Washington, D.C. — The FBI is sounding the alarm about a sophisticated multi-phase scam that has already stolen more than $1 billion from Americans, many of them seniors nearing retirement. Known as the “Phantom Hacker” scam, the scheme uses three carefully orchestrated phases to convince victims to hand over access to their financial accounts.
According to the FBI, “victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets.”
A Scam in Three Phases
Unlike common fraud attempts, Phantom Hacker scams unfold in stages. The first phase typically begins with a fake tech support call, email, or pop-up. Criminals pretend to be from a legitimate company, convincing the victim to download a program that grants access to their computer. After “checking for viruses,” the scammer directs the victim to open financial accounts to look for supposed unauthorized charges.
The second phase involves a follow-up call from a scammer posing as a bank or financial institution employee. Victims are told their accounts have been compromised by overseas hackers. In some cases, victims even receive forged letters with official government letterhead to make the story more convincing.
The third phase escalates into coordinated follow-ups with multiple impersonators, spoofed phone numbers, and fake “fraud department” representatives, all designed to pressure the victim into transferring money to fraudulent accounts.
Cyber experts told The Hill that the scam is one of the most advanced seen in recent years.
“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,” said Scott Davis, chairman of the Cybersecurity Association of Pennsylvania. “Seniors are being tricked into believing they’re protecting their money, when in reality they’re handing it straight to criminals.”
Targeting Seniors and Personal Interests
Since 2024, the scam has disproportionately affected older Americans, with the majority of victims aged 60 or older. Experts say scammers often tailor their approach by exploiting personal details found on social media.
Aaron Rose, security architect manager at Check Point Software, explained:
“Criminals use personal interests to make their criminal actions appear authentic which decreases the chances of being caught. AI technology can analyze social media content to detect personal interests and life milestones which allows it to generate messages that seem personalized.”
Protecting Yourself and Loved Ones
Experts emphasize that awareness and caution are the best defenses against this scam. Rose advised:
“The simplest advice is the most important: never give remote access to your computer if someone calls you unexpectedly. Do not move your money just because a caller says they are from your bank or the government. Hang up, call the number printed on your bank statement, and verify the situation for yourself.”
Key safety tips include:
- Never share remote access to your computer with unexpected callers.
- Do not transfer funds just because someone claims to be from your bank or the government.
- Verify through official numbers listed on your bank statements or cards.
- End suspicious calls immediately and consult someone you trust before acting.
- Be cautious of urgency and secrecy, which scammers use to pressure victims.
The FBI also encourages victims to file a report at tips.fbi.gov or submit internet-based complaints to the Internet Crime Complaint Center (IC3).
A Growing Threat
With over $1 billion stolen in just a year, the Phantom Hacker scam has become a major concern for federal investigators. Officials warn that as criminals leverage AI to personalize their attacks, seniors and retirees must stay especially vigilant.
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