FBI Warning: Cybercriminals Stole $262M by Pretending to Be Bank Support Teams

Just imaging checking your bank account and seeing no funds remaining. This may sound scary and is similar to what has happened to thousands of people throughout the current year. According to the FBI, $262 million was stolen by cybercriminals this year by impersonating bank support staff and convincing individuals to provide bank accounts.

How It All Works​

The scammers will contact a victim and will act like they are legitimate bank representatives. They often sound very professional, they know your name, and they will give you the impression that they are trying to protect your bank account. Examples of messages they may send to you are as follows:

• "You have a problem with your account"
• "There is suspicious activity on your account"
• "We need to verify your personal information"

Scammers ask their victims for sensitive information. Some examples of sensitive information are:

• Login information
• One-time passwords (OTP)
• Security codes

When they receive their victim’s sensitive information scammers will access their victims banking accounts, change their passwords, lock them out of their accounts and transfer their victims funds into their own personal bank account(s) or cryptocurrency wallet(s)

. Once they have transferred their victim's funds it will be nearly impossible for the victim to recover them.

So Who Is Targeted?​

This type of scam has affected many different individuals:

• Individual persons
• Small businesses
• Large corporations

In addition, the individuals targeted by this type of scam are not limited to the elderly or those who do not have an understanding of technology. These criminals are highly skilled in their craft and very good actors. They employ tactics of intimidation and psychological coercion.

For example: "Your account will be locked unless you immediately respond." This creates panic in the victim and they act without rational thought. It is potentially something which can happen to anyone.

Ways To Protect Yourself​

Here are some straightforward guidelines for keeping yourself safe:

• Don't share your password or OTP with anyone else.
• Keep strong, unique passwords for every account you set up.
• Always enable two-step verification (MFA) at all locations.
• Contact your bank(s) according to their official website number.
• If something seems out of the ordinary, hang up and directly contact your bank.

Believe me, these measures are effective. They are part of my daily life.

My honest opinion​

This story impacted me deeply. I consider myself a careful Internet user, yet I never considered how these scams operate on psychological deception rather than technological hacking.

These scammers create a scenario that appears both urgent and helpful to the victim, which makes it extremely dangerous.