In a recent report issued on September 29, the Federal Bureau of Investigation (FBI) has issued a stark warning to the public, with a specific focus on senior citizens, about the rise of “Phantom Hacker” scams that have been leaving victims financially devastated.

While scams targeting the elderly are unfortunately nothing new, the FBI describes these “Phantom Hacker” scams as a new and troubling evolution of the more familiar schemes we’ve encountered in the past. These scammers are employing sophisticated tactics, combining imposter tech support, and impersonation of financial institutions, and government agencies to establish trust with their victims and pinpoint the most financially rewarding targets, as outlined in the FBI report.

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In many cases, victims unknowingly relinquish control of their entire financial lives, including their savings, retirement funds, and investments, to these scammers who cloak themselves in a veil of trustworthiness. Shockingly, the cumulative losses attributed to these scams have surpassed an alarming $542 million, with a staggering 66 percent of those losses befalling individuals aged 60 and above. Disturbingly, these multi-stage scams are on the rise and becoming more prevalent.

Here’s a breakdown of how these scams typically unfold:

The scammer, posing as a tech support representative, initiates contact with the victim via phone or email and convinces them to download a software program. This seemingly innocuous action grants the scammer remote access to the victim’s computer. The scammer then fabricates a story to convince the victim that their computer is under imminent threat of hacking and proceeds to request access to their financial accounts to check for unauthorized transactions.

Subsequently, the scammer adopts the guise of an official from the victim’s bank and instructs them to transfer their money to a third-party account, under the pretext of safeguarding it. At times, the scammer may even pose as an employee of a government agency, further legitimizing their fraudulent activities.

To safeguard oneself from falling prey to such a scheme, the FBI offers the following advice:

Avoid clicking on unsolicited pop-ups, links sent via text messages, or email attachments. Do not attempt to contact the phone number provided in a pop-up, text, or email. Under no circumstances should you download software at the request of an unknown individual who has initiated contact with you, nor should you grant control of your computer to such a person.

It’s crucial to remember that government agencies will never ask you to wire-transfer funds, purchase cryptocurrency, or stock up on gift cards. While trust is an essential part of our society, the FBI emphasizes that placing your trust in a stranger on the phone, who alleges a problem you’ve never encountered and urges you to relinquish your financial assets, is a dangerous decision that must be avoided at all costs. Stay vigilant and protect yourself from these Phantom Hackers.