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The Legal Description > News > FBI warns of tech support scammers targeting financial accounts

FBI warns of tech support scammers targeting financial accounts

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The Blotter
Wednesday, October 19, 2022

The Boston Division of the Federal Bureau of Investigation (FBI) warned that as tech support fraud evolves, the number of people falling victim to the crime is on the rise, as are financial losses. Investigators are seeing an emerging trend in which tech support scammers are convincing victims that their financial accounts have been compromised and their funds need to be moved so the fraudsters can gain control over the victims’ computers and finances.

In tech support scams, fraudsters pose as customer or tech support representatives from reputable well-known tech companies. They may call, email or text their targets and offer to resolve such issues as a compromised email or bank account, a computer virus or a software license renewal. Once they convince victims that their financial accounts have been compromised and their funds need to be moved, they gain control over the victims’ computers and ultimately their finances.

Victims are often directed to wire or transfer their funds out of brokerage or bank accounts to cryptocurrency exchanges, or to transfer the contents of their crypto wallet to another wallet to “safeguard” the contents. Fraudsters will create fictitious support sites to entice crypto owners to contact them directly and convince them to divulge login information or surrender control of their crypto accounts.

Scammers also are asking victims to install free, remote desktop software on their computers to allow them to monitor, manipulate and perform actions within the victims’ computers such as opening virtual currency accounts to facilitate the liquidation of their genuine bank accounts.

Legitimate customer and tech support representatives will never initiate unsolicited contact with customers. They will not demand immediate payment or request payment via cash, prepaid gift cards, wire transfers or cryptocurrency.

According to the FBI’s Internet Crime Compliant Center (IC3), which provides the public with a means of reporting Internet-facilitated crimes, there has been a steady increase in losses by victims in a wide-variety of tech support scams in the last five years.

Nationwide, in 2021, 23,903 people reported losing more than $347 million due to tech support scams which is a 137 percent increase in losses from the previous year. Most victims, almost 60 percent, reported to be over 60 years old, and experienced 68 percent of the losses. 

The FBI provided the following suggestions for protection:

  • Legitimate customer, security or tech support companies will not initiate unsolicited contact with individuals.
  • Ensure computer anti-virus, security and malware protection is up to date and settings are enabled to reduce pop-ups.
  • Be cautious of customer support numbers obtained via online searching. Phone numbers listed in a “sponsored” results section are likely boosted as a search of search engine advertising.
  • If a pop-up or error message appears with a phone number, don’t call the number. Error and warning messages never include phone numbers.
  • Resist the pressure to act quickly. Criminals will urge the victim to act fast to protect their device or account.
  • Do not give unknown, unverified persons remote access to devices or accounts.
  • Do not download or visit a website that an unknown person may direct you to.
  • Do not trust caller ID readings as criminals often spoof names and numbers to appear legitimate. Let unknown numbers go to voice mail and do not call unknown numbers back.
  • Never trust any company-tech or otherwise-requesting personal or financial information.

It suggested the following steps be taken if you are a victim of these scams:

  • Run up-to-date virus scan software to check for potentially malicious software installed by the scammers. Consider having your computer professionally cleaned.
  • Contact your financial institutions immediately by using the number on the back of your bank card or by visiting the institution in person. Take steps to protect your identity and your accounts.
  • Change all passwords if the scammer had access to your device.
  • Expect additional attempts at contact. The scammers often share their victim database information.
  • Keep all original documentation, emails, faxes and logs of all communications.
  • File a police report at your local police station.
  • File a complaint with the FBI’s Internet Crime Complaint Center at www.ic3.gov. 
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