Victims are urged to move their money fast to protect their assets. In reality, there was never a hacker, and the money that was wired is now fully controlled by the scammer.”

After the software is installed, scammers can monitor victims’ banking activity in real time, identify their largest accounts, and then direct them to transfer funds under the pretense of protecting their money, Forbes reported.

“The scammer requests the victim open their financial accounts to determine whether there have been any unauthorized charges – a tactic to allow the scammer to determine which financial account is most lucrative for targeting,” the FBI said.

The agency warns that attackers frequently support their claims with fake calls, emails, or letters from government agencies to enhance credibility. Victims are urged to take immediate action. Experts say the scam is particularly effective against the elderly.

Cequence Security’s Randolph Barr said, “One of the