Imagine this: You’re enjoying your morning coffee, scrolling through your emails, when suddenly you get a call from someone claiming to be from your bank—or even the FBI.

They sound official, they know your name, and they warn you that your account is in danger. Before you know it, you’re following their instructions, desperate to protect your hard-earned savings. But what if, instead of helping, you’re walking right into a trap?

At The GrayVine, we believe knowing the playbook is the best defense. Here’s how this scam works and how you can protect yourself.


Welcome to what experts are calling the “3-phase scam”—a slick scheme so convincing that even the FBI is warning the public about it.

Unlike ordinary phishing attempts, this one unfolds in steps designed to earn your trust, heighten your fear, and leave you with an empty bank account.

What Is the 3-Phase Scam?​

This isn’t your run-of-the-mill phishing email or robocall. The 3-Phase Scam is a coordinated attack that unfolds in three distinct stages, each designed to build trust, create panic, and ultimately drain your bank account.

Phase 1: The Hook—Building Trust​

It starts with a phone call, text, or email from someone claiming to be a trusted authority: your bank, a government agency, or even law enforcement.

These scammers are pros—they may have spoofed phone numbers, official-sounding titles, and even personal information about you (gleaned from data breaches or social media).

Their goal? To convince you that your account is at risk. They might say there’s been suspicious activity, a security breach, or that your account is about to be frozen. The message is urgent, and they’ll pressure you to act fast.

Phase 2: The Panic—Creating Urgency​

Once they have your attention, the scammers escalate the situation. They might transfer you to a “supervisor” or “fraud department.” You’ll be told that immediate action is needed to protect your money. This could involve:

• Verifying personal information (Social Security number, account numbers, passwords)
• Downloading a “security app” (which is actually malware)
• Moving your money to a “safe” account (which is controlled by the scammers)
• Giving remote access to your computer or phone

The pressure is intense. They’ll warn you not to tell anyone—especially not your bank—because it could “compromise the investigation.”


Also read: Protect your bank account instantly with this crucial new setting for popular mobile phone users!

Phase 3: The Sting—Draining Your Account​

With your trust and panic at their disposal, the scammers strike. They use the information you’ve provided to access your accounts, transfer funds, or make unauthorized purchases.

Sometimes, they’ll keep you on the phone for hours, guiding you through every step, making sure you don’t have time to think or seek advice.

By the time you realize what’s happened, your money is gone—and the scammers have vanished without a trace.


Also read: Seniors, beware—your online safety could be at risk if you ignore this critical advice

How to Protect Yourself (and Your Loved Ones)​

1. Pause and Breathe: Scammers want you to panic. Take a moment to think before acting.
2. Verify, Verify, Verify: Hang up and call your bank or the agency directly using a number you trust (not the one they provide).
3. Never Share Sensitive Info: Your bank or the FBI will never ask for your password, PIN, or to move your money over the phone.
4. Don’t Download Unknown Apps: Only install apps from official app stores, and never at the request of a stranger.
5. Talk to Someone You Trust: If you’re unsure, ask a friend, family member, or even your local bank branch for advice.
6. Report Suspicious Activity: If you think you’ve been targeted, contact your bank and report it to the FBI’s Internet Crime Complaint Center (IC3.gov).

Read next: Falling for the “transfer it to protect it” scam? FTC warns this scheme is targeting older Americans
Have you or someone you know been targeted by a scam like this? Do you have tips or questions about staying safe online?