The FBI has warned about the Phantom Hacker scam, in which criminals impersonate technical support staff, bank investigators and government officials to trick people into handing over their savings.
The scam follows a frightening pattern. Victims are told their computer or bank account has been compromised. Someone posing as a bank fraud investigator then claims their money is at risk. Finally, a supposed government official instructs them to transfer their funds to a “safe” account for protection.
The protection is a lie. The money goes to the criminals.
The FBI documented this scheme in a public warning issued in September 2023. The underlying tactics are older, and impersonation fraud continues to pose a threat to older adults.
Scammers may use convincing caller ID information, official-sounding language and personal details to make their stories seem genuine. They may also insist that the investigation is secret and that victims must act immediately.
How to protect yourself
- Never transfer money to a supposed government safeguard account.
- Hang up and contact your bank using the number on your bank card or official statement.
- Never give an unsolicited caller remote access to your computer or share passwords and verification codes.
- Talk to someone you trust before making an unusual or urgent financial transfer.
If you have already sent money, contact your bank immediately and request an urgent attempt to stop or recover the transfer. Report the incident to the FBI's Internet Crime Complaint Center.
The Watchdog Takeaway
A caller who claims to be protecting your life savings may sound convincing, but no legitimate investigation requires you to transfer your money to a supposed government safe account.
Stop. Hang up. Verify independently. Don't let someone frighten you into handing over the savings you spent a lifetime building.
Evidence: Strong
STRONG — the FBI has publicly documented this scam pattern and continues to warn that impersonation fraud targets older adults.
Official sources
About this information
Senior Life Watchdog provides general public information and is not a government agency, law firm, financial advisory service, or healthcare provider. This information is intended to help readers understand changes and locate official resources. Rules can change and individual eligibility depends on your circumstances. Always verify important information with the appropriate government agency or qualified professional before making financial, legal, or healthcare decisions.
Last verified: October 13, 2026
We’ll update this page when official information changes.
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