What’s happening?
The FBI has issued an urgent warning about a sophisticated, three-stage scam being called the “Phantom Hacker Scam”.
How the scam unfolds:
- Tech‑Support Impersonation
Scammers contact victims via phone, text, or email, pretending to be tech support from a legitimate organization the victim has his/her funds in. They get remote access to the victim’s computer and have them open their bank accounts under the guise of checking for fraud. They then select a specific account to target. - Bank Impersonation
Next, a “bank fraud department” contacts the victim, claiming foreign hackers broke in. They recommend funds must be moved to a “safe” third‑party account. - Government Impersonation
Finally, someone posing as a U.S. government agent urges the victim to shift their money again to an “alias” account for further protection.
Why it’s so dangerous:
- Victims often never recover their funds (only a small fraction are retrieved even when reported immediately).
- The scammers are increasingly using AI to personalize their attacks using personal information, social media interests, etc. to sound legitimate.
- This isn’t a simple phone call or phishing email. This is a complex operation that involves multiple impersonators, spoofed phone numbers and coordinated follow ups.
How to Protect Yourself:
- Pause and think. Scammers rely on fear and urgency. Always slow down and question unexpected contact about your accounts.
- Never grant remote access to strangers who claim there’s an issue with your device or finances.
- Verify independently. Hang up and call the bank or government agency directly using a trusted phone number.
- Avoid payments via wire or crypto when someone urges quick action as these methods are rarely reversible.
- Report suspicious activity immediately to your bank and law enforcement.
Iron Horse Financial is committed to helping you safeguard your information. If you would like a checklist of best practices to prevent fraud and secure your data for either for yourself or a loved one, simply email emalm@ironhorsefinancialservices to request your copy.