A massive global cyber fraud scheme known as the "Phantom Hacker" scam has reportedly stolen over ₹8,350 crore (approx. $1 billion) from elderly victims in just 12 months, according to international law enforcement agencies. The scam targets senior citizens by posing as tech support agents, government officials, or bank representatives to gain their trust and access to their finances.
Criminals often begin by alerting victims to fake security threats or unauthorized transactions, prompting them to install remote access tools or move money into so-called “safe” accounts—controlled by the fraudsters. The scheme typically involves multiple impersonators to create a convincing illusion of urgency and legitimacy.
U.S. authorities, including the FBI, have reported thousands of such cases, with a sharp rise in complaints over the past year. Many victims were tricked into draining their life savings, believing they were protecting their money from hackers or internal bank fraud.
The scam’s scale and sophistication highlight a growing threat to older, digitally vulnerable populations worldwide. Authorities urge citizens to be cautious of unsolicited tech or bank calls, avoid granting remote access, and verify identities before taking action.
Investigations are ongoing across several countries, with law enforcement working to trace stolen funds and dismantle the networks behind the fraud.
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