With account takeover fraud on the rise, New York’s Division of Consumer Protection is urging residents to take action to protect their digital accounts and personal data.
The agency launched a statewide awareness push Wednesday after a June report showed a sharp increase in these scams. Cyber-enabled fraud was involved in nearly 83% of all financial losses reported to the FBI in 2024.
“Once a hacker gets into your banking, social media, or email accounts, it can be a nightmare to recoup the losses,” said Secretary of State Walter T. Mosley. “Prevention is the first and best line of defense.”
Account takeover fraud happens when scammers steal login credentials and use them to impersonate someone — draining bank accounts, opening fraudulent lines of credit, or misusing social media and email.
Common tactics include phishing, SIM swapping, data breaches, and password guessing. Mosley’s office recommends steps like enabling two-factor authentication, avoiding reused passwords, and monitoring your credit report regularly.
If you think your account has been compromised:
- Change your passwords immediately
- Notify banks or financial institutions
- Inform contacts if your email or social media is impacted
- Report fraud to the FTC and identitytheft.gov
- Consider placing a fraud alert or credit freeze
For assistance, consumers can call the state’s Consumer Assistance Helpline at 1-800-697-1220 or visit dos.ny.gov/consumerprotection.
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