CHICAGO (WLS) — The ABC7 I-Team is investigating a scam that is costing consumers millions of dollars. It’s called “the phantom hacker.”

The FBI said the scam is growing in popularity, and the public needs to be vigilant.

ABC7 heard from one woman who lost $20,000 in the scheme. She is a hair stylist with two children who was hoping to open her own business this year. That all changed when she received a phone call from a man who claimed to be with Bank of America.

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Struggling to recount what happened to her, Milan Jackson is choosing to speak out, hoping to warn others about the vicious scheme.

The North Side hair stylist said it all began a few months ago, when her phone started ringing while she was working with a client.

“I answer the phone, and it was a man who tells me that, ‘This is Bank of America,’ and that there was suspicious activity,” Jackson recalled.

Jackson said she looked on the back of her Bank of America card and verified the phone number on the card matched the number from the caller. She said the man on the phone informed her that a hacker was trying to steal $20,000 from her account, and they needed to act fast to prevent it from happening.

“Very upset. I’m just trying to hurry up and make sure they can’t get that money, because I had set up money aside for opening up a business,” Jackson said. “I then get transferred, and they walk me through how to potentially stop the fraud.”

She was told to log into her account and wire $20,000 to a different account where her money would be protected. Jackson proceeded with the wire.

“My anxiety is going up and he’s like, ‘Okay we only have this amount of time. I want to make sure we block this and prevent this from happening to you,'” Jackson said.

Nearly seconds after completing the transfer, Jackson said she didn’t feel right.

“I get this weird feeling, and so I go into Bank of America, and they confirm that this is a scam. I shut the phone off. I’m hysterically crying,” Jackson said. “People who do this to other people, you don’t know what’s in somebody’s life.”

Jackson said she’s going through a separation, has two children and was planning to buy a building this year to expand her hair business.

“I can’t believe this is my life,” Jackson said. “How did this happen, and how am I going to get this money back?”

The FBI calls it “the phantom hacker,” and it’s growing rapidly. Scammers impersonate bank representatives to convince victims that hackers have infiltrated their financial account. Victims are urged to move their money fast to protect their assets. In reality, there was never a hacker, and the money that was wired is now fully controlled by the scammer.

FBI Special Agent Rachel LaRocque said a legitimate financial institution is not going to ask you to move your money elsewhere. She said consumers have to be skeptical, because hackers are becoming more sophisticated.

“And they may even be able to spoof that bank’s phone number, so the number on your caller ID or cell phone might show that it’s the bank,” LaRocque said. “Scammers do not discriminate against anyone. They want money from anyone they can take it from.”

More information from the FBI about spoofing and phishing can be found here.

Jackson’s dreams of opening her own brick-and-mortar store are now deferred. Her $20,000 is gone.

“I’ve been working 10 to 13 hours plus with no break,” Jackson said. “I have to expedite that money that was stolen from me, and it wasn’t just stolen from me, but stolen from my kids, too.”

Bank of America told the I-Team in cases like this, they attempt to get the money back, but there is no guarantee the bank will be able to recover the funds once their client authorizes the transfer. Bank of America said it will never call and ask a client to send money through Zelle or a wire transfer, ever.

If you have become the victim of a scam, the FBI is urging the public to report it, no matter how embarrassing it might be. You can report it here: https://www.ic3.gov/

For more tips on how to avoid these types of scams, click here: https://www.fbi.gov/how-we-can-help-you/scams-and-safety/on-the-internet

Click here to watch more information: https://www.fbi.gov/video-repository/inside-the-fbi-the-phantom-hacker-scam-022924.mp4/view