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FBI ‘Billion Dollar’ Hacker Warning—Do Not Install This App

In Consumer Alerts
August 31, 2025

Forbes reports on a scam that is costing consumers a lot of money. In this case, just recognizing that a phone call is the start of the scam can save you greatly:

This dangerous scam is coming for you or someone you know. That’s the crux of the FBI’s latest warning, as U.S. citizens lose a billion dollars to hackers through one easy mistake. Once you know, you know, and you can’t be scammed. But this attack preys on elderly and other vulnerable citizens, and so it’s critical you also warn others.

This is the so-called phantom hacker attack, which was already a major threat but has been “growing rapidly” over the last 12-months. The lure is simple and alarming and has “cost Americans over $1 billion at least since 2024, according to the agency.”

It starts with a phone call from your bank or a message to call your bank. On that call, you’re warned that one of your devices has been hacked and your accounts are now at risk. It’s urgent that you act immediately before your money is stolen by the hackers.

Read more at Forbes.

Do you know how your bank would alert you if there really is a problem? If you don’t know how they would alert you and how you should verify it’s the bank before you do anything else, then find out, but the golden rule is this: never, ever, ever install any app if you get a call or message or email that appears to be from your bank telling you that you urgently need to install an app because you’ve been hacked. If you don’t install the app, the scammers can’t steal your money.