The FBI has reported a significant rise in account takeover (ATO) fraud, with cybercriminals impersonating banks and stealing over $262 million since January 2025. The Internet Crime Complaint Center (IC3) has logged more than 5,100 complaints, affecting individuals and businesses across various sectors. Criminals use social engineering techniques or fraudulent websites to gain unauthorized access to online accounts. Once they have control, they quickly transfer funds into cryptocurrency wallets, making recovery nearly impossible. The tactics employed by these fraudsters include impersonating bank staff through calls, texts, or emails to extract login credentials, including multi-factor authentication codes. Some victims have been misled into visiting phishing sites or providing sensitive information by criminals posing as law enforcement. The phishing websites often mimic legitimate financial institutions, and attackers sometimes use SEO tactics to boost their visibility in search results. The FBI advises people to monitor their accounts closely, employ complex passwords, and enable multi-factor authentication to protect against these scams. Victims should immediately contact their financial institutions to initiate recovery efforts and file detailed reports with IC3, including information on the criminals and stolen funds.