FBI 'Billion Dollar' Hacker Warning: Do Not Install This App

The FBI has issued a warning about a billion-dollar scam targeting vulnerable citizens, particularly seniors. The Phantom Hacker attack has already cost Americans over $1 billion since 2024, and the agency is urging U.S. citizens to be cautious and avoid falling victim to this scheme.

The Scam: A Simple yet Deadly Trap

The lure of this scam is simple: a phone call from your bank or a message to call your bank, warning you that one of your devices has been hacked and your accounts are at risk. The caller instructs you to download software to scan your PC for malware, which will then stop the hacker in their tracks.

However, this is where the scam becomes deadly. Once you've downloaded the software, the hacker uses it to watch your accounts and steal your money. The next steps can vary, but in short, you receive a follow-up call from the bank's fraud department instructing you to move your money from the compromised account to a safe harbor account.

The convincer is the third step: a call, email, or letter from a U.S. government agency backing up the lure. The scammer will tell you that your accounts are at risk from a foreign hacking group and that you need to move your money to avoid losing everything.

Staying Safe from This Billion-Dollar Attack

The key to staying safe from this Phantom Hacker attack is not to install any software or apps suggested on a call, email, or text message. The FBI warns, "Do not download software at the request of an unknown individual who contacted you."

Also, never allow an unknown individual to have control of your computer. As Cequence Security's Randolph Barr says, "The simplicity of this scam is what makes it particularly convincing. Attackers exploit the trust associated with phone calls, making it easier to deceive vulnerable individuals."

A New Variant: Screen Sharing Over Messaging Apps

There is a new variant to this type of scam, where scammers will ask you to share your screen via messaging apps if they call you or send you a popup message. However, the advice remains simple: never share your screen if asked to do so on a call.

Protecting Vulnerable Citizens

The focus needs to be helping keep elders and other vulnerable friends and family members safe. As Black Duck's Aditi Gupta says, "If you receive suspicious requests or messages, verify the authenticity by contacting the source directly."

The FBI is urging citizens to take immediate action to protect themselves:

• Call your bank using a different phone line or a number obtained from their official website.
• Credit one of your trusted family members as the 'additional factor' before anything irreversible happens.
• Avoid taking any immediate action related to installing applications or transferring money until you've verified the request.

The Mindset: Protecting Seniors with 'Family-Assisted Locks'

As Cequence Security's Randolph Barr says, "The mindset here is simple: just as we protect children with parental locks, we need to protect seniors with 'family-assisted locks'. If a senior is asked to install software, move money, or change settings, the process should automatically bring in a trusted family member as the 'additional factor' before anything irreversible happens."

This approach can help prevent scammers from taking advantage of vulnerable citizens and protecting their life savings.