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Phony Phone Calls Distract Consumers from Genuine Theft
Have you recently received a large number of strange and unexplained calls on your mobile or landline telephone? The FBI is warning consumers about a new scheme that uses telecommunications denial-of-service (TDoS) attacks as a diversion to what is really happening: the looting of your bank accounts.
The Scheme
Perpetrators use automated dialing programs to overwhelm the phone lines of their victims with thousands of calls. When the calls are answered, the victim may hear anything from dead air, an innocuous recorded message, an advertisement, or a telephone sex menu. The calls are typically short in duration but so numerous that victims have resorted to changing their phone numbers to make the calls stop.
The Impact
The FBI has determined that these calls serve as a diversionary technique. During the barrage of phone calls, online trading and other financial accounts are being accessed by the perpetrators who are transferring funds out of those accounts. The perpetrators, using account information stolen from their victims, contact financial institutions to change the victims’ profile information such as email addresses, telephone or account numbers.
The phone calls occupy the victim’s phone number of record so that when the financial institution attempts to contact the victim to verify the changes and transactions, they are unable to reach the victim. Consequently, the victim has no idea what has really transpired until it’s too late. Victims don’t immediately think to contact law enforcement because to them, the numerous phone calls appear to be a technical issue with the telephone carrier and not a criminal threat.
Protect Yourself
The FBI and the Communication Fraud Control Association (CFCA) are working together to analyze the patterns of this crime, educate the public, and ultimately identify the perpetrators and bring them to justice. If you were a target of a TDoS attack, immediately contact your financial institutions, notify your telephone provider, and promptly report it to the IC3 website at www.ic3.gov.
“Although unsolicited telephone calls are not always representative of fraud, the FBI believes it is important to advise the public of this scheme,” said Michael B. Ward, Special Agent In Charge of the FBI’s Newark division.
In addition to the actions noted above, here are three steps you should take to remain vigilant of your account security:
- Implement security measures for all financial accounts by placing fraud alerts with the major credit bureaus if you believe you were targeted by a TDoS attack or other forms of fraud.
- Use strong passwords for all of your financial accounts and change them regularly.
- Obtain and review your annual credit report for fraudulent activity.
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