that include multiple impersonators, spoofed phone numbers, and coordinated follow-ups.
In the scam, the fraudsters impersonate tech support personnel from a legitimate company, contact the victim, and instruct them to download a program that grants them access to the victim's computer. The scammer then suggests the victim open financial accounts to look for unauthorized charges, reports the outlet.
The next phase begins when another scammer, posing as an employee of a well-known financial institution, calls the victim to inform them that their account has been hacked. The scammer then assists in transferring funds to a third-party such as the Federal Reserve or a U.S. government agency.
The FBI’s warning about the “Phantom Hacker” scam underscores the growing threat of cybercrime in the United States.
The scam’s multi-phase approach and the use of personal information to gain the victims’ trust highlight the increasing sophistication of cybercriminals.
The fact that the scam targets older individuals, who may be less tech-savvy, further underscores the need for increased vigilance and cybersecurity education among this demographic.
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