The FBI has put out a warning about another fraud threat that has cost victims hundreds of millions of dollars.

The latest fast-growing scam has been dubbed the Account Takeover fraud scheme. It involves cyber criminals impersonating financial institutions to steal money or information, the FBI warned .

Since January 2025, more than 5,100 complaints have been filed reporting ATO fraud, resulting in more than $262 million in losses, according to the FBI Internet Crime Complaint Center.

“The cyber criminal impersonates the financial institution’s staff or website, to obtain access to the account,” the release said. “Cyber criminals usually gain access to accounts through social engineering techniques — including texts, calls, and emails — or through fraudulent websites.”

Some scams may

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