The FBI is warning about a sophisticated “phantom hacker” scheme specifically targeting the elderly, and which has drained more than a billion dollars from victims’ retirement accounts in the U.S. over the past year.
Though similar scams have been used for years, improvements in AI are making some scams more convincing, resulting in a “recent nationwide increase”, the FBI said.
AI is now being deployed to mimic voices, making phone calls sound like they’re coming from your bank or even friends and family.
Fraudsters can also manipulate caller ID displays so the number appears to be legitimate.
The bureau said the latest scams are an “evolution of more general tech support scams”, and use several layers of deception to target the most lucrative accounts.
This includes deploying fake tech support, as well as fake bank and government personas to win victims’ trust and believe a false narrative.
“Victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets,” the FBI said.
Agent Charles Johnston of the Cleeveland FBI told reporters on Thursday: “They sound very legitimate, and when somebody – a victim – believes their account’s in jeopardy, they’re willing to take steps that they probably wouldn’t take if they thought it through.”
The scam typically begins with a text, email, or computer pop‑up posing as a message from customer support.
This directs people to install software on their computers providing the fraudsters with remote access and potentially allowing them to see victims’ finances.
The next step is that victims are then contacted by someone claiming to be from their bank – but who is an imposter – who tells them their computer and financial accounts have been hacked, and that they should consider moving their money to a secure U.S. Government entity – such as the Federal Reserve, to safeguard the funds.
The final step is that a further phony call is made from someone pretending to be from the government – who may even provide falsified documents that appear to be legitimate who will help the transfer of the funds.
After this, the fraudsters have the money.
Due to the fact that victims have moved the money themselves it can be very difficult to recover lost funds.
“Don’t call those phone numbers in the popups, don’t click those links in the emails,” Agent Johnston added.
The FBI has warned that AI-enabled scams are up 600 per cent in the last year, with experts warning that it’s only getting more convincing.
The FBI’s advice to those who think they may be being scammed is:
- Slow down and think. Scammers deliberately create a sense of urgency and panic within victims to convince them to act immediately.
- Know that legitimate companies will never call you and offer tech support out of the blue. If you get a call like this, hang up.
- Never let someone claiming to be tech support to have remote access to your computer or other device.
The Independent has contacted the FBI for further comment.
