Banks and credit card companies have gotten pretty good at spotting fraud. If someone has used your credit card information to make a purchase you’re likely to get a text, asking if you made the purchase.
If it is shown to be a case of fraud, the lender immediately cancels the credit card and issues a new one. It’s become so common that scammers are increasingly exploiting that fact with what is known as the “phantom hacker” scam.
It works like this: the victim gets a text, pretending to be from the bank, asking if they made a certain debit card transaction. When the victim replies that they did not, the victim gets a phone call from a scammer claiming to be from the bank’s fraud department.
So far, events are unfolding exactly the way they would if a credit card were compromised and the victim doesn’t question the fact they are talking with a bank employee. But, then things take a subtle turn.
Instead of canceling the debit card, the bank imposter says they need to close all the victims’ bank accounts, not just the one that was allegedly compromised. But what about the money in the accounts?
The scammer says they need to transfer the money into new accounts. Following directions, the victim transfers the money into what they believe are new bank accounts. What they are doing, however, is transferring the money directly to the scammer.
It’s a sophisticated scam
This appears to be a highly sophisticated scam, not the run of the mill boiler room operation that has become pretty easy to spot. The people operating this scam sound professional and seem to know how banks operate. They sometimes even have “on-hold” music, just as a bank would.
The FBI says consumers should always be alert when dealing with a possible fraud situation and be aware of red flags. The biggest red flag, the FBI says, is being told to transfer money out of an account.
In a real situation, the bank would cancel the debit card. If it appeared the bank account had been hacked, the bank would instruct the victim to change their user name and password.
Finally, remember this: Banks are generally accountable if your bank account is hacked, and under federal law, they are required to reimburse you for unauthorized transactions if you report them promptly.