cybersecurity expert warns that a scam that has been used to drain entire life savings or retirement accounts has become "devastating" for seniors.

FBI Los Angeles on July 15 posted a reminder on X about the Phantom Hacker Scam, which has cost Americans over $1 billion since at least 2024, according to the agency. The FBI said the scam targets senior citizens and warns that victims could lose their "life savings."

The scam operates in three phases: a "tech support impostor," "financial institution impostor" and a "US government impostor."In the first phase, a tech support impostor will contact victims through text, phone call or email, then direct them to download a program allowing the scammer remote access to their computer. Then, the scammer asks victims to open their financial accounts to "determine whether there have been any unauthorized charges," which the FBI says "is most lucrative for targeting." Afterwards, the scammer will choose an account to target, then tell the victim they will get a call for further instructions from the "fraud department" of the bank hosting their account.

In the second phase, the financial institution impostor will then call the victim and inform them that their funds have been "accessed by a foreign hacker" and must be moved to a "safe" third party account. Victims are then instructed to send the money via wire transfer, cash or cryptocurrency, and are told to send "multiple transactions over a span of days or months."... Read More: FOX News