The FBI is warning about a “Phantom Hacker” scam that has already cost Americans more than $1 billion, targeting vulnerable citizens, especially seniors.

The scheme typically starts with a call or message claiming a victim’s bank account has been hacked and urging immediate action. Victims are then told to install software to “scan” their device, which instead gives scammers full access.

“The concept is simple,” the FBI explained. “Scammers impersonate bank reps to convince victims that hackers have infiltrated their financial account. Continues…