Banking Scam Has Wiped Out $262M, Here’s How FBI Says You Can Avoid It

The FBI has issued a nationwide alert for a banking scam that has impacted more than 5,100 people, with losses of more than $262 million.

Cybercriminals are stealing money or sensitive information by pretending to be banks, impacting people and companies alike.

Since January 2025, there have been over 5,100 reports of these incidents, with losses over $262 million. These fraudulent actions have risen by 21% compared to early 2024 and show a 141% jump since 2021.

Scammers use tricks to access accounts, pretending to be employees or creating fake sites, and deceiving victims via texts, emails, or calls. They often act as bank staff or tech support to obtain login credentials, including multi-factor codes or one-time passwords.

During the holiday season, criminals target shoppers, using website names and mobile scams related to popular brands to steal data. This makes the 2025 holiday period particularly dangerous.

Once in, hackers quickly transfer money to other accounts, often associated with cryptocurrency wallets, making recovery difficult. They might even change passwords to lock real users out.

The FBI advises being careful. Regularly check financial accounts and use strong, unique passwords. Enable two-factor authentication. Be cautious of unexpected calls or messages claiming to be from banks. Don't click login links from search results or ads.

If involved in an ATO, contact your bank immediately. Request a reversal of transactions and collect documentation. Report suspicious wire transfers to your bank and the FBI IC3.

Update any compromised login information, including those for other sites. Provide detailed reports at www.ic3.gov. Inform any company abused in the scam to help shut down fake sites.